Good job! You’ve finally incorporated your business, this is definitely a big step in starting a business in Arizona. I understand that it wasn’t an easy process – you committed time, effort and resources to make everything possible and I commend you for that.
As much as I want to say that your startup process ends in incorporating in Arizona, I just can’t, because there are still many things that you need to complete so you can fully operate your business.
Don’t get too frustrated, I assure you, these requirements are much easier to comply than the documents and paperwork that you had to prepare and file during the incorporation process.
To help you get started, here’s a list of the 5 things that you need to do after incorporating in Arizona.
An incorporated business is considered a separate entity in the eyes of the law, therefore, it needs its own Employer Identification Number. The EIN can be obtained from the Internal Revenue Service.
An EIN is required because it is the IRS’s way of monitoring your tax and business activities. Getting an EIN should be on top of your list because without this, you will not be allowed to create a business bank account and file your business tax returns.
Every type of business requires different permits and licenses, these are very essential documents that you need to comply if you want to have full permission to conduct business in Arizona.
If you have no idea where to start, you can consult an attorney to help you or you can visit the city hall or local county office to ask for guidance. Remember, if you are not able to comply with state permits and licenses, you may be charged with fines and you will even be barred from doing business.
Although this is not required by law, it’s best that you consult one so you can discuss your state taxes and how you should go about with the process. You also need to address topics such as electing an S-Corporation treatment from the IRS, the tax deductions that you can take advantage of, tax benefits, among other things. You may also want to consider using an accounting software.
After obtaining an EIN, you can open a bank account for your business. By doing so, you will be able to receive checks and accept payments under your official business name.
This step is very important as you will now be creating a different account apart from your personal bank account. If you’ve been doing business under sole proprietorship, you need to close that account and reopen another one under your business name.
While you’re at it, you can also open a credit card for your business, tracking businesses expenses is more efficient with it and you can also establish your credit history.
For some, they don’t do this procedure, without realizing that it’s also very important. If you don’t trademark your business name, random businesses can use it if they want to. You are definitely protected in the state of Arizona, but in the other 49 states, anyone can basically use your business name so it’s better to trademark it.
After accomplishing these requirements, I’m sure that you felt a sense of relief. Although you have surpassed the major steps in starting an Arizona startup, you need to stay compliant for the lifetime of your business, never forget to file necessary documents.
Once you’ve done all these and have a killer business plan, you’re ready to launch your Arizona small business. Congratulations again and best of luck!