Starting a business, no matter the size, is never easy. But with the right guidance and preparation, the process can be smoother and more manageable. This guide will take you through the steps involved in starting an S-corp in Utah.
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What is an S-corp?
An S-corp, or S-corporation, is a legal structure for small businesses that allows for the pass-through taxation of profits, rather than taxing the corporation itself. This means the business owners are only taxed on the profits they personally receive as income. S-corps are commonly chosen by small business owners because they offer liability protection for the owners while maintaining some of the advantages of being a partnership or sole proprietorship.
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1. Choose a name for your S-corp
The first step in starting an S-corp is to choose a name for your business. Make sure the name is available by searching the Utah Secretary of State’s entity search database. Once you have a name that is available and you like, you can register it with the State of Utah by submitting a name reservation application for a fee of $22.
For More Information - Amend Nevada Articles Of Organization
2. Find a registered agent
Every corporation in Utah is required to have a registered agent. A registered agent is a person or company who is responsible for receiving legal documents (such as lawsuits) on behalf of the corporation. The registered agent maintains a physical address in Utah where they can be served with legal or government documents during normal business hours.
3. File Articles of Incorporation
To register your S-corp officially, you need to file Articles of Incorporation with the Utah Division of Corporations and Commercial Code. This document is a formal declaration of the business’s existence.
The Articles of Incorporation must include:
- The name of the corporation
- The name and address of the registered agent
- The corporation’s purpose
- The name and address of the corporation’s initial directors
- The number of shares of stock the corporation is authorized to issue
- The name, title, and address of the person filing the Articles of Incorporation
You can file your Articles of Incorporation online, for a fee of $70. You should receive a confirmation within a few days that the filing was successful.
4. Obtain an EIN number
An EIN (Employer Identification Number) is a unique tax identification number issued by the IRS to businesses. You need an EIN number before you can open a business bank account, pay employees, or file taxes for your S-corp. You can apply for an EIN number online, for free, at the IRS website.
5. Register for Utah Taxes
You may be required to register your S-corp with the Utah Department of Revenue to collect and pay taxes. Examples of taxes you may be required to collect and pay include sales tax, use tax, and withholding tax. Consult with a qualified tax professional to determine which taxes you will need to register for.
Conclusion
Starting an S-corp in Utah involves several steps: choosing a name, finding a registered agent, filing Articles of Incorporation, obtaining an EIN number, and registering for Utah taxes. While starting a business requires time and effort, following these steps will ensure you have fulfilled the necessary requirements to open an S-corp in Utah. We wish you the best of luck on your entrepreneurial journey!
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