Corporations have been around in Utah for over 100 years. They continue to be very popular.
Once filed with the State, a corporation becomes an independent legal entity capable of legally acting in its own behalf. A corporation is owned by shareholders, lead by a board of directors and managed by a President, Vice President, Secretary and Treasurer.
Compared to other business entities, Utah Corporations have several advantages and disadvantages. Some of the advantages are:
- Asset protection benefits for owners;
- Tax flexibility; and
- Ability to grow with business.
Corporations have some disadvantages:
- Possibility of a higher tax burden;
- Extra paperwork and meetings; and
- Less privacy.
If you believe that a corporation is right for you, please visit our corporate formation page.