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Filing Process
To start a corporation in Utah, file Articles of Organization, pay a $65 fee, obtain a business license for $20 and hold an organizational meeting. -
Incorporation Requirements
Select a compliant name, appoint a registered agent, draft bylaws, get an EIN, and file annual reports. -
Tax Considerations for S Corporations
S corporations offer tax benefits; ensure your company has an LLC or corporation structure first.
Cost of Starting a Corporation in Utah:
The cost to start a Utah limited liability company (LLC) is $70, paid to the Utah Department of Commerce when filing the LLC’s Certificate of Organization.
Key Differences Between LLC and Corporation:
The major difference is that an LLC is not a separate legal entity from its owner, whereas a corporation is a distinct legal entity from its shareholders.
How to Register as a Corporation in Utah:
- File Articles of Organization and pay a $65 fee.
- Obtain a business license for $20.
- Hold an organizational meeting to appoint directors and draft bylaws.
- Get an EIN.
- Any type of business can be formed as a corporation in Utah without restriction.
- A business plan is recommended but not required.
- A registered agent is designated to receive legal documents.
- Reserve a business name by filing an application.
- File annual reports by the anniversary month of the corporation’s formation.
Starting a Business in Utah:
Utah is known to be business-friendly, with a low cost of operation, making it an excellent state to form a corporation.
Corporate Income Tax in Utah:
The corporate income tax is usually calculated at a flat 5% of Utah taxable income with a minimum tax of $100. If your LLC is taxed as a corporation, this tax applies.
Forming a Utah Corporation:
- Create a Name for Your Utah Corporation following Utah Name Requirements.
- Complete a Name Search With the Utah Secretary of State.
Starting a Business in Utah:
Utah is amongst the top 3 states for business in the US. The costs vary based on the type of business entity being established.