You’ve come to the right location if you want to launch a single proprietorship in Arizona. The simplest and most typical sort of business structure in the US is the sole proprietorship, which is a type of entity run by an individual. This article will walk you through the process of forming a sole proprietorship in Arizona, including how to register your firm, get the necessary permissions and licenses, and open a business bank account.
Select a business name and register your company in the first step. Choosing a business name and registering your company with the Arizona Secretary of State are the initial steps in establishing a single proprietorship in Arizona. On the website of the Arizona Corporation Commission, you may see if the name you want for your company is available. Once you’ve decided on a name, you can submit a Trade Name Application and $10 filing fee to the Arizona Secretary of State. This can be done by mail or online.
Step 2: Acquire All Required Licenses and Permits You might need to acquire particular licenses and permits to operate in Arizona depending on the type of business you run. For instance, the Arizona Department of Health Services will need you to apply for a food service establishment permit if you plan to open a food service business. Visit the Arizona Department of Revenue website to see what licenses and permits you require.
Open a business bank account as the third step. You can open a business bank account once your company has been registered and all relevant licenses and permissions have been secured. As a sole proprietor, you are allowed to conduct business transactions using your personal bank account, but it is advised that you open a different account to keep your personal and business finances distinct. This will make keeping track of your business’s earnings and expenses and submitting tax returns simpler.
Can I deposit a DBA check into a personal account in relation to this? As a sole proprietor, you are permitted to deposit a DBA (Doing Business As) check into a personal account. However, it is advised that you deposit the check into a different company account in order to keep your personal and professional finances apart.
A bank account cannot be shared by two firms. To keep its finances separate from those of other businesses and from personal money, every business should have its own unique bank account.
The IRS will grant a business an EIN, or employer identification number. An EIN is a distinct nine-digit number that serves as your company’s tax identification number. On the IRS website, you can submit an online EIN application.
In Arizona, registering a trade name costs $10. When you submit your trade name application, you must pay this fee to the Arizona Secretary of State. Be aware that there may be other fees associated with obtaining business licenses and permits in addition to this one.
Last but not least, establishing a sole proprietorship in Arizona is a simple procedure that includes filing the proper paperwork, obtaining the required licenses and permissions, and opening a business bank account. You can launch your company and start offering your services to clients in Arizona by following these steps.