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Phoenix Business Journal: “The state has reached a $150,000 settlement with apartment landlords over their treatment of a disabled tenant . . . . [Arizona Attorney General] Goddard also said the state had reached the $150,000 settlement with National City Neighborhood LLC and its principals over treatment of handicapped tenant. The settlement resolves [...] I am an Arizona attorney who has formed over 2,100 Arizona limited liability companies. One of the reasons I created my website and this blog is to inform people about the importance of operating businesses and holding investment real estate in a LLC. The primary reason to form an LLC is asset [...] The Tax Lawyer’s Blog: “Here is more evidence (as if we needed it) that supports the soundness of our recommendation that small business owners should incorporate or form an LLC rather than operate as a sole proprietorship. Back in October we reported that the IRS is considering placing limits on the amount [...] IRS.gov: The Internal Revenue Service has become aware that nominee individuals are being listed as principal officers, general partners, grantors, owners, and trustors in the Employer Identification Number (EIN) application process. A nominee is not one of these people. Rather, nominees are temporarily authorized to act on behalf of entities during the formation [...] Ward on Iowa Limited Liability Company Law: “In 2005 John Q. Hammons Hotels, Inc. was sold to a private company. The minority shareholders received $24 per share for their 24% interest and John Q. himself received different consideration for his 76% stake. Hammond’s consideration included a small stake in the buyer [...] CharityLawyer: “I recently contacted Gene Takagi, a noted California nonprofit lawyer, to confirm or deny an assertion regarding California nonprofit law that was made to one of our clients. He was kind enough to clarify the matter. We discussed that there are many such ‘nonprofit law urban legends’ and he suggested that would [...] Law.com: “Following the conviction of five health care workers for failing to provide care to a patient in a persistent vegetative state and stating in company records that the care had been provided, a New York appellate panel has ruled that the workers’ employer, a Cortland County, N.Y., nursing home, also may be [...] Improperly Worded Company Contracts can Cause Signer to be Liable One of the primary reasons people form limited liability companies and corporations is to protect the owners from the debts and liabilities of the company. The general rule of Arizona law is that the members of an Arizona LLC and the shareholders [...] KEYTLaw girl Katie Leavitt explains why Arizona LLC attorney Richard Keyt has formed over 2,100 Arizona limited liability companies. She also describes the contents of the Arizona LLC portfolio Richard Keyt gives to every LLC that he forms.
If you like the KEYTLaw Girl video, please give it a [...] Business Law Blog: “The 83(b) election is one of those small tasks that startups (especially closely held companies) need to think about, but which is often also easily forgotten or ignored. The failure to take advantage of the election can be costly: a large tax bill for a shareholder years down the [...] If you are contemplating seeking money from investors for your business (corporation, limited liability company, partnership, sole proprietorship or any other type of business), you must determine if federal and state securities laws affect the offer and sale of the investment . If so, you must comply with applicable federal and state [...] CharityLawyer.com: “This list was started as the inaugural post to CharityLawyer Blog. The post struck a nerve, was mentioned by the Chronicle of Philanthropy, the Nonprofit Quarterly, and numerous bloggers and twitter users. San Francisco tax-exempt organizations lawyer and publisher of the Nonprofit Law Blog, Gene Takagi, reviewed the list and added five [...] Wealth Strategies Journal: “Attention all state havens for income and transfer taxation (this means you Alaska, South Dakota, and Wyoming), prepare to be jealous of the latest state advantage in the effort to be the most taxpayer friendly haven for estate planning. We return once more to the state of Nevada, where residents [...] Life or Death Announcement for All Arizona Corporations Beginning October 1, 2009, the Arizona Corporation Commission will no longer mail to an Arizona corporation its annual report. Arizona law requires that all Arizona corporations, including nonprofit corporations, file an annual report every year with the Arizona Corporation Commission. If an Arizona corporation fails to [...] Beginning September 30, 2009, the law of Arizona was changed to eliminate the mandatory filing of an Affidavit of Publication for limited liability companies after the approval of newly filed Articles of Organization and some amendments to the Articles of Organization. Important Note: Publication of a notice of publication is still required for [...] Question: Can I change the name of my Arizona limited liability company? Answer: Yes. Assuming the members approve the name change, an Arizona limited liability company can change its name by amending its Articles of Organization on file with the Arizona Corporation Commission. For a detailed explanation of how to change the name, see [...] University of Tennessee law professor Joan MacLeod Heminway discusses the legal concept of “piercing the corporate veil.” It occurs when a judge or jury rules that the shareholders of a corporation or the members of a limited liability company should be personally liable for the debts or obligations of the entity contrary to [...] BNA: “The U.S. Tax Court ruled in a Sept. 29 opinion that a Roth individual retirement account is not an eligible shareholder of an S corporation, and therefore a corporation whose sole shareholder is a Roth IRA must be taxed as a C corporation (Taproot Administrative Services Inc. v. Commissioner, T.C., No. 15396-07, [...] Two business law attorneys wrote a paper that describes many of the reasons that an LLC is the right choice of entity for most new businesses, and advises that a new business choosing a legal form should first consider an LLC. The authors present a series of simple examples to illustrate the advantages [...] Arizona Republic: “The Arizona Corporation Commission approved a restructuring of its Corporations Division that would close its Tucson office and shift employees to other units as it grapples with a portion of the state’s budget deficit. The move will lengthen the time to process corporate filings as the commission has sought ways to [...] Question: I understand that if I form a limited liability company to operate my business and I am the only person who provides services on behalf of the business that I can be sued and be liable for my acts or omissions that cause harm to third parties. Instead of forming an LLC, [...] Question: If I form an Arizona limited liability company, can it do business in a state other than Arizona? Answer: Yes. An entity formed in one state can do business in any other state in the United States. Usually, if an entity formed in State A does business in State B, the [...] Arizona Business Gazette: “The ability of Arizonans to form new corporations could start to slow within days and come to a screeching halt unless lawmakers fix their budget, according to the chair of the Arizona Corporation Commission. Kris Mayes said her agency was willing to go along with plans by Gov. Jan [...] A nonprofit organization that is exempt from federal income tax under Internal Revenue Code Section 501(c)(3) must follow IRS rules or the IRS can revoke its tax exempt status. If you are involved with operating or managing a nonprofit corporation, you should read ” Nonprofits: Are You at Risk of Losing Your Tax-Exempt [...] Arizona Corporation Commission Press Release: PHOENIX, AZ—The Arizona Corporation Commission (ACC) today urged the legislature to adequately fund the Securities and Corporations divisions of the Commission in order to avert possible negative impacts to Arizona’s economy. Under the budget recently passed by the Arizona legislature and approved by Governor Brewer, funding for the [...] Today I received a troubling email from Jeff Grant, Director of the Corporations Division of the Arizona Corporation Commission. On September 4, 2009, Governor Brewer vetoed SB 1025 that would have provided an additional $2.8 million in funding for the ACC’s Corporations Division. As a result, the ACC is underfunded by 40 percent [...] Problem: Recently we were asked to form an Arizona limited liability company under a name that was reserved by the CPA of the to be formed LLC. The CPA was not going to be a member or a manager of the new LLC. The Arizona Corporation Commission will reject the Articles of Organization [...] Question: I’m attending real estate school. We were instructed that in Arizona a deed does not have to be recorded to be valid. It can be signed, notarized and maintained by the deed holder. Arizona statutes appear to indicate a deed must be recorded within 60 days. Which is correct? Answer: An unrecorded deed [...] Because I form Arizona nonprofit corporations, people frequently ask me if I will charge less to form their new nonprofit corporation if they give me a the Bylaws. I always answer no because one thing I have learned from practicing law and forming entities since 1980 is that it always takes me more [...] |
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