Looking to incorporate in Utah? We can show you how to set up your corporation step by step, and we can help you file all the necessary paperwork.
State Processing Fees and Times
Wondering what the processing times and fees are for starting a Utah corporation? We have a complete list of the of the average wait times for both expedited and standard filings.
Utah charges a corporation filing fee. Visit "compare pricing" in our incorporation center to see all state fees for Utah.
Deciding Between a Utah C-Corp or S-Corp Tax Designation
Because limits on liability, structure, management and compliance are the same, deciding between filing an S Corp and a C Corp in Utah comes down to the following differences:
- Ownership Rules: A C Corp can have unlimited shareholders and unlimited stock classes. An S Corp is limited to a maximum number of shareholders, usually 100, and only one stock class.
- Taxes: A C Corp is taxed separately. It files and pays taxes at the corporate level, then shareholders may also be taxed on dividends paid to them. S Corps are "pass-through" tax entities. No taxes are paid at the corporate level. They're paid individually by the owners.
- Documents: An S Corp must file IRS Form 2553 to elect S Corp status.
Personnel Requirements
Every state has its own personnel requirements for incorporating. In Utah, they include the following:
- Age requirement: Incorporators must be at least 18 years old.
- Number of incorporators:There must be at least one incorporator.
Other Requirements for Your Articles of Incorporation
In addition to personnel requirements, your Utah Articles of Incorporation must also include the following.
Every corporation should appoint a registered agent. In Utah, you must name your agent in your Articles of Incorporation. A registered agent is the person or business responsible for receiving tax, legal and government documents for your corporation during regular business hours. Every corporation needs one. Your registered agent must have an address in the state. We can help you designate your registered agent when you incorporate with us.
You must also include the following in your Articles of Incorporation in Utah:
- The purpose for which your corporation is formed.
- The name and street address of the corporation and its registered agent.
- The number of shares the corporation is authorized to issue, their class, and their relative rights, preferences and limitations.
- The name, address and signature of each incorporator.
- A statement by your registered agent acknowledging acceptance of the appointment.
Guidelines for Your Name
Your corporation's name is how it will be known to the world. Make sure yours meets Utah's requirements.
- Your name must include "Corporation," "Company" or "Incorporated."
- Your name must be distinguishable from that of any other Utah business entity in the records of the Utah Division of Corporations.
Utah Corporate Taxes and Reports
Utah requires that corporations file annual reports each year by the corporation's anniversary date.
Although it's not the most enjoyable part of owning a business, you'll have to pay taxes for your new corporation. Before you start doing business, apply to the IRS for an employer identification number, or EIN. An EIN is like a Social Security number, but it's for businesses. We have more information about the tax structures and obligations of both C Corps and S Corps.
Corporate Record Keeping and Filing Requirements
Utah also requires that corporations create and keep records such as meeting minutes to maintain their corporate status. Utah doesn't require bylaws, but it's recommended that you keep create and keep them anyway. Meeting minutes, as well as corporate bylaws, help protect the legality of your corporate status. We have more detailed information about Utah's requirements for bylaws and meeting minutes.
Starting a new corporation in Utah can be exciting and challenging. We have all the legal documents, filing information and tax information you'll need to get started.
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.
