Utah Incorporation, LLC, and Not-for-Profit Information

The formation document required to file a corporation in Utah is called the Articles of Incorporation. The information listed in the Articles of Incorporation includes, but not limited to, the name of the company, purpose, shares, par value, principal office address, officer and directors name and address, incorporators name, address and signature, and registered agent name and address.

Utah law does allow for the formation of Professional Corporations (PC's).

Corporations are managed by their Board of Directors. The minimum number of directors required in Utah is 1, before shares are issued, after shares are issued, and as long as there are fewer than three shareholders, its board of directors may consist of a number equal to or greater than the number of those shareholders, and there is no age requirement. The Board of Directors elects the company officers, President, Vice President (if applicable), Secretary and Treasurer. The terms of office are stipulated in the company bylaws.

The company bylaws regulate the way in which your company will be run. The bylaws are adopted at the initial meeting of the directors and are updated as needed. Included in the bylaws will be information on director/shareholder meetings, voting responsibilities, stock issue procedures and other operating procedures.

All Utah corporations will be required to file an annual report every year with the Secretary of State. The statement will request updated information on the name and address of the chief executive officer, the principal executive office, and the address for service of process. The report is due during the month of formation starting the year after formation and the State will send notices to principal office address on record two months before due date. Failure to file the annual report may result in the company becoming inactive.

Corporations can register an Assumed Name (DBA) with the Department of Commerce Division of Corporations & Commercial Code. If a corporation desires to conduct activities under a name other than its true legal name, a certificate complying with U.C.A. Section 42-2-5 Et seq. must be filed with the Utah or submitted online. The DBA name must meet the same name availability requirements as a newly formed entity, however, cannot include the corporate endings "corporation", "incorporated" or "limited" or an abbreviation of one of such words.

The State of Utah provides a procedure for voluntarily dissolving a domestic corporation by filing an Articles of Dissolution pursuant to the Utah Revised Business Corporation Act with the Utah Department of Commerce Division of Corporations & Commercial Code.

New entities should obtain a Federal Tax Identification Number (FTIN), also known as an Employer Identification Number (EIN), from the IRS. This number will be required to open bank accounts, have employees, apply for business licenses, file tax returns, etc. Visit http://www.irs.gov for more information on federal tax requirements.

Further, if your corporation wants to apply for S-Corporation Election it should be applied for right after formation. In Utah an application for S-Corporation Election is required to be filed with the IRS. An application for S-Corporation Election is not required to be filed with the Utah State Tax Commission.

As all companies are different and have specific filing requirements we suggest that you speak with a tax professional to provide you with tax advice prior to organizing your company. For general tax information you can contact the Utah State Tax Commission at http://tax.utah.gov.

The formation document required to file an LLC in Utah is called the Articles of Organization. The information listed in the Articles of Organization includes, but not limited to, the name of the company, purpose, duration, shares, par value, organizers name, address and signature, managed by: member or manager, name and address of member/ manager, principal office address, and registered agent name and address.

Utah law does allow for the formation of Professional LLC's (PLLC's).

LLC's are managed by one or more members/managers. The members are like the shareholders of a corporation and are the owners of the company. The managers are like the officers of a corporation and run the company on behalf of the members. The minimum number of members required in Utah is 1 and the company can be member managed. The terms of office of the members/managers are stipulated in the company operating agreement.

The company operating agreement regulates the way in which your company will be run. The operating agreement is adopted at the initial meeting of the members and is updated as needed. Included in the operating agreement will be information on member/manager meetings, voting responsibilities, membership interest and other operating procedures.

All Utah will be required to file an annual report every year with the Secretary of State. The statement will request updated information on the address for service of process. The report is due during the month of formation starting the year after formation and the State will send notices to principal office address on record two months before due date. Failure to file the annual report may result in the company becoming inactive.

The LLC must also keep detailed records of the company members, managers, articles of organization, operating agreement and tax returns for inspection at its principal office.

LLC's can register an Assumed Name (DBA) with the Department of Commerce Division of Corporations & Commercial Code. If a corporation desires to conduct activities under a name other than its true legal name, a certificate complying with U.C.A. Section 42-2-5 Et seq. must be filed with Utah or submitted online. The DBA name must meet the same name availability requirements as a newly formed entity, however, cannot include the LLC ending "Limited Liability Company" or the abbreviation "L.L.C." or "LLC".

The State of Utah provides a procedure for voluntarily dissolving a domestic limited liability company by filing an Articles of Dissolution pursuant to the Utah Revised Business Corporation Act with the Utah Department of Commerce Division of Corporations & Commercial Code.

New entities should obtain a Federal Tax Identification Number (FTIN), also known as an Employer Identification Number (EIN), from the IRS. This number will be required to open bank accounts, have employees, apply for business licenses, file tax returns, etc. Visit http://www.irs.gov for more information on federal tax requirements.

As all companies are different and have specific filing requirements we suggest that you speak with a tax professional to provide you with tax advice prior to organizing your company. For general tax information you can contact the Utah State Tax Commission at http://tax.utah.gov.

The formation document required to file a Not-For-Profit corporation in Utah is called the Certificate of Formation. The information listed in the Certificate of Formation includes, but not limited to, the name of the company, specific purpose, shares, share par value, how the assets will be distributed upon dissolution, county in which the office of the corporation is to be located, names and addresses of the initial directors, incorporators name, address and signature, will the business have voting members, principal office address and registered agent name and address.

Not-For-Profit corporations are managed by their Board of Directors. The minimum number of directors required in Utah is 3 and they must be 18 years old. The Board of Directors elects the company officers, President, Vice President (if applicable), Secretary and Treasurer. The terms of office are stipulated in the company bylaws.

You can choose to have a members for your Not-For-Profit organization. The members have the exclusive right to elect directors, amend articles and bylaws, and vote on a merger or dissolution of the corporation. A membership structured Not-For-Profit organization normally benefits the members of the organization, such as a club or social organization. A Not-For-Profit organization that does not have members will be governed by its board of directors as is the case with most charitable organizations.

The company bylaws regulate the way in which your company will be run. The bylaws are adopted at the initial meeting of the directors and are updated as needed. Included in the bylaws will be information on director meetings, voting responsibilities, membership requirements and other operating procedures.

NFP corporations may be required and should keep the bylaws available for review at their principal place of business along with the names and addresses of directors and officers, minutes of all director meetings, records of actions taken by directors without a meeting, a copy of the formation document and any amendments thereto, and the company’s most recent annual report.

Utah Not-for-profit corporations will be required to file an annual report every year with the Secretary of State. The statement will request updated information on the name and address of the chief executive officer, the principal executive office, and the address for service of process. The report is due during the month of formation starting the year after formation and the State will send notices to principal office address on record two months before due date. Failure to file the annual report may result in the company becoming inactive.

NFP Corporations can register an Assumed Name (DBA) with the Department of Commerce Division of Corporations & Commercial Code. If a corporation desires to conduct activities under a name other than its true legal name, a certificate complying with U.C.A. Section 42-2-5 Et seq. must be filed with the Utah or submitted online. The DBA name must meet the same name availability requirements as a newly formed entity, however, cannot include the corporate endings "corporation", "incorporated" or "limited" or an abbreviation of one of such words.

The State of Utah provides a procedure for voluntarily dissolving a domestic Not-for-Profit corporation by filing an Articles of Dissolution pursuant to the Utah Revised Business Corporation Act with the Utah Department of Commerce Division of Corporations & Commercial Code.

New entities should obtain a Federal Tax Identification Number (FTIN), also known as an Employer Identification Number (EIN), from the IRS. This number will be required to open bank accounts, have employees, apply for business licenses, file tax returns, etc.

In order to apply for tax-exempt status under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3) of the IRS code, and none of its earnings may inure to any private shareholder or individual. The company must file Form 1023 for charitable organizations or Form 1024 for other types of tax exempt organizations in order to apply for tax-exempt status. Visit http://www.irs.gov/Charities-&-Non-Profits for additional information.

As all companies are different and have specific filing requirements we suggest that you speak with a tax professional to provide you with tax advice prior to organizing your company. For general tax information you can contact the Utah State Tax Commission at http://tax.utah.gov.