In Utah, a typical domestic corporation is a limited liability company registered in Utah, owned by shareholders, and controlled by a board of directors that is appointed by the shareholders. A domestic corporation is a separate legal entity with rights and obligations unique from its members.
Utah allows for different types of corporations, and many businesses and individuals set up corporate entities to limit liability. For instance, if a corporation fails, the employees may lose jobs and shareholders may lose their money invested, but employees and shareholders usually will not be held liable for the corporation’s debt. However, this is not always the case and it is, therefore, worth the time to speak with a Utah business attorney who is experienced with business entity formation with domestic and foreign corporations.
Protect your interests and the interests of your corporation. Call (800) 265-2314 to learn about Pearson Butler’s corporate law services in Utah.
Corporations Are People
Corporations are created through registration. Although not natural persons, Utah law has established various rights and obligations for corporations that are similar to those applying to people. Corporations are born, they survive, and they may die through insolvency by creditors forcing liquidation of assets, dissolution by court order, or by shareholders through statutory protocol.
Serving Corporations across Utah from Offices in Bountiful, Utah County & South Jordan
Pearson Butler advises small and medium businesses across Utah, including domestic and foreign corporations. The firm’s corporate lawyers provide counsel for corporations in all stages, including:
- Corporate entity formation
- Expansion through acquisition and merger
- Wind down
Contact a skilled Utah corporate lawyer at Pearson Butler today.