Ten Steps to Starting Your Biz

Below are only suggestions of the sequence and type of steps that might be needed to start a business. Your business, tax, or legal needs may require that you take different action or do things in a different order depending on a variety of things, including which state you are doing business in. The below information is only an overview and is not intended to provide legal or tax advice or to be a complete resource. We recommend you consult your attorney or accountant to determine the needs of your business.

1. CHOOSE A NAME

Choose a name for the business entity and search it on the internet (Google it) to see if other people are using the name. If others are using the name, you may incur legal consequences if you use the same or very similar name. Check out numerology.com to see how the vibe of the biz name fits you and your biz ideas.

2. CHECK NAME AVAILABILITY WITH THE CORPORATION COMMISSION

Check the entity name on the Corporation Commission website to see if it is available.

3. PURCHASE A DOMAIN NAME

If you’re going to have a website that is the same as the entity name, you can purchase the domain name at this stage, or wait until after you’ve checked the name availability through the Corporation Commission (see numbers 4 and 5 below).

4. CHOOSE AN ENTITY TYPE

Choose an entity type for the business (corporation, nonprofit corporation, or limited liability company (“LLC”)).

NOTE – LLC is a common choice for new Spiritual Entrepreneurs, however, an accountant can advise you concerning tax issues, or an attorney could advise you concerning liability, tax, and other issues, or there are many resources on the internet.

5. SECURE THE NAME OR FORM THE ENTITY

If the entity name is available on the Corporation Commission website, you usually have a few options:

1. You can get a name reservation through the website; or
2. You can go to the Secretary of State’s website and register the name as a trade name; or
3. You can submit the paperwork to the Corporation Commission to form your entity.

• A name reservation through the Corporation Commission is only good for a certain amount of days. It “holds” the entity name until you can submit the paperwork to form the entity.
• A trade name is effective for 5 years. The Secretary of State registers trade names, not the Corporation Commission. There are legal considerations as to why you might want a registered trade name, and you should consult with an attorney to determine if you should obtain a trade name.
• If you have a trade name, it is not necessary to also have a name reservation. The trade name “holds” the name for you, and you can form an entity with that name as long as you own the trade name.

6. FILE WITH THE CORPORATION COMMISSION CORPORATIONS DIVISION

Submit the formation paperwork to the Corporation Commission. If you are forming an LLC, you will submit Articles of Organization. If you are forming a corporation, you will submit Articles of Incorporation. Most Corporation Commission have online filing for LLCs. All forms and filing options should be available at the Corporation Commission website. The formation paperwork must be examined and approved by Corporation Commission staff. If approved, you will get an approval letter with additional instructions. If rejected, your letter will instruct you on how to resubmit the paperwork. You can wait until approval before completing steps 7 through 10.

7. ARIZONA DEPARTMENT OF REVENUE

You will likely need to complete a transaction privilege tax application with your state Department of Revenue. Check with your state Department of Revenue for more information.

8. CITY OR COUNTY TAXES AND BUSINESS LICENSING

Register the business entity with the city in which the business is located (or county if you are in an unincorporated area). This is for transaction privilege tax purposes and also for any business or occupational licenses that the city requires.

9. FEDERAL EIN OR TIN – Internal Revenue Service

Check the Internal Revenue Service (IRS) website https://www.irs-ein-tax-id.com/ to obtain an EIN (employer identification number) or TIN (tax identification number).

10. BUSINESS BANK ACCOUNT

Open a business account with your bank or credit union.

WOOHOO! You are now in Business!!!!