When starting a new business here in Arizona, one of your first priorities may be to choose the type of entity under which you want to operate. There are numerous choices, but you lean toward an S corporation. Unfortunately, you may have heard things about this entity type that give you pause.
When you signed the lease for the commercial property where you planned to run your business, you had no idea what the future would hold. Nevertheless, you committed to the terms of the lease and opened your business on the site. Now, sometime later, your situation has changed. Perhaps things didn't go as well as you hoped, and you have no choice but to close your business. It could also be that your business is thriving, and the Arizona commercial space you are leasing is no longer adequate.
Starting a business requires making a variety of decisions. One that could affect numerous aspects of it involves your choice of entity type. The legal structure under which you form your company dictates how you will deal with taxes, personal liability and other issues.
In some disputes, sitting across the table and hammering out a solution just isn't feasible. If you tried this approach it didn't work, you may now be considering litigation, but you don't necessarily want the potential "bad press" that airing your dispute in a public forum may bring.
When running a business, you may find yourself having to deal with different conflicts on a daily basis. Though many of those conflicts may be easily resolved with discussion and explanation, other issues may need a more formal approach. Because you undoubtedly want to ensure that your company remains protected from any problems that could cause unnecessary complications, finding the best way to address serious problems may work in your favor.
If your business is doing well, you are likely feeling satisfied and proud of yourself. You may also be exhausted. Perhaps the time is right to expand your business, but you don't have the finances or ability to do it on your own. Now may be the time to consider taking on a partner.
You may have lived in your current Arizona home for more than a decade before you were able to think about investing in some home improvement projects. Did you buy a fixer-upper? If so, you may fondly recall the dreams you and your spouse had when you took your first steps through the house you later came to love as home. You knew there would be months, perhaps years of work ahead, but you saw it as an opportunity to create your dream house, together.
It may seem like just yesterday when you took your initial leap of faith and launched your Arizona business. Perhaps you have fond memories of the jubilation and celebrations that followed the day you actually hung the open sign above your threshold (whether online or at a brick and mortar structure). Fast forward 10, 20, perhaps even 30 years and your thoughts and focus are shifting toward the future, namely: Who will carry on what you started after you're gone?
Owning your own Arizona business may be a long-held dream of yours, but taking this step is much more involved than simply buying a storefront and opening your doors. There are many things you would be wise to handle before you launch, and one of these matters is choosing the right legal structure for your business.
There is always a honeymoon period in every relationship, whether it's personal or professional. During this time, everyone gets along and makes compromises. This may work in the short term, but as a businessperson, you probably don't want to take chances with the future of your company.