• What types of LLCs are there?

Single-Member LLCs (one owner), Multi-Member LLCs (two or more owners),

Professional LLCs (PLLCs) for licensed fields like law or medicine, and Series LLCs that

separate assets into distinct protected cells under one parent structure.

• What type of LLC should I have?

Choosing the right LLC type depends primarily on your number of owners, industry

licensing rules, and profit level. Start as a single-member or multi-member LLC for basic liability

protection, and consider special tax elections or structures only if your business has unique

risks, multiple partners, or higher net income

• Who should set up my LLC?

You can set up your LLC yourself by filing paperwork directly with your state's division of

corporations, or you can hire a professional service or attorney to do it for you.

• How much does it cost to set up a business with the IRS?

EIN (Employer Identification Number) from the IRS is completely free.

• How much does it cost to set up a business in Utah?

The mandatory, baseline cost to start an LLC in Utah is $59. This is a one-time fee paid

to the Utah Division of Corporations and Commercial Code when you file your official Certificate

of Organization. Beyond this entry fee, your total startup budget depends heavily on your

choices regarding operations, local regulations, and third-party services

• Why do I need an EIN?

An Employer Identification Number (EIN) is a unique nine-digit federal tax ID issued by

the IRS to identify your business. You legally need one if you hire employees, operate as

a corporation or partnership, or file specific excise and alcohol/tobacco taxes. Many

businesses also use an EIN to open bank accounts and protect their personal privacy

• Do I need accounting software for my small business?

You do not strictly need accounting software if your business is brand new with very few

transactions, as a simple spreadsheet can work. However, as soon as you have regular

invoices, inventory, employees, or taxes to file, dedicated software saves significant time

and prevents costly errors.

• Should I keep my personal finances separate from my business?

Yes, you should always keep your personal finances separate from your business.

Mixing funds creates legal risks, complicates taxes, and makes tracking profit difficult. To begin,

open a dedicated business bank account and get a separate business credit card

• How many checking accounts and credit cards should I have for my small business?

Most small businesses need 1 to 2 checking accounts and 1 to 2 credit cards. At

minimum, keep one checking account for income and one for expenses, taxes and payroll. Plus

one or two credit cards to streamline variable spending and maximize rewards. Keep it simple.

• Can I pay my taxes online?

Yes, Follow the link to pay federal taxes online. https://www.irs.gov/payments

Follow the link to pay Utah state taxes online. https://tap.tax.utah.gov/TaxExpress/_/#1

• When do I need an accountant for my business?

You should hire an accountant when your business finances become too complex to

manage alone, or when you are spending time on bookkeeping instead of making money. Many

founders find value in consulting a professional right at startup to choose the right structure, or

when facing major growth

• What are the due dates for W2s?

The standard federal due date for W-2 forms is January 31. This deadline applies both to

employers sending copies to employees and to filing copies with the Social Security

Administration (SSA). If January 31 lands on a weekend or a legal holiday, the deadline moves

to the next business day

• What are the due dates for 1099s?

Most 1099 forms are due to recipients by January 31 and to the IRS by February 28 (if

filing on paper) or March 31 (if e-filing). However, Form 1099-NEC (Non-employee

Compensation) has an earlier combined deadline of January 31 for both recipients and the IRS.

If a date falls on a weekend or holiday, the deadline moves to the next business day

• What are the due dates for filing individual tax returns and extensions?

Federal individual income tax returns are normally due on April 15. If you need extra

time, you must request an automatic 6-month filing extension by April 15, which moves your

final filing deadline to October 15.

• What are the due dates for filing business tax returns and extensions?

Federal business tax due dates and extensions depend entirely on your business

structure. Most entities receive an automatic 6-month filing extension by submitting Form 7004

(or Form 4868 for sole proprietors), though an extension to file is not an extension to pay

estimated taxes due.

Partnerships and S-Corporations (Forms 1065 & 1120-S)

• Original Due Date: March 15

• Extended Due Date: September 15

• Extension Form: Form 7004

C-Corporations (Form 1120)

• Original Due Date: April 15

• Extended Due Date: October 15

• Extension Form: Form 7004

Sole Proprietorships and Single-Member LLCs (Schedule C on Form 1040)

• Original Due Date: April 15

• Extended Due Date: October 15

• Extension Form: Form 4868
  

• Do I still need to pay taxes if I file an extension?

An extension gives you more time to submit your paperwork, but any tax you estimate

you owe is still required to be paid by the original April 15 deadline to avoid interest and late-

payment penalties. If April 15 or October 15 falls on a Saturday, Sunday, or legal holiday, the

deadline moves to the next business day.

• Do I need to review my tax return even if a tax preparer filed them?

Yes, you must still review your tax return. Legally, you are responsible for all information

on your tax documents and sign them under penalty of perjury, meaning the IRS holds you—not just the preparer—accountable for any errors or missing income.