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What’s the Difference Between a Sole Proprietorship and an LLC?

Many new businesses are started without the proper understanding of the possible legal and financial ramifications that may arise from improper designation of their entity. This in part is caused by the many legal ways to structure a new business, such as S Corporations, limited liability companies, regular corporations and partnerships. The most common forms of structuring a new small…

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How to Get an Employer Identification Number (EIN) in Arizona

An employer identification number (EIN) is issued by the IRS and serves as a way for a business to be legally recognized. In addition to this an EIN serves as the identification required to obtain a business loan, open an account or to apply for state and federal licensing. Once an EIN has been obtained, an individual or corporation is…

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Arizona Corporation Commission’s Certificate of Good Standing

A certificate of good standing is obtained from the Arizona Corporation Commission, and serves as proof from the state that a company is authorized to do business in the state. Usually, a certificate of good standing is required to be obtained before a business begins to operate as it is required for basic business actions. A Certificate of Good Standing…

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Starting a S Corp

When word gets out that you’re starting a business, suddenly everyone in your social circle becomes a business expert. One of the most common pieces of “friendly advice” new business owners get is to form an S Corp for tax advantages, though the armchair expert offering this advice can rarely expound on what an S Corp is and what the…

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How to Pay Taxes on an LLC

Limited Liability Companies (LLCs) are commonly referred to as a tax pass-through entity. Where corporations pay corporate taxes, LLCs do not pay taxes at the business level. Instead, the company’s profits and losses are passed to the owners, who report their respective gain or loss on their annual income tax return. Paying Taxes on Income From an LLC in Arizona…

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Can I Be My Own Registered Agent?

When registering a business in the state of Arizona, you’re required to register a statutory agent (aka registered agent) with the Arizona Corporation Commission. This individual will serve as the legal point-of-contact for official correspondence on behalf of your business, receiving official mail from the state and accepting Service of Process for court documents. Many new business owners gloss over…

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How to Pay Yourself with an LLC

Limited Liability Companies, or LLCs, are one of the most popular types of small businesses in Arizona. An LLC offers the benefits of business ownership without the personal liability that comes with standard proprietorships and partnerships. It also strips away the complexity of a corporation, making it easier for Arizonans to pursue their dream of starting a business. LLCs are…

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How to Secure Startup Costs Using Arizona Small Business Grants

Are you wondering how to get government grants for your small business and not sure where to start? Securing capital can be one of the trickiest parts of any new business venture, reaching a grant can take some stress out of the equation.  Whether or not you will qualify for free funding to support your company will depend on the nature…

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Creating an LLC in Arizona: 7 Steps to Forming a Limited Liability Company

The process of registering a business is dictated by state law, so the actual process and timeline varies across the country. In some states, you can register your business and open up shop in less than a week. In other jurisdiction, it can take months to process the paperwork before you receive the green light to launch your business. Arizona…

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How the Arizona Corporation Commission Affects Small Businesses

Arizona is one of only seven states with a Commission formed by state constitution. There are only 13 states with elected commissioners — the rest are appointed by the state legislature or governor. Established by Article 15 of the Arizona Constitution, the Arizona Corporation Commission has a broad mandate. Under the direction of five elected commissioners, the Commission has jurisdiction…

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