County Business License

Register with your county to do business, with Getting Incorporated™'s County Business License service. If you operate your business within county lines, a County Business License may be a mandatory legal requirement for you. Getting Incorporated™ can obtain a County Business License for your business. Ensure you are properly registered with the officials in your county.

Business Law Update:

Arizona

SB 1410

1. Requires the ACC to file the document without imposing any additional requirements or conditions that are not expressly prescribed by statute. 2. Removes all requirements pertaining to the filing of a Certificate of Disclosure and related provisions. 3. Removes all requirements that an affidavit evidencing publication of documents be filed with the ACC, making the submission of the affidavit permissive, and removes related provisions. 4. Removes the requirement that an incorporated corporation that elects professional status amend its articles of incorporation to state that it is a professional corporation and that its purpose is to render the specified professional services. 5. Permits a parent LLC and its subsidiary LLC to be formed at the same time. 6. Stipulates that the existence of an LLC ceases on the signing of the articles of termination, as opposed to the filing. 7. Removes the requirements for articles of termination of an LLC regarding statements of debts, asset distributions, pending lawsuits, outstanding judgements, etc. This leaves the requirement only that the articles of termination state the name of the LLC. 8. Removes the fee for the filing of articles of termination. 9. Makes technical and conforming changes. 10. Becomes effective on the general effective date. Current Bill Status: February 7, 2008 assigned to Commerce and Economic Development Committee.

Start Up Tip:

S Corporations are Tax Leveraged Entities

When your S-Corp makes money, your profits will be minimized by the salary you pay yourself, and your S-Corporation distributions are not subject to 15.3% in FICA taxes. Conversely, if your S-Corp happens to lose money, your losses will be exaggerated by the salary you have to pay yourself. Thus, if your real business losses are $10,000, but you need to pay yourself a reasonable salary of $20,000, then your tax loss will be at least $31,530 ($10,000 business loss + $20,000 salary + $1,530 employers FICA tax share). In this example your business loses $10k to pay you $20k, meaning you really made $10k doing business but are able to claim tax losses of over $30k. S-Corp are highly leveraged tax entities where your tax losses will always be greater than your economic losses, and your tax profits will always be less than your economic profits!

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