Business in Payson
“Being a part of this community has been great. Being able to build a business that brings people together is even better!”
Robert Marshall | Restaurant Owner
Step 1 - Planning Your Business
Step 2 - Name Your Business
Step 3 - Determining Your Business Structure
An accountant can advise you concerning tax issues, or an attorney could advise you concerning liability, tax, and other issues, or there are many resources on the internet. A valuable resource is the Arizona Commerce Authority Small Business Services.
Step 4 - Secure The Name
You can get a name reservation through the A.C.C. website, or you can go to the Secretary of State’s website and register the name as a trade name. You can also submit the paperwork to the A.C.C. to form your entity.
A name reservation through the A.C.C. is good for only 120 days. It “holds” the entity name until you can submit the paperwork to form the entity. A trade name is effective for 5 years. The Secretary of State registers trade names, not the A.C.C. There are legal considerations as to why you might want a registered trade name, and you should consult with an attorney to determine if you should obtain a trade name. The A.C.C. cannot advise you on whether you should get a trade name or a name reservation.
If you have a trade name, it is not necessary to also have a name reservation. The trade name “holds” the name for you, and you can form an entity with that name as long as you own the trade name.
Submit the formation paperwork to the A.C.C. If you are forming an LLC, you will submit Articles of Organization. If you are forming a corporation, you will submit Articles of Incorporation. The A.C.C. has online filing for LLCs. All forms and filing options are available here.
The formation paperwork must be examined and approved by A.C.C. staff. If approved, you will get an approval letter with additional instructions. If rejected, your letter will instruct you on how to resubmit the paperwork.
Step 5 - Business Financing
Research a bank or credit union to partner with for financing and business accounts.
Step 7 - State Requirements
Development Services Application
Business – Tourism Tools
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The AZSBDC Network provides one-on-one confidential evaluation and guidance by Business Advisors with business ownership and management experience to help you fast-track your plans and position your business for success. They also offer affordable workshops and seminars to help you gain the knowledge and skills that you need to succeed.
USDA Rural Development provides various programs, technical assistance, and funding opportunities for rural small businesses through loans, loan guarantees, and grants. They are committed to helping improve the economy and quality of life in rural America.
The Arizona Commerce Authority is the state’s leading economic development organization with a streamlined mission to grow and strengthen Arizona’s economy. The ACA provides a wealth of knowledge, resources, guidance, and funding to help you start, relocate, or grow your business. Also view the AZ STEP Program.
EDAC is a group of Payson area stakeholders who volunteer their time to guide the implementation of the Greater Payson Area Economic Development Strategic Plan. This group meets regularly on the various initiatives and strategies outlined in that plan. Please contact us for more information.
The Small Business Administration is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses. The SBA provides various guidance, assistance, funding, and education for all your business needs.
The Payson IDA strives to expand economic development in the Payson area. The IDA currently administers a revolving loan fund for small local businesses. Please contact us for more information.