Friday, October 20, 2017
Accounting Incorporations

Business Licenses & Permits

This is a Crucial Business Requirement

Utah state require companies to obtain business licenses and permits before they can start conducting business. Business owners must comply with government requirements regarding business licenses, permits, and tax registrations. Requirements vary by location and business activities. Failure to register could result in fines, notices, and the inability to conduct business.

We help you gathering the license, permit, and tax registration applications identified for your business

Bylaws & Operating Agreements

The corporation's bylaws set forth the company's rules and regulations. Similar to bylaws, an operating agreement provides the framework to operating the Limited Liability Company. Companies do not file the bylaws or operating agreements with the Secretary of State. Instead, businesses keep them with their internal company records.

Who Needs Bylaws or an Operating Agreement?
State laws require corporations to create bylaws documenting the management of the business. Bylaws and operating agreements are generally requested by:
A lender, in order to obtain financing
A bank, in order to open a business checking account
Potential business partners or investors
Your attorney or accountant


Registering a Business Name (DBA)

Many state and local governments require companies to register any alternate names under which they conduct business. Governments may refer to this registration as a Doing Business As (DBA) filing, trade name, or fictitious name. Registering a DBA name alerts the public that your business intends to use that name.

BMA can complete DBA registrations for corporations, Limited Liability Companies (LLCs), and some sole proprietorships and partnerships.

Who Would Register a Doing Business As (DBA) Name?

Many types of businesses register DBA names:
Sole proprietors and general partners often operate under a name other than their personal names to help identify their business. For example, John Smith might file the DBA name, "Smith Plumbing."

Corporations and Limited Liability Companies (LLCs) may register alternate names for specific lines of business. For example, Helen's Food Service, Inc. might register the DBA name, "Helen's Catering."

Employer Identification Number (EIN)

Similar to an individual's Social Security Number, a Federal Employer Identification Number (EIN) identifies a business for tax purposes. Also called a Tax Identification Number (TIN), the EIN is issued by the Internal Revenue Service (IRS).

Who Needs an EIN?
The IRS usually requires the following types of businesses to obtain an EIN:

All corporations
All Limited Liability Companies (LLCs) with more than one member
Any business that hires employees, including sole proprietorships and single-member LLCs
Banks may also require an EIN in order to open a business checking account.