Starting a business in Arizona?
A limited liability company may be the answer.
How you structure your new business will affect many aspects of it in the future. This includes the amount of tax you pay.
A limited liability company (LLC) may be the correct solution.
An LLC may be created for almost any legal business purpose except insurance and banking. The asset protection a properly structured LLC can provide is especially useful in the medical, construction, real estate, retail, transportation or other high-risk sectors.
We help you understand:
- What an LLC can and can’t do
- How to set up your company without the stress of completing paperwork
- How your company may impact the rest of your estate planning
What are the benefits of an LLC?
If your business is a sole proprietor or general partnership, you and your business are legally the same entity.
That means you (and your partners) can be held personally liable for any claims made against your business.
A limited liability company protects you from this.
That is why it is especially beneficial for high-risk sector businesses, where personal liability can be considerable.
Other benefits include:
- A reduced amount of paperwork and filings with the state.
- Ability to minimize tax payable on income, gifts, etc.
- Flexibility in ownership and management
- Flexibility with the distribution of profits
- Integration with your overall estate plan
What are the potential drawbacks?
There is more than one way to set up an LLC and mistakes can be costly.
Professional guidance from an LLC attorney can help prevent:
- Excessive taxes being paid on profits
- Disputes where there is more than one person involved in the business
- Interruption to the business when there are major issues, such as death or disability to one of the owners
- Dissolution of the company or hostile takeover due to external events
It is important to be exacting when setting up an LLC and have it completed correctly to avoid future problems.
What is the setup process?
The first step is to file paperwork with the state of Arizona. That is the simple part.
The next steps are to:
- Formulate an operating agreement explaining in detail how the company will be run
- Prepare tax filings
- Ensure you have documentation that guarantees the continuation of the business in the event of a crisis
Our firm can complete the paperwork in consultation with you, freeing up your time to plan other areas of your business.
How will this work with your estate plan?
Setting up an LLC is best done with a lawyer who understands your financial position and how to integrate your LLC with the rest of your estate plan.
A limited liability company should be formed with full oversight of the contents of your estate plan and your tax planning strategy.
This can be provided as a one-off service but it is often in addition to other services for existing estate planning clients.
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Just a few minutes into our first meeting we had a high level of confidence that we had landed in the right place and knew we were in good hands. The entire experience – from the first meeting through the delivery of the final documents – was not only painless, but it was also pleasant!
We had known for many years that we needed an estate plan but just never got around to doing it. We immediately felt like they “got” our unique family situation and knew just what to do. We wish we had done this sooner but what a great feeling it is to know that what we worked so hard for all these years will be protected and go to the right people when it’s our time.
We felt like they really listened to us as we talked about our family and business and what we wanted to accomplish. They took the time to help us understand how living trusts and LLC’s work and how they can help protect our family and property. The fixed fee approach was very appealing to us. We were excited when we received our estate planning and LLC notebooks!
For years my husband and I thought about creating a living trust but had assumed the process would be confusing, expensive and time-consuming. We could not have been more wrong. We attended two online Zoom meetings where they explained what a trust is, why it’s important to create one and how to go about doing so. They were able to gather the information needed to create our trust from just these two online meetings plus the final in-person meeting to sign documents.
Kent is an exemplary advocate for his clients. It is an honor to have worked with him and witness his high ethical standards.
We put together a complete estate plan in just three one-hour meetings. The meetings were well organized and planned by the attorney. The concepts and legal terms were all well explained by giving real-world examples. The staff is easy to work with. They went out of their way to make it an enjoyable experience.