How To Create An Llc In Arizona – An Arizona power of attorney is a legal document that names a specific person to act for someone else for financial, medical, or parental reasons. For example, if a person is hospitalized after a car accident, this document allows his or her designated representative (“agent” or “power of attorney”) to temporarily take over and manage their assets, handle bank accounts, pay bills, and even make medical decisions If necessary. To complete, a person must fill out the form and sign it in accordance with state law.
Advance Health Care Directives – also known as a “lifetime care planning package” and include a medical power of attorney, a living will, and a do-not-resuscitate (DNR) order.
How To Create An Llc In Arizona
Durable (Financial) Power of Attorney – If an individual becomes mentally incapacitated due to illness or injury, this allows the grantor to take over finances until the grantor regains mental capacity.
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General (financial) power of attorney – gives the agent the ability that someone else can handle all financial issues on behalf of the principal. It is not valid if the principal becomes unable to work.
Living Will – Allows an individual to set their end-of-life treatment options without the use of a health care agent.
Medical Power of Attorney – Choose any person(s), family or friend, to make medical decisions if the principal is unable to do so for themselves.
Power of Attorney for Minor Children – Designates temporary custody of minor children for up to six (6) months unless the person is on active military duty, in which case it may be extended to one (1) year.
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Real Estate Power of Attorney – Allows an individual, known as an ‘Agent’ or Power of Attorney’, to buy, sell or manage real estate.
Revocation of Power of Attorney – Used to revoke a power of attorney at any time, provided they are of sound mind.
Tax Power of Attorney (285-I) – Appoint a specific person, usually an accountant, to process all returns on behalf of an individual or entity to the IRS.
Power of Attorney for Vehicles (48-1001) – To manage the ownership of another person’s vehicle and to participate in the purchase or sale for someone else.
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How To Start An Llc
Arizona is a great place for new entrepreneurs to start their ventures. But before you start crowdfunding or marketing your product, think about your business structure. LLC companies are one of the most common types of business that entrepreneurs choose when starting a business. Read on to learn what LLCs are and how to form one in the state of Arizona.
A limited liability corporation (LLC) is a type of business structure that you can think of in terms of complexity as a step up from a sole proprietorship and a step back from a corporation. Forming an LLC gives its owners certain advantages when it comes to legal actions brought against the company. For example, an owner’s personal assets are considered separate from the company’s assets if someone sues the company.
It is important to remember that an LLC is a legal business structure, but not a financial structure. For tax purposes, generally speaking, LLCs are pass-through organizations. This means that the business itself is not taxed. Instead, the profit “passes through” to its owners, who pay tax on it in the same way they would pay income tax. But LLCs also have the option of choosing other styles of taxation, such as an S corp.
In addition to the usual considerations for naming your company—which means developing a name that communicates what you do and ideally connects with your target market—you’ll need to keep Arizona’s LLC naming regulations in mind as you file your incorporation documents.
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Arizona LLC names must include “limited liability company,” “limited liability company,” “LLC,” “L.L.C.”, “LC,” or “L.C.” Likewise, they may not include the words “association,” “corporation,” “incorporated,” or any other language implying any of those words.
The Arizona Corporation Commission (ACC) offers an online search tool to find out if your business name is already taken. And if you plan to form an LLC under a specific name but want to buy yourself some time, the Arizona Secretary of State allows you to register or reserve a business name for up to five years.
It’s a good idea for any business, no matter how simple or complex, to have a business plan that lays out the basics such as:
If you have a business in Arizona, the state provides its own resources to help you formulate a business plan (like this checklist from the Arizona Commerce Authority). He also offers referrals to the Small Business Development Center Network, an organization that helps new business owners get the advice and services they need to get set up right.
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In order to file any necessary paperwork for your new LLC, you will need to obtain a federal Employer Identification Number (EIN) from the IRS. This is like a social security number for businesses. It’s easy to sign up for one, which is good because it’s absolutely required.
When you’re ready to make it official, you’ll need to file your articles of organization (the Arizona version of the articles of incorporation) with the ACC. These are key formation documents for becoming a subject in the eyes of the state. You may deliver your documents in person or by mail to the Arizona Corporation Commission, Corporations Division, 1300 W. Washington Street, 1st Floor, Phoenix, AZ 85007-2929.
In Arizona, you’ll also need to appoint an authorized agent, which serves much the same purpose as registered agents in other states. If the state needs to get in touch with your company or if someone wants to serve papers on your company, they go to a legal representative.
To accept appointment as a statutory agent, you will need to complete and submit Form M002 on the ACC website.
Do I Need A Lawyer To Start An Llc?
You don’t need any special business license to operate your business at the state level, but the local government or municipality where your business is located may have its own requirements. Phoenix, one of Arizona’s largest cities, has zoning and licensing regulations for businesses including liquor stores, massage parlors, bookies and escort services. You can check individual local authority requirements using the state checklist.
Depending on the nature of your business, you may need to apply for a Transaction Privilege Tax (TPT) license, which Arizona uses in lieu of sales tax. Signing up for one is just $12. Businesses that need to collect TPT include retail operations, contractors and food services. You can see if your business needs a license and apply for one on the Arizona IRS website. Certain professions, such as nursing, lobbying, teaching and real estate, require licensing to work within the state as well.
In addition to paying TPT, Arizona businesses are required to collect and remit state withholding tax from their employees. You can learn more about the details of how to register and pay this tax through the IRS.
Otherwise, since your LLC is likely a pass-through organization, you will pay income taxes to the state as part of your personal taxes.
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As is the case in many other states, Arizona does not require business owners to file an operating agreement. However, it’s a good idea to have one as it provides important details about your company that could prevent conflicts or difficulties later on. A good working document includes things like each LLC owner’s stake and relationship in the business, as well as terms if one of them plans to exit the business.
If you are going to hire employees, you must pay workers’ compensation insurance for each of those employees. Depending on the nature of your business, it may be a good idea to consider other forms of coverage. For example, if you rely on a vehicle for business purposes, you need separate insurance for the vehicle even if you also have insurance for personal use. Many companies also purchase liability insurance to protect them
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