Incorporation in Utah

Find the right Business Incorporation attorney in Taylorsville, UT

Under Utah law, a business may incorporate. If it chooses to do so, it is thereafter identified as its own legal entity. An incorporated business acts in its own name, whether buying and selling property, agreeing 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 advantages to incorporating a business. Most importantly, liabilities the business accrues may be satisfied only by assets that the owners have specifically invested in it. Without incorporation, the personal property of business owners is at stake should the company become unable to satisfy its debts. Furthermore, a business that has not incorporated puts the unnecessary burden on creditors in the Taylorsville area to evaluate the credit worthiness of individual owners rather than that of the business, making loans more difficult. Finally, the ownership stake in a corporation can be apportioned into uniform slices, known as "shares" of stock. This makes it possible to sell ownership investments in more manageable slices.

Costs of Incorporation

These benefits 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 may be avoided with proper planning and assistance from a local Taylorsville lawyer.

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Life in Taylorsville

Taylorsville is situated in Salt Lake County, Utah. It was settled as early as 1848 and incorporated recently in 1996. It features a mix of old-style American culture with modern developments. Taylorsville has a growing population of about 59,000. The city is located in the center of what is known as Salt Lake Valley, about 15 minutes away from Salt Lake International Airport.

A defining characteristic of Taylorsville is the level of volunteerism that the community demonstrates. Hundreds of Taylorsville residents contribute their time and resources to local city committees, while thousands more are involved in city events and educational programs. Taylorsville citizens also consistently demonstrate a high level of political enthusiasm.

Taylorsville's economy is supported by the presence of numerous companies which enjoy many of the advantages the city has to offer, such as no franchise taxes. Tourists and visitors also add to the city's progress by visiting sites such as the Taylorsville/Bennion Heritage Center.

Taylorsville lawyers frequently visit the Taylorsville Justice Court when dealing with legal matters. Lawyers in Taylorsville, Utah reflect the city's atmosphere of community involvement and volunteerism.

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