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 [...]
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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 [...] 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 [...] 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 [...] 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: 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 [...] 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 [...] 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 [...] 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 [...] 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
As a legal assistant for a law firm that creates hundred of entities (limited liability companies “LLCs”) and corporations) each year, I receive quite a bit of correspondence addressed to our LLC and corporation clients in care of our office. I have become very familiar with the Arizona Corporation Commission (the “ACC”), [...] 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 [...] |
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