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 operating 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. Had the business remained unincorporated, owners risk losing their personal property should the business become unable to satisfy its liabilities. Furthermore, banks in the Goodyear 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 corporations charter requires that ownership be divided into stakes or "shares" of stock, all of equal size. This makes the process of transferring control much more practical.
Find a Goodyear Lawyer that Specializes in Your Area of Need:
9 Business - Transactional cases posted to LegalMatch lawyers in Goodyear
Incorporation Attorneys and Law Firms in the Largest AZ Cities
Life in GoodyearIn 1917, Goodyear Tire and Rubbery Company bought 16,000 acres of land to cultivate cotton for tire threads. This land came to be known as Goodyear. Goodyear is home to approximately 65,275 people and is located in Maricopa County, Arizona.
Besides the famous tire company, Goodyear is also known because the Cleveland Indians baseball team moved their spring training facility to Goodyear from Florida. Goodyear then funded a spring training complex, worth $33 million, for the Cleveland Indians and Cincinnati Reds. The ballpark seats about 10,000 people and is one of the popular attractions to see.
Goodyear is home to many small to mid-size law firms with many capable attorneys able to handle any and all legal inquiries. Therefore, Goodyear residents can stay assured that their legal needs will be well-handled by the legal force in Goodyear, Arizona.
Costs of Incorporation
Incorporation can be costly. First, a modest filing fee might be charged in Arizona for any business that wants to incorporate. Also, a corporation is taxed as its own entity. In other words, the profits a corporation makes are now taxed separately, while any disbursements to shareholders are taxed as individual income. This is called double taxation. However, a business might avoid this disadvantage with proper planning and assistance from a local Goodyear lawyer.