Filing a Utah Corporation
New business owners are often attracted to the idea of forming a Utah Corporation because of the benefits it offers. A Corporation can provide numerous tax benefits to owners. It can also allow owners to gain instant credibility with customers and clients. Unfortunately, many first-time business owners find the filing process confusing. When starting a company, it’s imperative that owners complete each step correctly.
Steps To Filing a Corporation
Choose A Name
The first thing that those looking to form a business will need to do is choose a name for their company. The state of Utah requires all companies to include an indicator in their name. In this case, owners will want to add something like, “Corporation,” “Incorporated,” “Company,” or “Limited.” Owners also have the option of adding an appropriate abbreviation, such as “Inc.” Utah also does not allow two Corporations to share a name. To ensure that the name they’ve chosen is unique, owners can use the DoMyLLC Name Availability Check Page.
Choose An Agent For Service Of Process
After picking a name, owners will need to select a registered agent. The registered agent is responsible for accepting all legal correspondence for the company. A quality registered agent could increase the likelihood of a new Corporation succeeding. That’s why many owners choose to hire a professional third-party company, such as DoMyLLC, to serve as their registered agent.
File Articles Of Incorporation & Pay Filing Fees
Once owners have chosen a name and registered agent, they can file Articles of Incorporation with the Department of Commerce’s Division of Corporations. There is a $70 fee to do so, in addition to an optional $75 expedite payment. Information that owners will need to provide on these forms includes:
- The name of the company
- The purpose of the company
- Number and type of shares
- Name and address of the registered agent
- Name, address, and signature of incorporators
- Name, address, and position of all officers and directors
- Optional ownership information
File Initial Report
Utah does not require companies to file Initial Report.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After submitting the Articles of Incorporation, members should hold an initial corporate meeting. In attendance at this meeting should be the initial directors who were listed on Articles of Incorporation. These directors will serve in this capacity on the board until the next annual meeting of shareholders, where directors are up for re-election.
Once in place, they can define corporate roles. Officers should already be in place, as they were listed on the Articles of Incorporation. Directors will also need to draft corporate bylaws. Bylaws are an internal operating manual. They are a matter of corporate compliance, as the Utah Corporation cannot exist or transact business until the board of directors has adopted them. Although bylaws are not released to the public, many banks and insurers will request to see them before entering into business with a Corporation.
Issue Stock
While at the initial corporate meeting, the board of directors will want to issue stock. They are the only group with authority to issue stock and are responsible for doing so throughout the life cycle of the Utah Corporation. The amount of stock that they can release is defined in the Articles of Incorporation. Additionally, the board will want to begin maintaining a stock ledger, which will provide clarity to future investors and protect the corporate veil.
Obtain Employer Identification Number
The Utah Corporation will also need to contact the IRS to obtain an Employer Identification Number. They’ll use this number to hire new employees, file taxes, and open a business bank account.
File Utah Required Annual Reports
The Utah Corporation will also need to file an Annual Report each year. There is a $20 fee to do so. The report is due by the end of the month of annual registration. So, for instance, if the company’s incorporation date were June 2, 2018, the first report would be due June 30, 2019. Officers can begin filing this form 60 days before the deadline. Learn more at our Utah Annual Report page.
Ongoing Maintenance
The company must also file state and federal taxes and renew all licenses and permits each year.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we love helping new business owners, which is why we offer comprehensive administrative solutions to those looking to form a Utah Corporation. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Utah’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
Allowing us to handle your ongoing administrative needs means you can focus on growing your brand. Give us a call today to learn more.