While starting a business is a popular venture, there are a lot of legal hoops that must be jumped through. For those looking to start their own business in Arizona, here are some guidelines that will get you through the process!
Information on starting a business in Arizona
The first step is to define your business. Naturally, you want to know what kind of business you’ll be starting, and then the legal work starts. This begins with choosing a name; you’ll want something catchy and memorable. Following this, you’ll need to do a search with the U.S. Patent and Trademark Office.
If the search shows a similar business with a similar name, your best bet is to find a different name. If the search comes back clear, however, you’re good to start advancing with the steps to beginning your business.
Your next step will be to fill out a form for an Employer Identification Number with the Arizona Corporation Commission. This can be filled out online, and is a vital step to being approved to hire people for your business.
Following this, you’ll want to open up a bank account for your business. Never use your personal account in lieu of a business account; it will muddy the tax process and can even land you in legal trouble.
This is important for any business owners that plan to enter into this venture with a partner; you will need to create an operating agreement. Operating agreements detail how a business will be run, how the co-owners will resolve problems and the exact division of company ownership. You will need to fill out an operating agreement even if you are opening the business with a family member or spouse.
Intellectual Property – Lawyer it
The best businesses have new ideas that approach old problems in new ways. If you have these ideas, protect them! You can do this by planning how your ideas will come into play and how they will be protected. This includes getting copyrights for your ideas. To this end, it is smart to buy at least an hour with a lawyer to help guide you through these processes.
After all of the planning has been done, you’ll want to trademark your business with the U.S. Patent and Trademark Office. This will protect the ideas behind your business as well as your name from being stolen out from under you!
Final Details – Finish it!
From here, you start working on the things that your business will actually be using. Start drafting forms that you will be using with frequent vendors and customers. If you’re unsure of where to start, don’t worry. Many people simply find contract templates on the Internet.
Once you are finished drafting, have a lawyer look over them to make sure that everything is in order. Lawyers can be expensive, but they will save you a lot of headache down the line.
By following these steps, you will have your own business in Arizona before you know it!