Incorporating your business in Utah offers benefits like liability protection and potential tax advantages. To ensure a smooth process, follow these steps based on guidelines from the Utah Division of Corporations and Commercial Code.
When you are ready to consider incorporating your Utah business, you should consult with a skilled attorney to give you the support you need. While this is an overview of the process, there are many details as you move forward.
Choose a unique name
Your corporation’s name must include one of the following terms or their abbreviations:
- Corporation (Corp.)
- Company (Co.)
- Incorporated (Inc.)
Ensure the name is unique and not in use by another Utah business.
Define the corporation’s purpose
Specify the corporation’s purpose in the Articles of Incorporation. This could be a general purpose, like “conducting any lawful business,” or a more specific purpose based on your industry.
Determine shares
Define the classes of shares the corporation is authorized to issue and the number of shares in each class. If issuing more than one class, describe each, including preferences, limitations and rights.
Identify incorporators
List each incorporator’s name, address and signature in the Articles of Incorporation. At least one person is required to act as an incorporator, who is responsible for signing and filing the articles.
Designate a registered agent
Provide information about a registered agent who will receive legal and official documents on behalf of the corporation. This can be either a commercial registered agent already registered with the Utah Division of Corporations or a non-commercial registered agent (an individual or business entity with a listed Utah street address).
Provide the corporation’s principal address
The corporation’s principal address is its primary business location. A Utah street address is required.
Appoint initial officers and directors
While not required in the Articles of Incorporation, Utah law requires reporting the names, addresses and positions of initial officers and directors before filing the first annual report. A domestic profit corporation must have at least one officer and one director, with some exceptions under the Utah Code.
Final notes
Incorporating your business in Utah can provide legal protections and tax benefits, but making informed decisions and meeting all legal obligations is crucial. This guide offers a basic outline, but every business has unique needs. Consulting a lawyer to ensure a corporation is the correct legal entity for your goals and a tax advisor to understand the tax implications is highly recommended.