Starting a corporation in Utah can be an exciting and lucrative opportunity. However, it also requires thorough planning and following the legal procedure. In this article, we will guide you through the process of starting a Utah corporation.
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What is a Utah Corporation?
A Utah corporation is a type of business entity that is legally allowed to conduct any lawful business in the state of Utah. It has a separate legal identity and liability structure separate from its owners (also known as shareholders).
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Steps to Starting a Utah Corporation
Step 1: Choose a Name for Your Corporation
The name of your corporation is crucial because it represents your business’s brand and identity. The name must not be identical or similar to any other registered businesses in Utah, and it must also be followed by the word “corporation,” “incorporated,” or “limited.”
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Step 2: Appoint a Registered Agent
In Utah, every corporation must have a registered agent. This individual or professional entity must have a physical address and be available during regular business hours to receive legal documents on behalf of the corporation.
Step 3: File Articles of Incorporation with the Utah Secretary of State
The articles of incorporation are the legal documents that create your Utah corporation. They must include the corporation’s name, address, registered agent, the number of authorized shares, and the purpose of your business. You can file these documents online, through mail or in-person. Utah Secretary of State website’s offers a step-by-step approach and you need to register, file and pay $70 online here .
Step 4: Obtain an EIN (Employee Identification Number) from the IRS
An EIN is used to identify your corporation and enables it to conduct specific activities like hiring employees or opening a bank account. You can get an EIN for free through the official website that is provided by Intuit: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online.
Step 5: Register for State Taxes and Licenses
In Utah, corporations may require additional state level tax identification, licensing, and certifications depending on your business. You’ll may need a seller’s permit or a permit-to-tax permit from the Tax Commission, depending on the products and services you sell in the state. Visit the Utah Department of Commerce’s website to get an overview of business license from applicable local and state-level authorities.
Step 6: Prepare Corporate Bylaws
Bylaws are a set of internal governing rules that your corporation abides to mediate the relationship between shareholders, board of directors and managers. Your corporate bylaws don’t need to be filed, but you are expected to draft, harmonize the voting and management rights, conflict provision and general guides expected in the daily usage and governance of the corporation.
Conclusion
Starting a Utah corporation could be overwhelming and consists of several steps. But, by follow each steps and pursuing official channels,, you can successfully start and operate the business in compliance with state rules and regulations. It is recommended to hire an accountant or a guide whereby you or your hired staff can commit to the optimization and expansion of your business plan.
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