Nicknamed the Beehive State, Utah has been nationally ranked within the top three states in the country as the best states for business, according to Forbes. The state’s biggest industries include mining, cattle ranching, salt production, government services, and tourism, the latter of which notably rose after the end of the 2002 Winter Olympics. Major companies including Overstock.com, 1-800 Contacts, Ancestry.com are all headquartered within the state as well and Thumbtack.com gave Utah an A+ in the overall friendliness and ease of starting up a business that Utah provides.
With such a friendly business climate, high marks for tax code and licensing throughout the state, and five national parks with seven national monuments to sightsee and explore, you may feel like it’s time your start-up decided to form an LLC or incorporate in Utah. Here’s what you need to know about getting started:
- LLC agreements will include all details for the organization of the LLC including: provisions for management, assignability of interests, and distribution of profits or losses. All Limited Liability Companies in Utah must include the abbreviations ‘L.C.’ or ‘L.L.C.’ after their names or ‘Limited Liability Company’ or ‘Limited Company.’
- All LLCs must designate a registered agent on behalf of their LLC. For Foreign Limited Liability Companies that choose to do business in Utah, an Application for Authority to Transact Business must be filed with the Secretary of State, along with a certificate of existence/good standing from the LLC’s home state.
- When filing as a Corporation, the Utah Division of Corporations and Commercial Code requires the filing of Articles of Incorporation. These articles must include the corporate name along with an abbreviation after (i.e. ‘Inc.’ or ‘Co.’ or the full word ‘Corporation,’ ‘Company,’ or ‘Incorporated’), why the Corporation is being formed, the number of shares the Corporation is authorized to issue, the name and address of each of the incorporators, the Utah street address of the Corporation’s registered agent, signatures of each of the incorporators, and a statement in the Articles of Incorporation acknowledging this acceptance, along with the filing fee.
Get your business buzzing in the Beehive State with MyCorporation’s help! Leave a comment below, or give us a call at 1 (877) 692-6772 and we’ll get your LLC or Corporation started!