City Guides

Salt Lake City Business Guide

Salt Lake City Business Guide

Salt Lake City is the largest city in the state of Utah and is home to variety of large and small businesses. Businesses in the trade, government, transportation, utility and professional services sectors are thriving in this city.

Business Environment

Salt Lake City is the home of many established businesses and offers support to growing businesses:

  • The FDIC ranks Salt Lake City is the largest industrial banking center in the United States.
  • Salt Lake City boasts a young, well-educated population and the city features a high concentration of high-tech jobs.
  • For 2014, Salt Lake City was named the sixth-best-performing city in the U.S. and was called "a financial hub with a highly skilled workforce" by the Milken Institute Best-Performing Cities Index.
  • In 2014, Forbes ranked Salt Lake City ranked eighth on the Best Places for Business and Careers
  • According to the 2015 Economic Report to the Governor, Utah attracted approximately $1 billion in venture capital investment in 2014, a strong indication of confidence of the tech sector in Utah's economy.

In addition, Utah is ranked as one of the friendliest states for business in the country as new and established businesses flock to the area.

Business Structure and Licensing

To create a new small business in Salt Lake City, you must first select a business structure. In order to set up a partnership, LLC, corporation or non-profit organization, you must file the required paperwork with the Utah State Department of Commerce. Businesses in Salt Lake City must obtain a business license which grants your business permission from the Salt Lake City Corporation to engage in business. Salt Lake City requires that businesses who deal in retail sales of retail sales of tangible personal property and select services obtain a Utah Sales Tax Permit.

Business Support From the City

The Salt Lake Chamber provides active support to businesses in the area. The Chamber represents more than 8,000 businesses and can provide services that support the success of its members. Women business owners can get assistance from the Salt Lake City Chapter of National Association of Women Business Owners. Small business owners can obtain direct counseling through SCORE. Visiting the SBA Salt Lake City district headquarters can provide potential business owners with additional resources.

Resources

Use the links below to get off to a good start with your Salt Lake City small business:

  • Steps to Starting a Business in Salt Lake City (Official Salt Lake City Government Website)
  • Buy a Business in Salt Lake City
  • Find Five-Star Rated Salt Lake City Accountants
  • Utah Division of Occupational and Professional Licensing
  • Utah Secretary of State Business Section
  • Meetups in Salt Lake City
  • Salt Lake City Commercial Real Estate
  • Utah Business Journal
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Keith Vincent

Keith Vincent

Ken Riter is a Certified Public Accountant based in Holladay, Utah. He is a graduate of the University of Utah and brings broad financial and tax preparation experience to bear for each of his clients. With strong computer systems experience, Ken has empowered many business clients to gain better control of their finances by utilizing the power of the computer. His years of tax planning and tax preparation experience give his clients a distinct advantage in their tax needs. Starting in Salt Lake City, our company history is built on a tradition of service, technical expertise, and innovative thinking to meet the needs of a rapidly changing world.

RITER & COMPANY, CPA
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