To secure and register your brand name it must be unique, not too similar to another registered name, and shouldn’t contain any restricted wording. To check, conduct a Business Entity Search through the state and if there are potential trademark issues conduct another quick search using the TESS System through the U.S. Patent Office.
Keep in mind your name must include words like “Corporation”, “Incorporated”, “Company”, or “Limited”. Abbreviations like “Corp.”, “Inc.”, “Co.” or “Ltd.” are also fine. If needed, file an Application for Reservation of Business Name that’s good for 120 days through the state’s One Stop Service.
Filing Fee: $22
A Utah registered agent must be an individual resident of Utah or a domestic/foreign business entity registered with the Utah Division of Corporations. They must also have a physical street address. They’re an official representative of your brand who receives and helps handle/process all official documentation like state filings, tax forms, court or legal notices, etc.
Basically you can hire an outside professional and expect to pay up to $160/year, or get a registered agent free when incorporating with IncFile or Incorporate.com. They handle this along with so much more depending on your startup package.
Now that you’ve got your registered agent, to make your corporation an official business entity, when ready file Articles of Incorporation with the Sec. of State that disclose for the public record some basics of your brand including:
Filing Fee: $70
Think of this as the hard copy record book where all critical corporate documents are kept like the Articles of Incorporation, Bylaws, meeting minutes, stock certificate ledger, stock certificates, stock certificate stubs, stock transfer documents, etc. It’s the ultimate company binder! They’re very common and while not necessary having one is highly recommended for all serious business entities.
Appoint at least 3 initial directors who among other things will oversee the Utah corporation until the first shareholder meeting where new directors will be voted in. Prepare an “Incorporator Statement” with complete names and addresses of each director and keep it in your records book. Once elected, an initial meeting should:
When you start a Corporation in Utah, it’s very important to keep all personal and business assets/accounts completely separate. So don’t take this lightly. Where should you start building the financial persona of your brand? Who is offering the best overall business services to corporate clients, relative to location and other conveniences?
If you think it’ll be helpful, look into this short breakdown of Business Checking Accounts to start brushing up if all this is unfamiliar territory. Where your corporation banks is a critical move, which is why it should be discussed at length in your initial shareholder meeting.
To ensure that you will not face penalties, fines, and fees when starting a business, you need to completely fulfill your tax and license obligations to the state. To get started, see the resources below:
What’s the first thing VC-types, investors, banks, incubation programs and business organizations want to see when you approach them for a serious partnership or funding? That’s right, your corporate business plan. They want to know you’re a serious operation. They want to see your marketing approach, executive summary, pitch, etc. They want to see your numbers!
Will you need it on day 1? Perhaps, some corporations have deals waiting for when they go public. Most will need their plan polished and funding/presentation-ready within the first 6 months or so. Thankfully these days software is making the process simpler and less expensive.
QUICK LINKS TO BUSINESS PLANNING
If there’s already a web designer/developer on your team and your company site is already published, then fabulous. However, for those of you who have done everything above, but don’t have one we understand it can be daunting. Should you outsource? Yes, probably.
That is unless you have someone that understands the big website-builder platforms like Wix or Weebly. These days you don’t necessarily need to spend as much or hire a full-time developer to get a basic, responsive agency-style site published.
Note that this article on how to form a Utah Corporation isn’t a legal document or legal advice. It’s for informational purposes and the information above is subject to change. For specific legal questions regarding how to form a Utah Corporation or business in general, please consult with a lawyer or other accredited professional.