There is a long-standing debate whether propositions, sentences, statements or utterances provide an answer to the question of what objects logical formulas stand for. Based on the traditional understanding of logic as a science of valid arguments, this question is firstly framed more exactly, making explicit that it calls not only for identifying some class of objects, but also for explaining their relationship to ordinary language utterances. It is then argued that there are strong arguments against the proposals commonly put (...) forward in the debate. The core of the problem is that an informative account of the objects formulas stand for presupposes a theory of formalization; that is, a theory that explains what formulas may adequately substitute for an inference in proofs of validity. Although such theories are still subject to research, some consequences can be drawn from an analysis of the reasons why the common accounts featuring sentences, propositions or utterances fail. Theories of formalization cannot refer to utterances qua expressions of propositions; instead they may refer to sentences and rely on additional information about linguistic structure and pragmatic context. (shrink)