We are forming a corporation with one U.S. resident (Arizona) and one Canadian resident.
Since I will be operating in person in AZ, would registering in WY and then foreign in AZ make sense?
You could do it this way, but since you plan to operate in Arizona from the very start it might make sense to register the company in Arizona to begin with.
For further research I would recommend you to read our article dealing with Choosing where to incorporate.
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