Legal Question in Business Law in Arizona
We are wanting to obtain an LLC for various businesses such as cleaning business, federal gun license we are obtian ing to sale firearms, and other misc businesses. What do I need to obtian a LLC license? Such as do I have to obian ins, bonds, and etc.
2 Answers from Attorneys
There is no such thing as an "LLC license." In order to operate a business and limit your liability to only the assets and capital of the business, you may form a limited liability company or a corporation. I would suggest that you form a separate business entity for each of the businesses you intend to engage in, that way, if one business fails, the other business is not hurt or liable for the debts of the failed entity. You can form a business entity as a "do it yourself," however, I do not recommend it at all. You need advice regarding which entity to form and then, it must be done properly/legally so that you actually get the limited liability protection against claimants and creditors, when you need that protection.
It depends upon the business you are doing what insurance, bonds, permits and licenses are required. You must have what is legally required to be in that business. Every business owner must have insurance against liability, even with the formation of an LLC or corporation.
You should form a separate entity of the preferred type for each business you open, then obtain permits, licenses, insurance, bonds, etc. for each type of business as the State, County and City requires.
Related Questions & Answers
-
What would be the best type of business structure for a Data Center? This is... Asked 9/05/10, 6:00 pm in United States Arizona Business Law
-
I run a profitable company that services people who are having trouble canceling... Asked 9/03/10, 4:32 pm in United States Arizona Business Law
-
Can a plc be treated in the eyes of the irs as a sub s corp. would i need to do the... Asked 8/30/10, 11:11 am in United States Arizona Business Law
-
What are the laws regarding slander? My business partner has emailed untrue... Asked 8/29/10, 11:34 am in United States Arizona Business Law