If you are considering forming a new company, many people decide that a limited liability company (LLC) will be the best type of company structure for them. However, selecting to form a LLC may be the easy part! There are many considerations when setting up your LLC. We've listed just a few below.Should your LLC be member managed or manager managed?...
The New Arizona Limited Liability Company Act (the "New LLC Act") will impact all Arizona limited liability companies this year. The Arizona Limited Liability Company Act was recently amended. For any Arizona LLC formed on or after September 1, 2019, the New LLC Act is already effective. And, beginning on September 1, 2020, all existing Arizona LLCs will be subject...
PHOENIX, Ariz. (October 23, 2019) - The law firm of Jaburg Wilk announced that Lisa Paine joined the firm as partner in their business law department. Lisa assists clients with general business and corporate representation, business planning, estate planning and probate.
Before joining Jaburg Wilk, Lisa founded and managed her own firm. Her experience as a bus...
A large component of asset protection planning is designed to help protect your business and investment assets from claims by your personal creditors. If you have a corporation and a creditor gets a personal judgment against you, the creditor can seize the stock of your corporation. If you are the sole owner and your business is held in a corporation, i...
Unlike many states, Arizona has long provided for the recovery of attorney fees, albeit on a discretionary basis, in contested contract disputes. See A.R.S. § 12-341.01(A). The Arizona legislature made clear, however, that the discretionary fee statute was not intended to displace contractual fee provisions of the sort commonly found in consumer and commercial c...
In a closely held corporation, a time may come when the owner wants to sell stock in the company but still maintain control. This might occur, for example, when the owner plans to retire soon or simply seeks a way to raise capital. But an owner may be hard-pressed to find an outside investor. Selling stock to other shareholders may be an option, but in many cases ...
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I’m Roger Cohen. I’m a shareholder at Jaburg Wilk. I’ve been practicing law for thirty-seven years. My primary areas of practice are commercial litigation, business transactions and business disputes of all shapes and sizes.
What is a business divorce?
Business divorce is the business equivalent of a real divorce. People have pa...
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What do Creditors Need to Know about Litigation in State Court?
When proceeding in state court, or where a company hasn’t filed for bankruptcy protection, there can be many issues. It depends if the creditor has an unsecured debt, meaning there is no collateral, or if the debt is securing, meaning there is collateral. In either case, a cred...
A few years ago I wrote an article named Are There Fiduciary Duties between Members in an Arizona LLC? At the time, there were no published decisions in Arizona on this issue. However, a bankruptcy judge had dismissed my client's claim for breach of fiduciary duty against a fellow member in an LLC because (1) ...
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 Arizon...