State Processing Fees and Times
Deciding Between a Utah C-Corp or S-Corp Tax Designation
- 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.
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.
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 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
Corporate Record Keeping and Filing Requirements
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.