Articles of Incorporation: What You Need To Know If You’re Planning On Starting A Business
Starting a business can be a fascinating endeavor. However, it’s also important to be aware of the legalities involved. That’s why we’re here to help you with articles of incorporation in utah. This article will cover everything you need to know about incorporating your business. From the type of entity you can form to the required paperwork, we will cover everything. So read on and get started on planning your business journey!
What are Articles of Incorporation?
An article of incorporation is a document that sets forth a business’s basic structure and operating principles. It includes the company’s name, address, the number of shares authorized, and the terms under which those shares will be issued. The articles also must specify the officers and directors of the company as well as any restrictions on ownership or transfer of shares.
What do I need to file an Articles of Incorporation?
If you plan on starting a business, you’ll need to file articles of incorporation with your state’s secretary. Here’s what you’ll need to file:
- A copy of the Articles of Incorporation
- The written consent of all interested parties, including the prior owner(s), if the company is being sold or transferred as part of an exit strategy
- A description of the company’s purpose, activities, and authorities
- The name, mailing address, and telephone number of the company’s registered agent
- The signature of the incorporator(s)
How long does it take to file an Articles of Incorporation?
To form a business, you must file an Articles of Incorporation with the appropriate state government. This document will outline your company’s name, the number of shares authorized, and the due date for filing. The filing process typically takes about two weeks but can vary depending on the jurisdiction.
Who can file an Articles of Incorporation?
Anyone can file an Articles of Incorporation if they meet the applicable requirements. Generally, you’ll need a business license and be able to prove you have the required financial resources. You must also file an annual report with the state business services department.
How do I prepare an Articles of Incorporation?
If you want to start a business, now is the time. Here are some steps you need to take to create an Articles of Incorporation (AOI):
- Meet with your attorney. An AOI is a legal document, so working with an attorney familiar with incorporation procedures is essential. You also want someone who can answer any questions about the process.
- Gather paperwork. You’ll need to gather the following documents: a copy of your business plan, Articles of Incorporation, organizational documents (bylaws, shareholder agreements), and tax returns for the last three years if your company has made money.
- File your AOI with your state’s secretary of state. Once you have all the necessary paperwork, please complete it with your state’s secretary. This will ensure your company exists legally and can operate without any problems.
What are the consequences of not filing an Articles of Incorporation?
If you don’t file an Articles of Incorporation with the state, your business will not exist legally. Without an authoritative document establishing your company’s existence, collecting debts, suing for damages, or establishing property ownership will be difficult. In some cases, unincorporated businesses can even be dissolved by court order.
Failure to file an articles of incorporation in utah can also result in serious legal consequences. For example, if a business is sued and fails to produce records indicating that it is duly incorporated, the court may find in favor of the defendant and award damages. Moreover, if a corporation fails to file required reports with the state or federal government, its officers and directors can be liable for any violations.