Question: I lost my Arizona home in a foreclosure. The lender reported the discharge of indebtedness to the Internal Revenue Service and sent me an IRS form 1099-C (Cancellation of Debt) for $100,000, the amount unpaid on the loan after the foreclosure. The lender is now threatening to sue me if I [...]
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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, [...] 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 [...] Question: I have several investment properties in Arizona that may go into foreclosure. I am looking for an attorney who understands and believes in the “Produce the Note” defense. Can you represent me? Answer: No. The “produce the note” defense is where the borrower attempts to stop a foreclosure on real estate secured by [...] Question: Can an Arizona limited liability company be formed and owned by non-United States citizens who do not reside in Arizona or the United States? Answer: Yes. Arizona limited liability company law does not require that any owner of an Arizona LLC be a U.S. citizen or a resident of the United [...] Question: Must an Arizona CPA who desires to practice accounting in Arizona form a professional limited liability company (PLLC) or can the CPA form a standard vanilla limited liability company (LLC)? Answer: An Arizona CPA can form either an LLC or a PLLC to practice accounting in Arizona. The following text is taken from [...] Question: I am an Arizona resident in the process of getting a divorce. If I form an Arizona limited liability company before my divorce is final, will my wife own a community property interest in my interest in the new LLC? Answer: It depends. How’s that for a lawyer answer. Arizona Revised Statues Section [...] 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 [...] 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 [...] 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 [...] 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 to Arizona real property that is drafted properly and signed by all of the owners [called grantor(s)] of the real property and delivered to the recipient(s) [called grantee(s)] is effective to transfer title from the grantor(s) to the grantee(s). As between the grantor and the grantee, the unrecorded deed does transfer ownership of the property. There are two important Arizona statutes, however, that bear on the issue of recording a deed to Arizona real property. The legal affect of these two statutes is that both a grantor and a grantee would be foolish, stupid or ignorant to fail to record a deed by which a grantor conveys an interest in Arizona real estate to a grantee. Arizona Revised Statues Section 33-411.A states: “No instrument affecting real property gives notice of its contents to subsequent purchasers or encumbrance holders for valuable consideration without notice, unless recorded as provided by law in the office of the county Continue reading Must an Arizona Deed to Real Property be Recorded? Once you start your Arizona limited liability company (LLC), there are some very important issues to consider to keep the LLC in good standing with the Arizona Corporation Commission. When an LLC is not in good standing, the ACC will first classify the LLC as delinquent and then administratively dissolve or revoke the LLC’s existence if the LLC does not correct the problem within the time period listed on the ACC’s delinquency notice. Here are five simple steps that will help to keep your LLC in good standing: Continue reading How to Keep an Arizona LLC in Good Standing As I am asked this question so often, I decided to post the answer to give people a step-by-step guide on how to change the statutory agent and/or domestic address (a.k.a. known place of business) of an Arizona LLC or corporation on file with the Arizona Corporation Commission (“ACC”). How to Change a Statutory Agent or Address of an Arizona LLC
Question: I formed a limited liability company to help protect me and my wife from things that might go wrong with the property. How do I get the real estate into the limited liability company? Answer: To get real estate into a limited liability company, the current owner(s) must sign [...] A client sent me a copy of a guaranty that Contractor Co asked each member of the limited liability company to sign. He asked If I sign the guaranty, can Contractor Co come after my personal assets? If so, why doesn’t my LLC protect me from the liability? The general rule of Arizona law [...] |
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