When you start a business in the state of Arizona, you have multiple options for how to organize that business. Your chosen method determines how the business is taxed and other legal factors. Whatever type of organization you desire for your business, Scott Weible, Esq. can help you organize your company into a legally-binding organzation to suit your needs.
To incorporate a business in Arizona, you must file the proper paperwork with the state, the main component of which is the Articles of Incorporation. This paperwork includes:
- Name of the business/corporation
- Business purpose
- Street address of business or agent of business
- Names/addresses of board members (there must be at least one board member)
- Name and contact information for person filing Articles of Incorporation
If incorporated, your company income will be taxed at a business rate in the state of Arizona.
Though slightly different in nature, the action of filing for an LLC in Arizona is much the same as filing to incorporate. You must:
- Choose a name
- File Articles of Incorporation
- Have an agent in the state
- Create an operating agreement
Taxes for an LLC are paid by the individual members, based on income for the business.
A partnership is much like an LLC in that it limits the liability of the individuals who operate the business, and protects co-business owners from each other, giving them some recourse if the business interest falls apart. You must file with the state, and it is recommended to have a contract between parties.
Like an LLC, income from business partnerships is taxed as individual income, depending upon the division of revenues.
The bylaws of your company dictates how your business operates, and provides some rules for division of company profits, decision-making, and other important matters involved in the running of the business.
Organizational Set Up
Like any contract, the proper set-up of your business is essential to running your company smoothly and effectively, and avoiding possible issues with income, taxes, and customer relations. When you are ready to organize your business in the state of Arizona, California, Virginia, or the District of Columbia, Scott Weible, Esq. can take the reins, ensuring all the necessary paperwork is filled out properly, and you have all the necessary components of organizing your business into a corporation, LLC, or partnership in order.