Last week, this column reviewed the most common options for small business incorporation.
After you have determined the optimal incorporation format, next step is to register with the state. In Arizona, this process is managed by the Arizona Corporation Commission.
The commission's website allows prospective businesses to check if their intended name has already been taken or is available to use as a legal name.
Proceed to the main website (www.azcc.gov). On the left hand column, there is a quick link for "Check name availability or reserve a name".
If the name is available, the registration process is relatively easy. On the same website in the quick link column, click "Forms" and then either "Corporation Forms or Limited Liability Forms" The LLC form is three pages and the registration fee is $60.
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Depending on the backlog, the registration process can take as long as two months.
Once the approved documents are returned from the state, your accountant can request an E.I.N. (Employers Identification Number) from the IRS. You can request the E.I.N. directly but the IRS has a dedicated line for accountants that is much faster than doing it as an individual.
You will need the incorporation documents and an E.I.N. to open any business accounts at your bank.
You are now legally ready to conduct business. The rest is up to you.
Ralph Hershberger is president of SCORE Southern Arizona, a nonprofit group that offers free small-business counseling and mentoring by appointment at several locations. For more information, go to www.southernarizona.score.org online, send email to mentoring@scoresouthernaz.org or call 505-3636.