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.
If you want to contact Owens and Perkins regarding LLC and/or Corporate