How to Incorporate in Utah
The process to incorporate a business is basically the same in every state: request a corporation name, file the proper paperwork, elect your corporation's directors and officers and decide how much stock you are going to make available and who will be given ownership of those shares.
It looks simple on the surface but the fact is that the details of incorporating your business can vary from state to state. Here are some of the specific rules that you need to follow if you want to incorporate in Utah.
Every corporation needs a name but Utah has special requirements for that name. If you would like to incorporate in Utah you need to make sure that your corporation name will include the word "company", "incorporated" or "corporation" (or their abbreviations) to be considered for approval.
Every corporation is going to need directors but some states will allow you to postpone naming the directors of your corporation until after the articles of incorporation have been filed. Utah is not one of those states. When you file your articles of incorporation with the state of Utah the paperwork must contain the names of at least three directors.
If you do not have three directors ready to go, the number of directors named must be equal to or more than the number of shareholders that your corporation will have at the time of incorporation. Unlike in other states, however, Utah does not require that the directors (or any appointed officers) be listed in the paperwork for incorporation.
One of the major benefits of incorporating in Utah is that, unlike in other states, your filing fee will not be based on how many shares you are going to have. Neither will your filing fee be based upon the monetary value of the shares you will distribute or sell.
One thing that seems to be universal is the need to appoint a registered agent (sometimes called a statutory agent in other states). This is someone who is authorized to receive official correspondence from the state for the corporation and to represent the corporation in legal proceedings.
To qualify to be a registered agent for a company that wants to incorporate in Utah, the agent must be an individual who lives within the borders of the state of Utah or it must be a LLC or corporation that is authorized to conduct business within Utah's borders. The sticky detail is this: Your Corporation is not allowed to be its own registered agent.
The process of incorporating your company in Utah does not have to be complicated, but if you do not make sure to file all of the proper paperwork in the proper fashion you might face some serious fines and penalties.
You would be well served to hire a professional who has incorporation experience within the state of Utah to help you organize your corporation and file your paperwork. With the proper help you can have your incorporation up and running in no time!
About the Author Scott Letourneau, CEO of Nevada Corporate Planners, Inc. Since 1997, NCP has helped more than 5,000 clients get their businesses off to a fast start! Download our 78 pg report, The Insiders Guide to Incorporating Your Business & Protecting Your Assets!"
http://www.nvinc.com/Incorporate_in_ Utah.htm
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