LLC and Corporate Formation

LLC and Corporation Formation

The two main forms of business in Arizona are LLCs and Corporations.

LLCs are Limited Liability Corporations and they are governed by the Arizona Revised Statutes. An LLC can have as few as one member or as many members as you may want. Each LLC can be created with different goals and a different structure. One of the fundamental questions that must be answered when forming an LLC is whether it will be member-managed or manager-managed. This refers to whether the members of the LLC will run the operations of the LLC or if they will grant that authority to another person or company. All of these decisions should be reviewed with a lawyer prior to formation.

Arizona Corporations are governed by the Arizona Revised Statutes. Corporations differ from LLCs in many ways. One of the biggest differences between an LLC and a Corporation is the fact that a Corporation can, under the proper circumstances, be publically traded and sell shares of stock as a way of raising capital. This unique access to the marketplace also comes with some important tax, governance, and organizational requirements. You need an experienced lawyer to help navigate these various restrictions and determine if a Corporation will best suit your needs.

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