Forming an Arizona LLC

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Formation of a startup in Arizona and why Eli likes a LLC

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Forming an Arizona LLC

  1. 1. COMPANY FORMATION ELI CHMOUNI
  2. 2. DISCLAIMER I am not a lawyer I am not giving legal advice Please consult with an attorney
  3. 3. COMPANY TYPES Sole Proprietorships Partnerships Limited Liability Companies (LLCs) S Corporations C Corporations
  4. 4. SOLE PROPRIETORSHIPS Owner remains personally liable for lawsuits filed against the business. No state filing required to form a sole proprietorship. Easy to form and operate. Owner reports business profit and loss on their personal tax return.
  5. 5. PARTNERSHIPS Partners remain personally liable for lawsuits filed against the business. Usually no state filing required to form a partnership. Easy to form and operate. Owners report their share of profit and loss in the company on their personal tax returns.
  6. 6. S CORPORATIONS Independent legal and tax structures separate from their owners. Help separate your personal assets from your business debts. Owners report their share of profit and loss in the company on their personal tax returns. Limits on number of shareholders, who must be U.S. citizens or residents. Must hold annual meetings and record meeting minutes.
  7. 7. C CORPORATIONS Independent legal and tax structures separate from their owners. Help separate your personal assets from your business debts. No limit to the number of shareholders. Taxed on corporate profits and shareholder dividends. Must hold annual meetings and record meeting minutes.
  8. 8. LIMITED LIABILITY COMPANIES (LLC) Independent legal structures separate from their owners. Help separate your personal assets from your business debts. Taxed similarly to a sole proprietorship (if one owner) or a partnership (if multiple owners). No limit to the number of owners. Not required to hold annual meetings or record minutes. Governed by operating agreements.
  9. 9. LLC IN AZ Arizona Corporation Commission http://www.azcc.gov/
  10. 10. NAME SEARCH Visit http://starpas.azcc.gov/scripts/cgiip.exe/WService=wsbroker 1/connect.p?app=names-report.p to search for the name. Your LLC name should be follow by LLC For example BlueDream Group, LLC Name reservation VS signing up directly
  11. 11. DOCUMENTS Reserve the LLC name http://www.azcc.gov/Divisions/Corporations/forms/starpas/fo rmsSTPS/L001-Application-to-Reserve-LLC-Name.pdf
  12. 12. ARTICLES OF ORGANIZATION http://www.azcc.gov/Divisions/Corporations/forms/starpas/fo rmsSTPS/L010-Articles-of-Organization.pdf
  13. 13. MANAGER MANAGED VS MEMBER MANAGED Manager: http://www.azcc.gov/Divisions/Corporations/forms/starpas/fo rmsSTPS/L040-Manager-Structure-Attachment.pdf Member: http://www.azcc.gov/Divisions/Corporations/forms/starpas/fo rmsSTPS/L041-Member-Structure-Attachment.pdf
  14. 14. ADDITIONAL DOCUMENTS Organizer: http://www.azcc.gov/Divisions/Corporations/forms/starpas/fo rmsSTPS/L042-Organizer-Attachment.pdf Agent: http://www.azcc.gov/Divisions/Corporations/forms/starpas/fo rmsSTPS/M002-Statutory-Agent-Acceptance.pdf
  15. 15. COVER AND FEES Cover: http://www.azcc.gov/Divisions/Corporations/forms/starpas/fo rmsSTPS/CFCVLR.pdf Expedited VS Slow
  16. 16. FILED… NOW WHAT Confirmation for Newspaper Publication Choose a Newspaper File Notice of Publication (Capitol Times)
  17. 17. GET AN EIN http://www.irs.gov/Businesses/Small-Businesses-&-Self- Employed/Apply-for-an-Employer-Identification-Number- (EIN)-Online
  18. 18. GROW YOUR BUSINESS
  19. 19. FAQ LIMITED LIABILITY COMPANIES 1. How do I form a limited liability company (“LLC”)? 2. Can I form a nonprofit LLC? 3. Should I form a professional LLC? 4. Must the LLC have members? 5. Can I have a single member LLC? 6. Can the same person be the only member and the only manager? 7. What if my LLC has a “managing member”? 8. What is the difference between members and managers of an LLC? 9. What is “management structure”? 10. What is a manager-managed LLC? 11. What is a member-managed LLC? 12. What is an operating agreement? 13. Does the operating agreement get filed with the Arizona Corporation Commission? 14. How do I change the address of the LLC? 15. How do I change members or managers? 16. How do I amend the articles of organization? 17. How do I move my LLC to another state? 18. How do I report a bankruptcy? 19. Who can sign documents for LLCs? 20. Statutory agent? 21. How do I get a Certificate of Good Standing? 22. How can I convert my LLC to a corporation?

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