An analogy as to why you should do that would be when you file the Articles of Incorporation it is like giving birth to the new entity. The state recognizes it is an independent being. If you want that independent being to be successful you don't abandon it any more than you would a child. The Corporate Bylaws are like its backbone, necessary for it to move about and perform necessary functions, and the minutes are the gray matter in its brain, recording the decisions that have been made and instructing other parts of the body to act. Finally, the separate bank account is like its own source of nutrition. The corporation as a separate entity will not thrive without all these aspects because it won't have any recognizable identity. Sure, the law will recognize that it exists and that it in theory creates limited liability, but if it is not clear from its records what business or operations it is even conducting, then the protections will also become unclear.
Utah Corporate Bylaws and other Corporate Documents
After the initial Incorporator files the Articles of Incorporation he must prepare and sign an "Incorporations Statement" indicating the names and addresses of the initial directors. The next step is for the initial directors to hold an initial meeting at which they take a number of steps including appointing officers, issuing shares of stock and adopting Bylaws.
A sample set of generic Bylaws can be found at http://www.entrepreneur.com/formnet/form/1020; A sample, Utah specific set of Bylaws can be found at http://www.freelegalaid.com/nav/utah/incorporation/free-forms/sample-bylaws-utah-corporation.
Once you work through the various terms on the forms and all the Directors sign there is put in place a structure necessary for the Corporation to operate.
On one level, a Utah Corporation does not need to set up a separate bank account. The law does not expressly require it. But as a practical matter it is necessary to separate things out and do your accounting. If your Utah Corporation has a separate bank account it will put you in a better position in the future should the separateness of you and the corporation be made an issue. As a practical matter, a Utah Corporation should set up a separate bank account.
Utah Corporation Setting Up a Bank Account
To set up its own bank account a Utah Corporation needs to acquire its own Federal Taxpayer Identification number, sometimes referred to as an Employer Identification Number or simply an EIN. The process takes about 5 minutes and can be done on line. There is no fee. It is done through the Social Security administration. The paper form is referred to as Form SS-4. The form can be filled out online at https://sa.www4.irs.gov/modiein/individual/index.jsp and if done online you obtain the EIN number immediately.
In addition to the EIN number the bank is likely going to need proof that the person setting up the bank account has authority to do so. This is typically shown by providing a copy of the Articles of Incorporation or the Bylaws and sometimes requires producing a resolution authorizing opening a bank account. The general idea is that you need to show the name and nature of the business, that it is registered with the IRS and that you have authority on its behalf to set up the bank account.
So now that the Utah LLC has an Operating Agreement and set up a bank account, what are the recordkeeping requirements? They can be found are set forth in Utah Statues Section 48-2c-113, a link to which is here. For a laymen's discussion of the Utah LLC record keeping requirements, click here.
Utah Corporation and LLC Requirements
Next Steps after Forming a Utah LLC
Records required to be kept by a Utah LLC
Next Steps after Forming a Utah Corporation
Records required to be kept by a Utah Corporation