A sole proprietorship is the simplest and most common form of business entity type in Utah. In this entity type, the business is owned and managed by a single individual the liabilities, management, and control of the business. The owner retains all profits but also assumes complete liability for the business’s debts and obligations, which may extend to personal assets.

A general partnership is a business arrangement where two or more individuals agree to conduct business for profit, sharing profits, management responsibilities, and liabilities. A general partnership may be formed informally, without written agreements, though a written partnership agreement is highly recommended to clarify terms.

In a general partnership, partners have unlimited liability for the business's obligations, and their assets may be used to satisfy partnership debts. Each partner is an agent of the partnership, capable of binding it in contracts and liable for its actions.

A limited partnership is a structured form of partnership comprising at least one general partner and one or more limited partners, each with different roles and liabilities. General partners manage the business and bear unlimited liability for its obligations, while limited partners contribute capital and are liable only up to the amount of their investment.

A limited liability company (LLC) is a modern business structure that mixes the operational flexibility and tax advantages of a general partnership with the limited liability protections typically associated with corporations and limited partnerships. Members of an LLC enjoy limited liability, meaning they are not personally responsible for the company’s debts or obligations. However, LLCs are subject to disclosure, record-keeping, and reporting obligations that do not apply to general partnerships.

Corporations are a common and formalized type of business organization, particularly for large enterprises. They are created by state authorization, with their formation governed by statutes. Incorporation in Utah involves filing articles of incorporation with the Utah Division of Corporations and Commercial Code. Once approved, the corporation designates a board of directors to set policies and appoint managers to oversee daily operations. Shareholders own the corporation, enjoying limited liability but typically not engaging in its day-to-day management.

A domestic nonprofit corporation is a legal entity created for purposes other than making a profit. It offers certain rights, privileges, and liabilities beyond those of an individual. While it may provide tax or financial benefits, its advantages may be offset by factors like higher licensing fees and reduced personal control. Nonprofit corporations are generally granted special tax treatment due to their focus on charitable, educational, or other non-commercial objectives.

A limited liability partnership (LLP) in Utah is a business structure where partners are not personally liable for the negligent actions of other partners or employees they do not supervise. Essentially, it operates as a General Partnership, but with limited personal liability for certain acts of other partners and employees.

A limited liability limited partnership (LLLP) in Utah consists of both general partners, who manage the business and share fully in its profits and losses, and limited partners, who share in profits but are liable only up to their investment. Limited partners typically do not participate in day-to-day operations. The main purpose of a LLP is to allow individuals to invest without taking on active management roles or risking more than their initial investment, while also bringing in partners with expertise but limited capital.

A business trust is an entity created by a declaration of trust, where property is transferred to trustees who manage it for the benefit of individuals holding certificates representing a beneficial interest in the trust's assets. It is engaged in trade or business activities.

A DBA name registration is required when a business operates under a name different from its legal business entity name. It allows the business to engage with the public under a name that is separate from its formal, registered entity name.