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Nothing contained in this blog or on www.keytlaw.com is legal advice. This is just a website that provides information about the law designed to help people deal with their legal needs. Legal information provided on this website is not the same as legal advice, i.e., the application of the law to a person’s specific circumstances.

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If My New Business Will Have Start Up Losses, Should It be an LLC or an S Corporation?

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, which is [...]

Should a Canadian Hold U.S. Real Estate in a Corporation, LLC, LP or LLP?

When a Canadian citizen wants to acquire investment real estate in the United States, one of the first questions the investor must answer is “should the real estate be held in a U.S. corporation, limited liability company, limited partnership or limited liability partnership?”  For the reasons discussed below, I recommend that Canadians acquire  [...]

President of Corporation Personally Liable for Signing Contract

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 [...]

How to Change the Name of a Limited Liability Company

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 [...]

Why Not Form a New Business as an LLC?

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 [...]

Why Form an LLC?

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, [...]

Can My Arizona LLC Do Business in Another State?

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 [...]

How Do I Get Real Estate into My 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 deed [...]