On behalf of Richard Murphy at Murphy Cordier Karber PLC
Arizona law allows for the choice of several different business entities, including the corporation, limited liability company, partnership, sole proprietorship and more.
Not since before the recession has Arizona’s unemployment rate been almost as healthy as the national average, which finally happened when the state rate reached 5.8 percent in April 2015, according to a June 23, 2015, article in the Phoenix Business Journal. The article went on to say that bankers from the Phoenix area at the June Arizona Bankers Association conference believed that the state’s economic recovery could be even more successful than economic measurements suggest.
As support for this positive proposition, bankers cited the optimism of their commercial customers; a healthy number of professional and technological job openings; and Arizona business customers “doing more hiring and expanding.”
Accordingly, it is reasonable to expect that entrepreneurs will decide to open new businesses in this improved economic climate. One of the first, most important decisions a new business needs to make is what kind of business entity should be chosen to best enable the business to meet its goals.
The type of business entity will impact issues like control and decision-making power, taxation, personal liability of owners and more.
To thoroughly understand the choices available and their pros and cons, an entrepreneur should enlist the help of an experienced business law attorney for guidance and representation. An Arizona business entity lawyer can educate the commercial client on all aspects of business entity choice, draft and file required documents and advise the new business on how to comply with applicable laws and regulations.
From their offices in Phoenix, legal counsel at Murphy Karber Cordier PLC advises business clients from birth of a business, through operations and to dissolution, throughout the Phoenix metro and across the state.
Business entities are created under state law and Arizona offers a number of options. Here are some of the most popular:
Other Arizona business entities include the limited partnership, limited liability partnership and more.
Consult with an experienced business attorney at Murphy Karber Cordier PLC. Our firm can help you achieve your business goals, while also minimizing your personal liability. Contact us today.