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Arizona is a friendly state for business formation

Starting a business in Arizona isn't too difficult. In fact, this state was ranked number 9 on a list of best states in which to start a business. The ranking by WalletHub comes on the heels of a grade "A-" for the state on a survey by Thumbtack.com. One of the points that stood out is that Arizona got good marks for the ease of hiring individuals.

When you are ready to start your business, one of the first decisions you will make is what name you are going to use for it. You can check the Arizona Corporation Commission website for a checker that enables you to see if another company has that same name. You can reserve your chosen name for 120 days if you don't want anyone else to take it, but you have to get the paperwork in before that time expires or the name becomes available again.

Another decision you have to make is what business structure you are going to use. This might be a sole proprietorship, a corporation, a nonprofit, a partnership or a few others. Knowing what each of these is for and how they might help your business is beneficial. The entity type can impact things like your tax liability and the protection you have for your own personal assets, so review them carefully.

It is imperative that you start your business off in a way that will help you have a successful company. Reading through all documents you receive and making sure you have taken the appropriate steps can work to ensure that you don't have to shut the company down unnecessarily.

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