Business Planning
What is an Operating Agreement?
An operating agreement refers to a legal document outlining the rules and structural makeup of a limited liability company, or an LLC. The operating agreement recognizes the members of the LLC and lists how any business regarding the LLC will be conducted, such as voting procedures, how the funds will be allocated, and disciplinary mechanisms.…
Read MoreBenefits of a Partnership Agreement
Although a written partnership agreement is not required under Arizona law, it is critical to the success of your business, even if you are starting your partnership with someone you know and trust, like a family member or close friend. A partnership agreement is a legal document that dictates how the business is run and…
Read MoreBenefits of a Small Business Buy-Sell Agreement
Benefits of a Small Business Buy-Sell Agreement A buy-sell agreement, also known as a buyout agreement, is a legal contract between business owners that governs what happens if a partner dies, retires, or otherwise leaves the business. A buy-sell agreement benefits the business owners, their families, and the business itself. It is one of the…
Read MoreTop Reasons for Succession Planning for Your Business
Succession planning is an often-overlooked part of running a small business in Phoenix. Business owners are usually heavily focused on the day-to-day operations of their company and put off planning for a future where they will no longer be in charge. However, there are numerous benefits of having an effective succession plan in place. Below…
Read MoreArizona PPP Loan Forgiveness Details For Phoenix
The Paycheck Protection Program (PPP) was lifesaving for many Arizona businesses struggling to survive the COVID pandemic. Although called a loan, if recipients follow the correct requirements, one hundred percent of the PPP funds can be forgiven, essentially turning the loan into a business grant. The government does not automatically forgive PPP loans in Arizona.…
Read MoreWhy Do You Need a Business Attorney in Phoenix?
Why Do You Need a Business Attorney in Phoenix? There are a variety of different reasons why you should work with a business attorney. Although it is a cost upfront, hiring a Phoenix business attorney can save your business a lot of money in the long run. Below are six reasons why you should work…
Read MoreIs Phoenix, Arizona a Good Place to Start a Business?
Is Phoenix, Arizona a Good Place to Start a Business? Phoenix is one of the best cities in the country to start a business. It was recently ranked as the ninth-best U.S. city to start a business in 2020 by Inc. Magazine. Notable companies located in Phoenix include mattress maker Tuft & Needle and meal…
Read MoreEstate Planning Challenges for Increased Life Expectancy in Phoenix, Arizona
According to the Journal of the American Medical Academy, Arizona’s life expectancy was 79.3 years in 2016, the most recent year for which data is available. However, life expectancy is only the average number of years a person can expect to live, and many Phoenix residents will live many years past 80. With increasing life…
Read MoreKey Items to Include In Your Business Planning Toolbox
There are many steps that you must take and documents that you must create when starting a business. Taking the time to prepare your business in the beginning can have huge payoffs later on and help you avoid disasters. Below is a list of general items that you should include in your business planning toolbox.…
Read MoreInteresting 2019 Cases Before the Courts in Phoenix, AZ
Below are a few of the interesting cases before the courts in Phoenix, Arizona. Death Penalty Sentencing In 1993, James Erin McKinney was sentenced to death for murder. McKinney was abused as a child and continued to suffer from PTSD throughout his adult life, but the judge did not consider his childhood history during…
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