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Phoenix, Arizona, Business Law Blog

Transfer of assets through an irrevocable trust

One of the primary things that some people want to establish with their estate plan is protection of the assets from creditors. Establishing an irrevocable trust is one way that you can do this. You should carefully consider the terms of the trust because once you establish it, you can't change it if it is an irrevocable trust.

When you create the irrevocable trust, you don't have control over the assets any longer. The assets are managed by a trustee until the time when the beneficiary can receive the assets. There are a few exceptions to the rule about not being able to change things about the trust, so make sure that you fully understand what you are doing when you open the trust.

Know the scope of a construction project

There are many factors that go into a construction project, but a reputable contractor should be able to help you walk through the ones that might impact yours. When you hire a contractor, you should have a contract that governs the project. This should be a very specific document that outlines the specifics of the project. It should also discuss what happens if any part of the project isn't completed as specified.

The scope of the project must be clearly defined so that everyone involved knows what's expected. Having a poorly defined scope can lead to problems down the road. The contractor might think that they are keeping up with the intent of project, but you might realize that there are aspects that aren't being handled as you expected.

Know how to interpret the terms of a commercial lease

Commercial leases need to be as detailed as possible to protect both parties. There are several things that should be included in these documents, and they must all be worded properly to avoid the possibility of problems in the future. No matter which side of the lease you are on, you must ensure that your interests are protected.

One of the most important things that you can do when you are going to sign a commercial lease is to read it thoroughly. You can't leave any sentence unchecked. While you are going over it, make sure that every point you agreed to is included in the document. By doing this, you are protecting yourself against the possibility of having a long and drawn out battle if questions arise pertaining to that topic.

An LLC operating agreement can be important to your company

Every day, you feel closer to getting your new business fully operational. You have already taken numerous steps in efforts to get everything in order, and it may have seemed at times as if you would never get your business off the ground. However, you are now closer than ever and can almost feel your company's doors opening for clients or customers.

Still, you and your co-owners are not quite there yet. You still have some paperwork to complete, including an LLC operating agreement. At first, you may have wondered whether creating an operating agreement was necessary, but it can be immensely useful to your company.

Primary considerations for business structure options

When you start a new business, you can't just rent a building and open the doors. Instead, you need to take care of some important paperwork to ensure that your business is legal and that you have the protections you need.

You need to carefully consider the business structure you are going to use for your business. There are several to sort through, so you have to consider your plans for the business and what type of protection you need. The type of structure you choose can also impact the way you handle taxes.

Careful estate planning benefits a business owner's company

Small business owners have a lot to think about when they are trying to ensure the company's future is bright. One of the things they need to have in place is an estate plan because this gives their survivors a plan they can follow. There are several things that you have to consider when you are trying to get this plan ready.

First, you have to try to minimize the estate taxes. Businesses can have a hefty tax bill of 50% or more of the value of the business. Because taxes are usually due within nine months of the company's owner passing away, the finances can face a big hit. Learning about the protections in Section 6166 and Section 303 of the IRS code can help you to minimize the impact that those left behind will have to handle.

Advantages and disadvantages of offering severance packages

When you have to let an employee go, it can be a serious disruption to your Arizona business. You want to take every precaution to protect yourself and your company from any negative backlash, either from the separated workers or from other employees. Firing someone, whether because of a decline in profits or for serious misconduct, is seldom easy. Some employers use severance packages to cushion the blow.

Offering a severance package is not something you should do without careful consideration of the advantages and disadvantages. A severance can portray you as a caring, supportive employer, but it can also create unexpected consequences.

Complaints against your business require urgent, planned action

Finding out that your business is facing a lawsuit can cause considerable stress. Having a plan for addressing this situation can be beneficial. The key is that you need to have this set ahead of time, so you don't panic if it happens. Being able to remain calm can help you make decisions that will help your business instead of harming it.

Never have a conversation with the person who launched the complaint against your business. Everything you say to that person can be used in the case against you, so it is best to let your attorney handle all communication. If the person still works for you or has dealings with your company, state that you can't comment on the legal matter and stick to that.

Zoning issues need prompt attention

Looking for real estate for your business is sometimes a complex undertaking. Most people know that location is a top priority, but this is sometimes because you need to have a specific zoning code. Understanding zoning laws can be challenging but having someone on your side who knows what these mean and what to do if one needs to be changed can benefit you.

There are three primary zoning types you need to know. These are commercial, residential and industrial. Most businesses are in a commercial zone but even within these zones, there are subzones that you might have to consider. Sometimes, there are restrictions about what types of businesses can move into certain areas.

3 resolution methods for construction disputes

There are three primary ways that you can resolve a construction dispute – mediation, arbitration or court. You have to determine which you want to use from the start of the project because the method is usually stipulated in the contract. Understanding a bit about each of these might be beneficial.

Mediation means that both parties work with a mediator to come to the resolution. This is done through negotiations, so both sides have a say in what is going to happen. The key to this method is that everyone has to agree that they will compromise, and each person needs to keep an open mind.

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