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Industry sign banking arizona document online

hey i'm eric and in today's video we're talking about how to start an llc in arizona now if you're watching this video you're in the right place and if you're thinking about an llc you know you're in good company because 80 of all new business formations are llc in the united states now in this video we're gonna be talking about our three methods that you can start up an llc you can go directly through your state website you can also use free online tools there's also the ability to hire an attorney to set up the llc for you which is gonna be more expensive but later in this video i'm going to talk about how you can get a free consultation with an attorney too if you're looking to do that so there are two really important topics that you'll want to stay in this video because we're going to discuss a term called piercing the corporate veil and also registered agents if you're not familiar with those two things they're going to be really important that you stay and watch this video because i'm going to explain that to make sure that your llc is solid and going to protect you like it should so why don't we get started with the state website here and what you're going to be looking at in arizona is azcc.gov so that's your state website and this particular link right here is very helpful so it's the 10 steps to starting a business in arizona such as choosing your name seeing if that name is actually available in your state i'm going to walk you through some of these steps and explain this to you and this is a good time to mention that any link or resource mentioned in this video will be in the description of this video so you'll be able to find this link if you're looking for these 10 steps and every single link and resource mention will be in the description below so let's go through a hypothetical what i did is i went to um phoenix arizona and search for restaurants the first one that popped up is loco style grinds so if for whatever reason this was the name that you were thinking of for your business and you're trying to get an llc in arizona what you'd want to do is actually see if it's available so what you can do is you can go to this specific page right here again this link will be in the description and then you can search for this name so i'm going to copy this name and then what you do is you can click this search box here on the left hand side and what i would recommend is doing contains and then i'm putting in the name and i'm going to do a search so what you'll see is as this kind of searches the repository of different names that have set up llc's that this particular one has actually been set up it's a domestic llc and it looks like this particular one is already taken so if there is no search results showing for the name that you're looking for that is a good sign because it's actually available now what you'd want to do is once you actually have the name of your business that you're looking for and you want to get set up and you're confident you want to go with an llc you click this green register button and it's going to take you through the state website and you're going to be able to set up your llc through the state website and this is definitely one way you can go but one of the things that i do find frustrating about any of the state websites is they may give you the steps here and they go yeah here's all the things you need to consider and look at but when you're looking at it it's kind of overwhelming you're like you kind of want your hand held a little bit more so one of the other methods or routes you can go for setting up an llc is using a free online tool now the word free is a little bit misleading because these tools are created to generate a profit some of them if you might be familiar with like legalzoom in this particular case what they do is 79 plus your filing fee so every state has a state filing fee you're not going to get around that if you go through your state website a tool like legalzoom or go through an attorney you're going to have to pay that filing fee in your particular case in arizona this service inc file i find pretty helpful they have state filing prices and you go down and you'll see that you're going to pay 85 to set up an llc so even if an attorney doesn't say that that's part of their fee it's kind of baked into their cost so it's going to be 85 for that filing fee but as i mentioned with legalzoom they're going to throw another 79 on top of it i do like this service inc file because if you go to the home page here one of the things that really stand out to you besides the fact that they've been in business since 2004 and they've incorporated over 250 000 businesses is that it's zero dollars to get set up and i know that's where you're like all right what's the catch so if you're to launch your business with this service here you choose the entity type llc in your case we're gonna go to arizona and it's gonna give you three different packages that you can choose from and the lowest package here in the silver there's your 85 state fee and then it's zero dollars to get set up and it includes preparing and filing the articles of organization unlimited name searches so what we did earlier looking up the name searches on the arizona website here over here you can actually do that directly through this service and then also a free registered agent service for a year now this is a good opportunity to start talking about ways that your llc can be found incompetent or cracks or in your llc or the legal jargon would be piercing the corporate veil so why don't we talk about what an llc actually does for your business so then we can talk about how if you set up your llc incorrectly that it may not actually do what it's supposed to do in limiting your liability so some people think that there's like a tax advantage for setting up an llc that is not the case simply put an llc limits your liability but when you're setting up your llc you want to make sure that your eyes are dotted and your t's are crossed so there's no cracks in the foundation of it so what an llc does is it creates a division between your personal and your business assets so in the unfortunate case if you're sued the attorney the lawyer that's coming after your company isn't going to be able to come after your personal assets as well that llc creates that division between them so what that attorney is going to try to do is pierce the corporate veil and what they're doing is they're looking for issues with your llc so the reason i have this highlighted on screen here for the registered agent service is one of the issues i find with the state website is they don't really give a lot of attention to these issues they don't really mention a registered agent service they just say who's your registered agent then what happens is somebody says you know what it's my buddy jim because i'm trying to save some money and jim's gonna make sure he forwards my documents to me and make sure i'm taken care of so i'll put his information in so again going back to this learning center and we click on about registered agents here and we scroll down you'll see that what a registered agent does is they have official letters and correspondence from your secretary of state they also have service of process notices so basically if you're sued they make sure that you're getting that documentation and you show up in court there's also official federal government correspondence information and notifications tax forms and requests for payments and requests to complete permits company filings or reports so this is really important too if you don't renew with your state and every state it's a little bit different some states it's every year other states it's every couple years but you want to actually renew with your state and you don't do that and go through that process when that attorney is trying to find cracks in your llc they're going to say you know what they never actually renewed with the state or perhaps that registered agent that you had that was your friend jim never actually gave you the process notice that you're being sued and you're not showing up in court when you're supposed to so registered agents very important as they act as a third party that helps to take in important information and for that information to you so what i want to talk about next is as you're going through this process there are the opportunities to kind of be upselled into the gold and platinum so why don't we talk about that a little bit as far as the ein business tax number when i set up for my llc this was a pain in the butt but i did do it myself i'll have this link in the description below as we mentioned earlier uh this is for the irs website it'll allow you to kind of look through and see if you need an ein and then you can apply for an ein here so now why don't we go back so now the other thing that they talk about is a business banking account what i have found with this service is they do offer that in the silver package they just kind of market it as being in the gold package but this is also very important if you don't have a separate business bank account what they call it is co-mingling funds so you have your personal bank account that you're doing all your personal things in but then you have business income going to that account and then you're also paying expenses out of that account so that attorney's gonna say this is not a legit llc he's gonna pierce the corporate fail and he's gonna say that he's co-mingling or she's commingling funds and then they're gonna try to go after your personal assets so that's why it's so important to get set up the right way and in a structured manner using a service such as ink file and as i mentioned i like this service because it's zero dollars out of the gates here if you want to do the ein business tax number and these things yourself you can do that but you also have the free registered agent service for a year now it's important to highlight the for a year part because this is going to be zero dollars out of the gates but if we go back to the registered agent uh page here on ink file and we scroll down a bit what you'll see here is that on this part of the registered agent service it says it's even free for the first year when you incorporate with ink file in just 119 annually after that so they do make 119 a year after that but in my opinion it's well worth that fee because you're not going to be relying on your friend or a sister or somebody like that to be your registered agent and then have cracks in your llc you're going to have a professional service providing that registered agent service for you so that's how they get you is in year two year three it might be 119 for that registered agent service you're not locked into it but in my opinion it's well worth that money to make sure that you have a legit llc and you're doing everything that you need to do on your end so from here if you wanted to go with the silver package you go click to get the silver package you can see you're 25 the way there uh important information here that this is a tax savings benefit because it's fully deductible and they're going to walk you through a very clean easy process of setting up your llc through this site now if you have a complicated situation perhaps you have a business that's doing sales outside of the state or you have a lot of revenue coming in already and you're kind of behind the ball and you want to get an llc set up and you have concerns what i'd recommend is hiring an attorney to go this route now one service that i particularly like is called avo i'm not affiliated with them in any way the link that i have for inc file in the description below is an affiliate link so i'll make a commission if you use my link which helps support my channel i really appreciate that when you use my link but in this particular service i have no link no affiliate link or anything but i just like the service itself so what you'll see here is that we already have it pulled up for limited liability company lawyers in arizona but there's 55 results which can be a little overwhelming if you're trying to pick an attorney to work with the thing i really like about this service is that there are attorneys that offer a free consultation and the way you do that is on the left hand side here when i click free consultation what you'll see is we just went down to 18 results and now what you can do is you can filter the results further and perhaps i want to do only ones with an oval rating of nine and up and now you have three results so this is a pretty cool tool for just being able to filter down to an attorney that has verified reviews but also offers a free consultation if you do go this route though typically you can be looking anywhere from 800 to 3 000 and up to set up an llc with an attorney you know obviously they got probably a quarter million dollars in student loan bills that they got to pay off so it's going to cost you money to go through that attorney that's where it's nice using a tool like inc file is because they're using modern technologies to have your price lowered but at the same time kind of holding your hand throughout the process but again if you do need an attorney you have a complex business situation i'd highly recommend going through a service like avo to find a good attorney to get linked up with i am not an attorney i am just somebody who has researched this to death as i've set up my own business i want to give you all the tools and resources available to you when you're setting up your business so the last thing i want to talk about is if you are already making income in your business perhaps over forty thousand dollars a year there may be the opportunity to set up as an s corp instead of an llc to save on taxes so if you click on the video on the screen it's an ink file review which goes into further detail and at about the two minute two minute 15 mark of that video i talk about an s corp tax calculator on their site and how you might be able to see if you can save on taxes again guys thank you for watching this video and i encourage you to use the links in the description below and i appreciate if you do use my ink file link because it helps support my channel alright guys i'll catch you in the next video

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