What is a Utah Corporation?
A Utah Corporation is a business entity created under state law where if properly set up and maintained, owners are not personally liable for company debts. Like a sole proprietorship or a partnership, corporation has operating flexibility and can elect to be taxed as a “pass through” entity, or S-Corporation for tax purposes. This means that the corporation does not pay taxes on its profits, instead profits and losses are “passed through” to the owners. Owners or shareholders then pay tax on their share of allocated income.
Formation Requirements for a Utah Corporation
Utah LLC’s Articles of Incorporation must include:
- A company name
- The business purpose
- A designated registered agent
- A statement defining the registered agent’s relationship to the corporation and proof of Utah residency or capacity to do business in Utah.
- The initial registered agent must sign the corporate documentation.
- Where the corporation will be located
- Including the street address of the registered office and the name and street address of the registered agent.
- The names of the Incorporator(s)