What type of business entities are covered under small business law?

In Arizona, small business law covers different types of business entities that are available to small business owners. The most common types of business entities are sole proprietorships, partnerships, corporations, and Limited Liability Companies (LLCs). A sole proprietorship is the simplest type of business to set up, and does not require the filing of any paperwork. A sole proprietorship is owned and operated by a single individual and profits and losses are reported on the owner’s personal income tax return. A partnership is another type of business covered under small business law. This type of business is owned and operated by two or more people who share profits and losses. In Arizona, a partnership must register with the Arizona Corporation Commission and file a partnership return. The next type of business entity that is covered under small business law in Arizona is the corporation. A corporation is a separate legal entity that is owned by shareholders. To form a corporation, the owners must file articles of incorporation with the Arizona Corporation Commission. The last type of business entity that is covered by small business law in Arizona is the Limited Liability Company (LLC). An LLC is similar to a corporation, but it offers the benefit of limited liability protection to its owners. An LLC must also file articles of organization with the Arizona Corporation Commission in order to be formed. No matter which type of business entity is chosen, small business law in Arizona will cover them under the Arizona Small Business Law. This law provides business owners with protection from personal liability and other legal matters.

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What type of business entities are covered under small business law?

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