On the website of the Arizona Corporation Commission, the annual report can be submitted electronically. The report comprises the name of your LLC, the members’ names and addresses, and the name and location of the statutory agent, in addition to other basic details regarding your LLC. The annual report filing fee is $50, and it needs to be paid each year before the deadline, which is often the anniversary of your LLC’s creation.
Although having an LLC offers some security for your personal assets, it cannot take the place of getting the essential company licenses and permissions. Even if you have an LLC, the city or county where your firm is located may need you to apply for a business license. Depending on the kind of business you run and where it is located, there are different licensing requirements.
The degree of liability protection you want for your personal assets is a crucial factor to take into account when determining whether to create an LLC or a sole proprietorship. You are entirely responsible for any debts or legal problems that your business may encounter, and a sole proprietorship offers no security for your personal assets. However, by dividing your personal assets from your business assets, an LLC offers a certain measure of security.
A notice of formation must be published in two newspapers in the county where your company is located if an LLC was created in New York. Arizona does not have a requirement for this. The county clerk’s office in the county where the business is located must receive a fictitious business name declaration if you are conducting business in California under a fake name. For a period of four weeks, this notice must be printed in a newspaper in the county where the business is situated.
In conclusion, maintaining your company’s good standing with the state of Arizona requires renewing your LLC. While an LLC offers some security for your personal assets, it does not absolve you of the obligation to secure the business licenses and permits that are required in order to run your enterprise. The degree of liability protection you want for your personal assets should be taken into account when choosing whether to create an LLC or a sole proprietorship. A fictitious business name statement must be filed and published in a newspaper in the county where the business is located if you are conducting business in California under a fictitious name.