As business owners, we’re focused on growing profitable businesses by helping others achieve their goals using our products and services. But most of us don’t invest the time and effort needed to ensure that our LLCs and Corporations in Arizona will protect us in the event of a problem. In fact, it has been estimated that more than 90% of existing entities will FAIL to protect their owners in the event of a lawsuit or an IRS audit. Why?
Simply because the majority of entities are not properly documented and administered. They are ‘out of compliance’ with the rules that require us to keep and maintain certain company records, such as Bylaws, Operating Agreements and Meeting Minutes. If we don’t give ourselves written permission to take action on behalf of our entities, we run the risk of letting adversaries ‘pierce the corporate veil’ that separates us from our businesses and our business assets from our personal assets, and make us personally liable for the actions of the company. Not a good thing!
Business owners, real estate investors, and entrepreneurs now have easy access to business planning staples such as LLCs, Corporations, Partnerships and Buy/Sell Agreements. Others may want Qualified and Charitable solutions designed to help mitigate taxes and protect their assets. Life Planning Inc. can also help you with these business planning documents below.
NOTE: All Arizona (and other States’) multi-member LLCs must have ALLCA-compliant Operating Agreements by September 1, 2020
LPI can help you achieve and maintain compliance with the rules by reviewing and updating your company records, helping to ensure that your entity will protect you in the event of a lawsuit or audit. Call to schedule a no-cost, no-obligation review of your existing records and to discuss other important business planning components including Buy/Sell Agreements, LLC and Corporate filings, Stock and Membership Sale/Purchase Agreements, and much more.
As business owners, we realize that our families, our employees, and our customers rely on us to keep and maintain a healthy and thriving business so that we’re there to serve them today – and in the future. LPI can help you and your business steer clear of the rocky shoals of unintended consequences and unexpected liability, towards the smooth sailing of open waters in full compliance with the rules!
Being vulnerable to potential liability from a tenant or guest’s personal injury while on your rental property is what keeps many rental property owners up at night. You can manage some of the risk by maintaining sufficient liability insurance. But do you really want to be named personally as a party to a lawsuit against the ‘owner’ of the property? That’s why most rental property owners seek the protection of a properly-documented, well-maintained entity such as a Corporation, LLC or Partnership. To learn more about the protection that is available to you, your family and your business, contact LPI today and speak with a trained Life Planning Advocate about your particular circumstances.
As with almost any new venture, getting off to a good start is critical to its future success. And as with most things in life, there is usually one way to do things ‘right’ and about a million ways to mess them up! The same is true for establishing a new business. You want ALL the benefits and protections a new LLC or corporation can provide, but most of us don’t know how to accomplish that. Simply filing your Articles of Organization or Incorporation with your Corporation Commission or Secretary of State is not enough!
Properly drafted ‘Organizational Meeting Minutes’ breathe LIFE into your new entity, giving you permission to have filed your articles of organization, obtain an EIN, open a bank account, appoint yourself as manager and many other administrative steps. Let the trained professionals at LPI help make the creation of your new LLC, PLLC, Corporation or PC a seamless process, from start to finish. After all, why even create an entity if it won’t effectively limit your personal liability and provide you with the asset protection and peace of mind you expect and deserve? Call LPI today and learn what you need to know about the proper maintenance and administration of your LLC or Corporation!
Most existing LLCs and corporations do not comply with the administrative rules that govern them and will therefore not protect their owners from personal liability. They have no Operating Agreement, or the one they have is ‘thin’ or too generic and won’t protect them. They fail to prepare annual and ongoing Meeting Minutes, too.
LPI can help you achieve and maintain compliance for both new and existing entities, quickly, easily and cost-effectively. So why not invest the time to make a phone call and speak with an LPA who can review your existing documents and present options without cost or obligation? Before you know it, you’ll be in full compliance with the rules and will have the tools needed to remain in compliance for many years to come.
Operating Agreements, Bylaws and Meeting Minutes – these are the cornerstones of sound entity administration and management. And not just ANY Operating Agreement will suffice! That’s because many states, including Arizona, California, District of Columbia, Florida, Idaho, Iowa, Nebraska, New Jersey, Utah, and Wyoming have adopted their versions of the Revised Uniform Limited Liability Act.
The new law presents many dangers and liabilities to the owners of multi-member LLCs. For example, under the new law, Members can sue each other for failing to disclose potential conflicts of interest. And upon dissolution of a multi-member LLC, Members must receive equal distributions of the remaining assets, even though one Member owns a 90% interest and the other owns only 10%.
These and many other potential problems under the new law can be easily resolved with a properly drafted Operating Agreement. Don’t wait and be caught unprepared. Contact LPI today for more information on how to protect yourself under the new law.
What would happen if one of your business partners suddenly died or became incapacitated? Aside from the devastating loss of a trusted associate, would their Spouse and/or Children suddenly become your NEW business partners? Think about that for a moment… probably not the best possible outcome. Right?
One way to avoid such a vexing problem would be to establish a Buy/Sell Agreement between the partners. A Buy/Sell Agreement essentially provides in advance for the sale of the deceased partner’s shares to the surviving partner on pre-arranged terms and conditions. The end result is, the deceased partner’s estate receives the full agreed-upon value for his share of the company, and the surviving partner owns all of the deceased partner’s shares.
Call today for help with a simple solution to a common problem!
Sometimes, business owners want to bring in new partners willing to invest their time, talents and treasure in the company’s success. Other times, partners want to sell their ownership interests, either to the other partners or to outside investors. Buy/Sell Agreements, along with the Company’s Operating Agreement or Bylaws, spell out the terms and conditions of such a sale and establish the buyers’ and sellers’ rights and restrictions.
The sale and purchase of shares or ownership interests can be a complicated task requiring the skills of competent legal practitioners. LPI and its Team of legal and tax professionals will work with you to ensure a smooth outcome in the event of a sale or purchase of your company’s interests.