How and Why You Should Form a Limited Liability Company in ...

In order to form an LLC correctly, I would strongly urge you to consult an attorney and a C.P.A. There are legal and tax consequences that you need to consider carefully. LLC formation in Arizona requires the following:
Select and reserve the name of the LLC.1i>

Prepare the Articles of Organization of the company and the consent of statutory agent to file with the Arizona Corporation Commission (?ACC?).1i>

Prepare the ACC cover sheet that must be filed with the Articles.1i>

File the Articles with the ACC on an expedited basis (recommended).1i>

Receive the approved articles from the ACC.1i>

Obtain a federal employer ID number.1i>

Open the company?s bank account.1i>

Arrange to publish the Articles of Organization in a newspaper in the appropriate county.1i>

Obtain an Affidavit of Publication of the Articles of Organization and mail it to the ACC within the time required for filing the Affidavit.1i>

Decide how the LLC will be taxed.1i>

An LLC can be taxed as federal income tax paying entity depending on how it chooses to be taxed.1i>

Sole member LLCs may be taxed as a pass-through for federal income tax purposes, as a sole proprietorship, partnership, or corporation. Multiple member LLCs may elect to be taxed for federal income tax purposes as a partnership or a corporation.1i>

LLCs that are taxed as a partnership are not federal income tax paying entities. LLCs that are taxed as corporations are federal income taxpaying entities.1i>

If the LLC is taxed as a partnership, the profits and losses pass through to the members prorata based on their percentage of ownership, or as otherwise provided in the partnership agreement and the special allocation of profits and losses. If the LLC is taxed as a C corporation, the LLC reports profits and losses as a tax-paying entity rather than the members.1i>

Jo Ann Joy, Esq., MBA, CEO
Copyright 2006 Indigo Business Solutions. All rights reserved.
joannjoy@IndigoBusinessSolutions.net, Phone (602) 663-7007, Fax (602) 324-7582
For more information about these and other important business topics and for legal consultation, please visit our website at http://www.IndigoBusinessSolutions.net Copyright 2006. Indigo Business Solutions is a registered trade name.
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Source: http://www.hotels-in-tbilisi.com/how-and-why-you-should-form-a-limited-liability-company-in-arizona

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