I Don't Think We are Going to Remain Friends - What Happens When Owners of Closely Held Companies are Deadlocked or in Dispute with Each Other or Former Employees
You and a friend, family member, or even a spouse, decided to go into business together. At first, things were great because of the possibilities and the excitement that new challenges bring. You may have formed a corporation, a limited liability company, a partnership or even operated as a sole proprietorship. If there are only two of you, you might have owned the company equally, which … Read More
Are There Fiduciary Duties Between Members in an Arizona LLC?
In 1992, the Arizona legislature enacted the Arizona Limited Liability Company Act. Since that time the LLC has become the entity of choice for many individuals, businesses, partners and investors. While there obviously are differences between corporations and LLCs, attorneys in Arizona have always believed that there were many similarities.
For instance, when you form a corporation Articles of … Read More
Forced Buyouts in a Business Divorce - Valuable Weapon or Trap for the Unwary?
Many part-owners of a business are not aware that, as shareholder of an Arizona corporation, they gain the right to seek to dissolve the corporation under certain circumstances, but at the same time subject themselves to mandatory buyout procedures which do not apply to other types of business organizations.
Judicially Dissolving an AZ Corporation
Under the Arizona Corporation Statute, A.R.S. § 10-1430(C), … Read More