Incorporation in Utah

Find the right Business Incorporation attorney in Logan, UT

Under Utah law, a business may incorporate. If it chooses to do so, it is thereafter recognized as its own legal entity. An incorporated business acts in its own name, whether buying and selling property, assenting to contracts or exercising legal rights. The Utah Secretary of State receives and processes applications for incorporation, which must be submitted in compliance with local guidelines.

Benefits of Incorporation in Utah

There are distinct benefits to incorporating a business. Most importantly, liabilities the business accrues may be satisfied only by assets that the owners have specifically invested in it. Had the business instead remained a collection of the owners' personal assets, the personal property of the stakeholders could be liquidated to pay the liabilities of the business, if it runs into financial problems. Also, creditors in the Logan area generally prefer to deal with corporations, since a loan is an investment more easily evaluated when the credit-worthiness of various owners is not an issue. Lastly, a corporations charter requires that ownership be divided into stakes or "shares" of stock, all of equal size. This makes the process of transferring control much more practical.

Costs of Incorporation

These advantages come at a price. First, incorporation in Utah may require a filing fee. Second, a corporation pays taxes just like any other entity. The individual incomes of owners who are paid disbursements from the corporation's earnings are still taxed as well. This is called double taxation, but it can be avoided with proper planning and assistance from a local Logan lawyer.

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Life in Logan

Logan, Utah is a city located in Cache County. It currently has a population of around 49,000 people. Logan is the county seat of Cache County, Utah.

Logan was founded in 1859 by Mormon settlers who were sent tot he area by Brigham Young, to survey the area and assess its suitability for the construction of a fort. Logan was officially incorporated in 1866. Shortly thereafter, the Mormon settlers worked to establish a community, building a temple, and otherstructures they viewed as necessary.Logan, Utah grew from those humble origins.

Modernly, the Logan metropolitan area is ranked as one of the safest metropolitan areas in the country.

Logan, Utah currently has a highly diversified economy, which attracts professionals from many different disciplines. It is home to the main campus of Utah State University, which is a major driver of the city's economy. Logan is also home to several companies in the high-tech, manufacturing, and healthcare industries, which also help create an economic base.

As a result of its diversity and growth, the legal community in Logan, Utah is also very diverse and extensive. If you are facing any legal problem, chances are good that a Logan, Utah attorney can help.

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