Are you ready to turn your hard work and ideas into a business? You can get started and
establish your Arizona business in just a few steps.
Step 1: Choose a name
Choose a name that reflects your brand and captures the spirit of what you’re all about.
Before officially deciding on a name for your business, you’ll want to check if that name is
already used in Arizona. First, check on the Arizona Corporation Commission (A.C.C.) website.
If your first choice is taken, brainstorm and choose a name that will be unique to you. Make sure
to also look up your business name on Google and social media platforms to make sure you are
not competing too directly with other businesses with similar names nationally, or who are not
registered businesses but are active online. When someone looks you up, they should easily be
able to find you.
Step 2: Get registered
Next, you’ll need to get your business registered. This may sound daunting, but it is actually
quite simple! You can do this step without hiring an attorney or accountant. If you’d like some
guidance with getting registered, we can help! LCG can assist you with this process at no cost.
To register your business, you will start by selecting your entity type (partnership, LLC,
sole-proprietor, corporation, etc.). For most small businesses, we recommend you file as an LLC
(limited liability corporation). An LLC will provide some legal protection between you and your
business, and allows you to operate as an active business. After you register your business, you
will want to obtain an EIN (employer identification number) through the IRS. The LLC has a
one-time cost of $85 in Arizona, and there is no cost to obtaining an EIN. Both last in perpetuity,
meaning you will not need to renew or refile either unless you choose to do so (for example,
changing your business name).
Step 3: Open your business bank account
Once you have your EIN, you can open your business bank account. A business bank account
should be used rather than a personal bank account because it offers benefits you’ll need as a
business owner. For example, it offers protection by keeping things separate from your personal
funds, makes you more professional in dealing with customer transactions, allows you to be
prepared for emergencies, and gives you purchasing power by allowing you to establish a credit
history for your business.
A few things to keep in mind:
1. Identify the institution where you’ll open your bank account. We recommend credit
unions for a variety of reasons. Credit Unions offer better interest rates for savings
accounts, usually lower rates for loans/credit cards, and tend to be highly member
2. Gather the necessary documents. When opening your account, you’ll need your ID,
business registration record (a screenshot of your confirmed registration with the A.C.C.
works well), and your newly obtained EIN.
3. Prepare your first deposit. Most institutions will require an initial deposit to your new
account. As a new business, you can deposit personal funds to your business as you
gear up to start selling your products/services.
After you have completed these steps, many other decisions will be made. This includes:
● Creating your branding: logo, business cards, social media pages, website, etc.
● Identifying the range of products and/or services you will offer (and…setting your prices!)
● Ensuring you have all licenses needed for your business
● Obtaining insurance
● Setting up your accounting/bookkeeping system
● Preparing contracts/proposals as needed
● And much more!
It may feel intimidating, but we are here to help. If you would like help navigating the process,
our team is happy to guide you and provide additional resources along the way. Also, be sure to
check back in soon – we’ll be sharing many more tips and tricks on a wide variety of topics.
We can’t wait to see you fulfill your dreams!