For the requirements of naming your Utah Corporation, any of the subsequent words or its corresponding abbreviations or any word in another language that has the same meaning can be used: ‘Corporation’, ‘Incorporated’ or ‘Company’. The name should also be unique or distinguishable from other business entities registered with the Division of Corporations of Utah.
To check the name validity, use Utah’s business name search tool. If the name is valid, a 120-day name reservation can be filed by submitting an Application for Reservation of Business Name. The application can be submitted online or through mail with a $22 filing fee.
The legal registration of your Corporation is recognized by the state only after you have filed an Articles of Incorporation with the Department of Commerce, Division of Corporations and Commercial Code. These information are required when filing an Articles of Incorporation:
An agent for service of process is necessary to formally file a Utah Corporation. In this regard, you must screen for a Registered Agent for your Corporation.
To fill the position, it can either be an individual who is a certified resident of Utah or a business entity, whether foreign or domestic, that is registered to operate in the state. A physical street address must be provided by the Registered Agent. Additionally, the agent should also accept to fulfill the position upon designation.
The usual rate for a Registered Agent in a single year reaches up to $160. However, if you’re incorporating with IncFile, you can get free Registered Agent Services.
Although maintaining a Corporate Records Book is not a mandatory requirement, having a single folder where you can file all the important documents of your Corporation facilitates for a safer and more efficient file management.
A Corporate Records Book is available at an office and school supply shop in your area. Alternatively, you can order through Amazon.
Another thing that you must observe when starting a Corporation is electing an initial number of directors. For Corporations, it is the responsibility of the incorporator to take care of this matter. Directors should be elected to serve in the board until the first shareholder’s meeting.
When this task is done, the incorporator must draft an Incorporator’s Statement complete with the names and addresses of the directors. This should then be signed by the incorporator and filed in the Corporate Records Book.
When the initial directors are elected, the next step is to schedule an initial meeting. During this meeting, there are a number of items that must be discussed:
For Utah business licenses and tax requirements, it is a must to get all the necessary details to accomplish the task successfully. To take care of these requirements, look into these instructions:
Get a federal employer identification number by applying online at the IRS website.
For Corporations that want to elect an S Corporation, Form 2553 must be filed with the signatures of the shareholders. This section of the IRS details what you need to know about S Corporations.
For business taxes and licenses, you need to look into the specifics required of your business since this varies due to a number of factors. This can really be an intimidating task so that if you prefer it, you can ask the help of professionals. Here is an awesome package that’ll help determine all your requirements. On the other hand, the SBA also offers a very informative resource startup.
Co-mingling your personal living finances with your business finances can have drawbacks as your business operates and progresses. Business should be treated as business, and it is important that finances are kept separate. A business bank account also solidifies your credibility as a legal Utah Corporation.
Recommended Resource: For an idea on where to open a business bank account, this roundup of the best should help.
As soon as the eight steps above have been accomplished, you are now a legal Utah Corporation. To complete the process of successfully starting a Corporation, you can follow the recommended steps below.
A business plan is a document vital to the success of your business in the long run. There are many purposes to it that is why you must create one for your business.
A business plan works much the same way as a home’s blueprint. It provides you with a clear picture of how your business is going to operate and achieve its goals. It also helps you, the business owner, to follow through with milestones that can help with gauge business success.
These days, a business website is not just an afterthought, but rather, it is a necessity that must be addressed as soon as you start a Utah Corporation.
Many content management system applications can be used to create a great website, WordPress is one of these. Using Bluehost, you can install WordPress through a one-click installation and begin your business website.
Resource for Getting Started: See how to begin creating a business website with the use of this step-by-step guide.
Corporate bylaws is a document that your organization needs to establish internal management and rulings. The Corporate bylaws provides provision on your business’ purpose, how it will manage internal affairs, and enumerate in detail the rules and responsibilities of each of the people involved in running your Utah Corporation.
As a Corporation, Corporate bylaws is one way to prove the legitimacy of your business. It also serves to provide a basic guideline in the internal affairs of your business.
Information presented in this guide on how to form a Utah Corporation is only intended to provide a general overview, and it should not be taken as a legal document or advice. Ask the expert advice of a business lawyer to know about the legalities involved in forming a Corporation. Also, make sure to regularly file for Annual Report to stay compliant.