Steps to Form an LLC
- Select a name for your LLC: Choose a unique name compliant with state regulations.
- File articles of organization: Submit required documents to state’s LLC filing office.
Understanding LLC Formation and Structure
The words "limited liability" refer to the fact that LLC members cannot be held personally responsible for business debts. In a dispute with a business creditor, members may lose the money invested in the company but their personal assets aren’t at risk. LLC members also aren’t usually liable for a co-owner’s negligence or wrongdoing in business matters. Corporations also offer this liability protection, but sole proprietorships and partnerships do not.
Arizona LLC Approval Process
- Approval Time: 3 weeks for regular processing; 7-10 business days for expedited processing.
- Filing Fee: $50 for Articles of Organization; $35 additional for expedited processing.
Starting a Business in Arizona
- Registration Process: Varies based on business structure and location.
- Ideal Time: Current increase in new business ventures makes it an opportune moment to start an LLC in Arizona.
Arizona Business Registration Details
- Processing Time: 2-3 weeks for online trade name filings; up to 30 business days for regular Articles of Organization processing.
- Cost Benefits: Arizona offers lower than average taxes, making it cost-effective to run a business.
Arizona State Business Insights
- State Rankings: WalletHub’s survey rated Arizona as the 9th best state to start a business.
- License Requirements: Arizona does not issue a state business license, but local licenses may be necessary.
Additional Information
- TPT License: Retailers selling physical products in Arizona typically require a Transaction Privilege Tax License for tax compliance.
- Name Availability: Check available names on the Arizona Corporation Commission website before registration.
Consultant Insights
Consult with experts like a business attorney or tax professional to ensure compliance with legal requirements and for strategic advice on forming an LLC in Arizona.