Arizona Business Entities
Corporations & Entities
Business Formations
Before choosing a business entity, it is critical to consult with your attorney and your tax consultant. One might choose a sub-chapter C Corporation or a sub-chapter S corporation; the difference is in how the corporation is taxed; that is, will the corporation be taxed or will the income from the corporation pass through to the shareholders who will pay the corporate taxes as individuals.
Another business formation entity is a Limited Liability Company. An LLC enjoys greater tax paying flexibility and does not have shareholders, but has members. An LLC also has some flexibility in management of the company and also allows for ownership by foreign citizens or foreign entities. We work closely with clients’ accountants in the U.S. and/or internationally.
Other types of business formations are Partnerships, Limited Partnerships, Limited Liability Partnerships, Professional Corporations and Not-For-Profit Organizations.
FinCen Registrations
As of January 2024 virtually all business entities (with very few exceptions) must register their “beneficial owners” with the federal government or face potential fines and penalties.
Entities formed before January 1, 2024 have until January 1, 2025 to submit their registrations. Entities formed after January 1, 2024 or entities which have experienced changes in their beneficial ownership, must submit their FinCen Registrations within 90 days after formation or the occurrence of the change. We guide business owners through this process.
Business Law
Business Law includes business contracts, buying and selling businesses, contracts with other persons or business for a specific business purpose, and disputes with businesses.
We recommend periodic consultation with your attorney to determine whether or not you need any specific business agreements to conduct your business.