Starting a business in Arizona requires a few basic steps with which any entrepreneur ready to form a company should be familiar with. A U.S. state in the southwestern region of the United States, Arizona has a population of almost 7 million according to a 2016 estimate. Therefore it has a wide market that includes different groups of people.
An aspiring entrepreneur should be prepared to analyze the industry before diving in. Some of the most thriving industries in the state of Arizona are manufacturing, services, technology and innovation, agriculture and mining. Starting a business that relates to either one of those industries might generate quite an income.
When it comes to Arizona’s economy, its total gross state product was $259 billion back in 2011, which makes it a larger economy than such countries as Ireland, Finland, and New Zealand.
But what are the most essential steps when forming your business?
First of all, you need to create an EIN number, which is an Employer Identification Number, also known as the Federal Employer Identification Number. Basically, it is a unique nine-digit number released by the Internal Revenue Service (IRS) to business entities operating in the United States to be able to identify them.
Next, it is time to form the business entity itself. Depending on the type of business and what you want you’ll be able to choose between a number of business forms like corporations or LLCs. Last but not least, you need to choose a name for your company and register it in the state of Arizona.
To check out your knowledge regarding opening a business take a look at the quiz that we’ve prepared.
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