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A GUIDE TO UTAH'S FIVE MOST COMMONLY USED BUSINESS ORGANIZATIONS

Sole Proprietorships

Partnerships

Limited Partnerships

Corporations

Limited Liability Companies

A brief overview of their features, benefits, obligations, and how they are created. Prepared by the Utah Division of Corporations and Commercial Code.



WHICH TYPE OF ORGANIZATION TO CHOOSE?
Points To Consider When Selecting A Business Organization
One of the primary considerations in selecting a business organization is protection of a business owner from liability. Also to consider is the transferability of ownership rights, the ability to continue as a business in the event of the death or withdrawal of one or more of the owners, the capital needs of the business, and tax liabilities.

The purpose of this information is to provide a brief overview of these considerations as they apply to the most commonly used types of business organizations in Utah.

This information is not a substitute for competent legal advice. It is merely to assist prospective entrepreneurs in the earliest stages of business plan development. Persons contemplating a new business are always strongly urged to consult competent legal, finance and tax advisors.

 

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