After forming a corporation, you must undertake certain steps on an ongoing basis to keep your business in compliance. These steps are also important in preserving the limited liability a corporation provides its owners. This guide outlines the ongoing requirements for Utah corporations.
Utah corporations must keep the following with their corporate records:
- The Articles of Incorporation and any amendments
- Permanent minutes of shareholder and director meetings and record of all actions taken by a committee of the board of directors in place of the board of directors and on behalf of the corporation
- Permanent records of actions taken by the directors or shareholders without a meeting
- Resolutions adopted by the board of directors creating one or more classes or series of shares and fixing their relative rights, preferences and limitations
- Written communications to shareholders for the past three years
- A list of all shareholders, including names and addresses, listed alphabetically and outlining the number and class of shares held by each
- A list of names and business addresses of current directors and officers
- Most recent annual report
- All financial statements prepared for periods ending during the last three years
Corporate taxes and fees
The following are taxation requirements and ongoing fees for Utah corporations:
- Annual report. Utah requires corporations to file an annual report before the anniversary date of the incorporation. The filing fee is $15.
- Taxes. For complete details on state taxes for Utah corporations, visit Business Owner's Toolkit or the State of Utah.
- Federal tax identification number (EIN). An EIN is required for corporations that will have employees. Additionally, most banks require an EIN in order to open a business bank account.
- State tax identification number. Utah does not require a state tax identification number.
Business licenses and/or permits are required for most businesses. The BizFilings Business License Application Package can help you stay on top of these requirements.
S corporation election
Utah recognizes the federal S corporation election and does not require a state-level S corporation election.
Additional Utah information
View the following additional resources BizFilings has for forming and maintaining companies in Utah:
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