Incorporation in Arizona
Arizona law allows a business to incorporate and be identified as its own legal entity. As a separate entity from the owners, the business is then considered to be acting on its own when it buys and sells property, assents to contracts and exercises legal rights. A business looking to incorporate in Arizona must file with the Secretary of State in accordance with established guidelines.
Benefits of Incorporation in Arizona
A corporation enjoys advantages that unincorporated companies do not. Primarily, it cannot be held accountable for an amount of debt greater than the value of the assets that the owners have invested in it. If the business had remained a personal asset of the owners, they could run the risk of losing their personal property to pay for the company's financial liabilities in case of default. Furthermore, banks in the Buckeye area prefer to evaluate the credit worthiness of a business as a whole rather than that of individual owners. This makes the process of receiving corporate loans simpler. Finally, a corporation's ownership stake is divided into equal slices or "shares" of stock, which make investments in the business much easier to transfer.
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Incorporation Attorneys and Law Firms in the Largest AZ Cities
Life in BuckeyeApproximately 50,876 people call Buckeye, Arizona home. Buckeye is located in Maricopa County and is a popular suburb of Phoenix.
What is great about Buckeye is that it is a small area filled with diversity! Buckeye is home to Native Americans, Asians, Blacks, Whites, Hispanics, and Latinos. Alongside the diversity is the area's well-planned structure. Buckeye has about thirty well planned communities, not including the commercial areas. Popular attractions include Douglas Rance, Sun Valley Villages, Spurlock Ranch, Southwest Ranch, and the Sundance Towne Center.
Being a part of Phoenix, Buckeye residents have prominent law firms with excellent attorneys nearby to handle their legal needs. Phoenix has law firms of all sizes, with attorneys practicing in all areas of law. Therefore, no legal inquiry can remain unattended.
Overall, Buckeye is a perfect example of a close Arizona community that enjoys the quiet desert ambiance, yet is close enough to the metropolitan area of Phoenix. All in all, Buckeye residents enjoy the best of both worlds!
Costs of Incorporation
These benefits come at a price. First, incorporation in Arizona may require a filing fee. Second, a corporation pays taxes just like any other entity. Disbursements to the owners of the corporation are also taxed as individual income, so this means earnings might be taxed twice. But this double taxation can be avoided with proper planning and help from a local Buckeye lawyer.