Starting a new business means that you need to determine what type of structure is best for it. One of these options is a sole proprietorship; however, it isn't an appropriate business structure in some cases. Typically, this type of reserved for businesses with only one owner.
When two or more people go into business together, they might opt to form the company as a partnership. One of the options that falls under this category is the limited partnership (LP). In this arrangement, one or more of the partners is only liable for amounts that are up to their investment amount.
It's common for business owners who operate a company that's doing well to want to try to replicate its success. This is why many company owners decide to expand their business into neighboring states. You mustn't assume that you can simply incorporate in Arizona and never establish yourself as a corporate entity in the other states where you do business though.
When you start a new business, you can't just rent a building and open the doors. Instead, you need to take care of some important paperwork to ensure that your business is legal and that you have the protections you need.
Choosing a business structure is one of the most important decisions you have to make because it can affect your company and your personal life. One thing that people don't realize is that if you start a company as a sole proprietorship, disgruntled people can come after your personal assets. For this reason, many people opt to use a limited liability company (LLC) as their business structure.
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.
Taking the time to consider the various legal structures that your business can use can benefit you greatly -- just like having the wrong one can cause problems. Here are a few important things to consider as you start.
Business transactions happen every day in a growing company. You might be acquiring a new company or adding more vendors to your supply list. No matter what type of transactions you are handling, you should make sure that they are in your company's best interests. You must also ensure that they are executed in the proper manner.
The process of starting a business is more than just thinking of a cool idea and opening up shop. There are many things that you need to do before you help your first customer. You probably know the basic information like making sure you have the appropriate licensing, if applicable, and making sure that your business plan is in place, but there is more to it than this.
Forming your business is a big step. It is imperative that you have everything in order before you open the doors on the first day. For some individuals, this is a big undertaking. We know that you might not have all the answers you need about what options might become available to you, including the legal protections and benefits that you are seeking. We are here to help you evaluate the options so you can act.