In July of 2010, the U.S. Bankruptcy Court for Arizona ordered the sale of a debtor’s limited partnership interest in an Arizona limited partnership in disregard of Arizona Revised Statues Section 29-655. This Arizona statute that says that the sole remedy of a creditor who gets a judgment against a partner of [...]
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The Daily Caller: “One provision in the new health care law will be yet another costly distraction for small business owners. In order to raise revenue to pay for the $1 trillion new health care program, the law includes a provision requiring businesses to file a 1099 form with the IRS for [...] The Congressional Research Service published “Form 1099 Information Reporting Requirements as Modified by the Patient Protection and Affordable Care Act.” It is a report to Congress about the new Obamacare 1099 rules that require businesses to issue an IRS Form 1099 to all people and companies from which the business purchases $600 [...] Question: I want to form an Arizona limited liability company. I understand that Arizona law requires that the names and addresses of all members of an Arizona member managed LLC must be disclosed in the Articles of Organization, which is a public record on the internet. How can I form an Arizona [...] LLC Law Monitor: “Most business people know that if they want to avoid personal liability when they sign a contract on behalf of an LLC, they should use the name of the LLC and their title. . . . But what’s the result if language in the contract states that the signing [...] The Journal of Accountancy: “Explore the advantages of this popular tool for succession planning. . . . This article examines why ESOPs are more appealing to both selling shareholders and ESOP participants now than in years past, defines issues that must be fully considered before installing an ESOP, and highlights common attributes [...] Professor Paul L. Caron of the University of Cincinnati College of Law has written an excellent article entitled “Ten Estate Planning Advantages of Limited Liability Companies.” Here’s the abstract: In the eight years since the Service blessed the Wyoming limited liability company (LLC) statute, there has been an explosion of interest in [...] Forbes: “Hedge fund taxes get all the attention. Congress is about to raise billions in taxes on some doctors, accountants and architects. . . . Congress is also creating a tax mess for small-business owners in the form of an $11 billion tax hike over the next 10 years. The tax increase [...] Phoenix Business Journal: “Internal Revenue Commissioner Douglas Shulman said the IRS will provide small businesses with at least partial relief from a new paperwork burden created by health care reform. Under the new law, businesses in 2013 will be required to file separate reports with the IRS for every corporation that was [...] I am an Arizona LLC attorney who has formed over 2,400 Arizona limited liability companies since 2001 when I started keeping track. Many of the LLCs I have formed include at least one member that is an IRA, which I call an IRA LLC. People form IRA LLCs because they want to [...] Here is an article that proves what I have been saying for years, the limited liability company is the most popular type of entity now being formed in the United States, especially in Arizona. Since 2001, I have formed over 2,400 Arizona LLCs. On the LLC Law Library area of my website [...] CNN Money: “beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.” This means that every business will have to have a record keeping [...] The Spectrum.com: “If you are an owner of, or partner in, a business, you may have an additional layer of estate planning to consider – especially since the business may be your family’s largest asset. Selling your interest in your business to managers or partners through a buy-sell agreement -a document that [...] Professor Carter G. Bishop”s (Suffolk University Law School & Catholic University of America Columbus School of Law) article called “A Jurisdictional & Governing Law Quagmire: LLC Charging Orders.” The abstract says: “Is an LLC a necessary party to a charging order action brought by a judgment creditor of a member [...] Professor Paul L. Caron of the University of Cincinnati College of Law has written an article called “Ten Estate Planning Advantages of Limited Liability Companies.” The abstract says: In the eight years since the Service blessed the Wyoming limited liability company (LLC) statute, there has been an explosion of interest [...] Don’t try this at home. In order to avoid the licensing and regulatory controls imposed on sellers of milk to the public, a New York dairy sold its customers membership interests in Meadowsweet Dairy, LLC, for an initial capital contribution of $50. On notice from a member, the LLC would distribute milk [...] This post on the Asset Protection Law Journal discusses a recent Ohio court of appeals case called Dover Phila Heating v. SJS Restaurants that confirmed the general rule of Ohio law that the owners of an Ohio limited liability company are not liable for the debts and obligations of the LLC. The [...] Nitra Gipson, a 24 year old woman, was falsely arrested by Wal-Mart when she tried to cash money orders. Wal-Mart employees claimed that the money orders were counterfeit. The prosecutor declined to prosecute because the money orders were valid. The incident caused a jury to award Ms. Gipson $8.2 million in actual [...] The Arizona Corporation Commission today [March 18, 2010] ordered multiple individuals and their affiliated companies to pay over $7.39 million in restitution and $425,000 in administrative penalties for defrauding more than 100 investors. The Commission ordered Gilbert residents Douglas Cottle and Kyla Cottle to pay $2,637,880 in restitution and a $150,000 administrative [...] Ward on Iowa limited liability company law: “The formation of Iowa LLCs continues to outpace corporations. In 2009, 8,422 LLCs were organized in Iowa compared to just 2,571 for-profit corporations. This is a better than 3 to 1 ratio. This is consistent with almost every other state in the Union save California [...] Professor Daniel S. Kleinberger of the William Mitchell College of Law and Professor Carter G. Bishop of the Suffolk University Law School and visiting Professor of law at the Catholic University of America Columbus School of Law have written an article titled “The Single Member Limited Liability Company as Disregarded Entity: Now [...] A federal jury found that a Detroit’s Hudson Area Schools must pay a student $800,000 because the school did not protect the student from peer on peer harassment. The plaintiff alleged that the defendants violated Title IX of the Education Amendments Act of 1972, 20 U.S.C. § 1681, which provides that nobody [...] A California court jury awarded a permanently injured 14 year old girl $24.3 million in damages because a big-rig truck owned by Freeway Transport Inc., ran over her. The jury award was the largest of its kind ever for a Sacramento County personal injury lawsuit. The driver of the truck that ran [...] Owners of corporations and limited liability companies worst nightmare is that a creditor will sue the company and its owners and ask the court to “pierce-the-corporate-veil” and hold the owners liable for the debts and obligations of the company. Peter B. Oh, Associate Professor of Law at the University of Pittsburgh has [...] The Arizona Corporation Commission statistics show that for the fiscal year ending June 30, 2009, people formed 45,616 Arizona limited liability companies and 10,694 Arizona corporations. For the three ACC fiscal years 2007 – 2009, the average number of LLCs and corporations formed in Arizona were 50,193 and 12,572, respectively. This equates [...] Question: I am considering starting a new business and I anticipate that it will produce losses, rather than profits for the first few years. Should I form a limited liability company or an S corporation to own and operate the business? Answer: People ask this question of me a lot, [...] The Ballard Spahr law firm reports that the Internal Revenue Service will begin random audits of employers to determine if they have underpaid employment taxes by paying independent contractors who should have been classified as employees. Treasury regulations require disregarded entities to withhold, report, and pay employment taxes. See “Final Regulations Treat [...] Question: What is your opinion on reserving a name for my new company with the Arizona Corporation Commission? Answer: I never reserve a name for a new LLC or corporation unless it would be a big problem if the company did not get the name. Big problem to me means that the [...] Arizona Republic: “Corporate officers can be held personally liable in some situations when their defunct firms don’t pay suppliers, the Arizona Court of Appeals has ruled. The judges maintained that lawsuits against a corporation for failing to pay a debt are valid only against the corporate entity. And when the corporation goes [...] Arizona Republic: “A Sanskrit word meaning ‘gracious gift’ or ‘clarity’ has resulted in anything but for two Surprise business entities. A doctor who recently opened his first practice, Prasada Pediatrics, is involved in a trademark-infringement dispute with Westcor, the developer of the master-planned community of Prasada. Dr. Brian Lawrence Young, whose wife’s [...] |
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