Resolution For Shares Consolidation In Utah
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
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FAQ
Whether shareholder approval is required depends upon the impact of the transaction on the shareholders' ownership interested. The shareholders of a merged or consolidating corporation must always approve the merger plan.
First, all LLC owners need to sign Form 2553 to consent to the S corp election. This can sometimes be difficult to coordinate, especially if you have a large number of owners. Second, the IRS can take at least six to eight weeks to process your election request.
To elect for S-Corp treatment, file Form 2553. You can make the election valid for the current tax year, which will be reflected in next year's return, by filing Form 2533 no more than two months and 15 days from the start of the company's tax year.
To qualify for S corporation status in your first year of business, you need to file Form 2553 within 75 days of the date of the state conversion. The election will not be in place until the following year if this is not completed within that time frame.
For detailed formation steps, see our Utah Corporation formation guide. Step 1 – Name your Utah corporation. Step 2 – Appoint directors. Step 3 – Choose a Utah registered agent. Step 4 – File the Utah Articles of Incorporation. Step 5 – Create corporate bylaws. Step 6 – Draft a shareholder agreement.
