monument valley

Business Account Requirements

Are you “Doing business in Utah”? “Yes”, if transactions in the state are continuous and form a substantial part of the entity’s business. “No” if transactions are isolated, not continuous in nature, or are incidental to overall business.

Company’s Structure You must have . . . Notes
All Business Types
Sole Proprietor
  •  Signer ID and TIN (SSN or EIN)
  •  Resolution of Authority when adding additional signers (bank form)
 1, 2, 6
Partnership
  •  Signer ID and Business TIN
  •  Resolution of Authority or Partnership (bank form)
 1, 2, 6
LP - Limited Partnership
  •  Signer ID and Business TIN
  •  Resolution of Authority or Partnership
  •  Certificate of Limited Partnership (state form)
1, 2
LLP - Limited Liability Partnership
  •  Signer ID and Business TIN
  •  Resolution of Authority or Partnership
  •  Application of Limited Liability Partnership (state form)
 1, 2
LLC - Limited Liability Company
  •  Signer ID and Business TIN
  •  LLC Authorization Resolution
  •  Articles of Organization (state form)
 1, 2
Utah Corporation - Professional Corporation (for profit or non-profit)
  •  Signer ID and Business TIN
  •  Corporate resolutions (one per account)
  •  Articles of Incorporation (state form)
 1, 2
Foreign Corporation - (incorporated in another state but doing business in Utah).
  •  Signer ID and Business TIN
  •  Corporate resolutions (one per account)
  •  Articles of Incorporation from home state.
  •  Utah foreign corporation registration (state form).
 1, 2
Association
  •  Signer ID and Business TIN
  •  Resolution of Lodge or Association (bank form)
3, 4, 5, 6
Trust - Revocable or Irrevocable
  •  EIN (if available) or SSN of Grantor/Trustee
  •  Identification for signers
  •  Certificate of Trust (bank form)
 2, 5, 6
Informal Group - (reunion committee, gathering, etc.)
  •  Signer ID & TIN (SSN or EIN).
 3, 5, 6

Notes:

  1. City or County Registration is required if your business operates within city limits or your home-based business is located within the city limits. County licensing is required if your business operates in an unincorporated area.
  2. State Registration: See http://business.utah.gov for more information and registration forms. You must register with the State if your business structure is any of the following:
    • Limited Partnership (LP)
    • Limited Liability Partnership (LLP)
    • Limited Liability Company (LLC)
    • Corporation
    • Foreign Corporation (incorporated in one State, but operating in Utah)
    • Business Trust
    • Partnerships or Sole Proprietorships operating under an assumed name
    • Any business operating under an assumed name must register with the state. For example, a sole proprietor by the name of John Jones who operates a business under the name “John’s Repair” is using an assumed name and therefore must register with the State.
  3. Your association or informal group should obtain a separate TIN from the IRS for banking purposes if the account earns interest.  Otherwise, one of the signers must assume tax responsibility.  
  4. Associations, such as homeowner or water associations, that wish to open an account or change signers should present meeting minutes that identify who has the authority to conduct banking business.
  5. Business trusts should file Application for Business Trust with the State.
  6. A separate TIN from the IRS may be obtained for banking purposes. Otherwise, one of the signers assumes tax responsibility.