The always insightful Dr. Seuss once said “I’m sorry to say, but sadly it’s true, that bang ups and hang ups can happen to you.” Due to sometimes unforeseen circumstances, such as downturns in the economy, failing businesses and automobile accidents, many people who have never been sued or had problems with their creditors find …
Subchapter-S corporations have long been the business entity of choice for small, closely held businesses. They help protect the shareholders from liabilities that may arise from the business of the corporation. They avoid the “double taxation” problems created by traditional corporations that have not elected to be taxed under subchapter-S of the Internal Revenue Code. …
Fiduciary Duties and Operating Agreements…OH MY! SB 1353 (ALLCA) was 25 years coming. We only have a short time now, however, to comply. A huge percentage of Arizona business entities, your clients and ours, are LLCs. By next year (after August 31, 2020), all existing and future LLCs are subject to the new law. Here …
If you (or your parents) own a business that you (or they) intend to pass to the next generation, you need to seriously consider whether your business succession plan needs to be completed before the end of 2016. This applies to both active businesses as well as passive investments such as investment real property. On August …