Introduction There is a genuine concern about the availability of funds for the long-awaited and much anticipated real estate market recovery in Arizona. With the literal collapse of the savings and loan industry and the current problems being experienced by the banks, these traditional sources of financing cannot now play the role that they did …
Arizona law provides several significant protections to directors and officers.Their ability to receive reimbursements and advances for legal expenses is one such protection.1This often overlooked protection can dramatically affect the feasibility, outcome, and cost of litigation. Arizona law permits both directors and officers to receive reimbursements and advances for legal expenses.Importantly, Arizona law does not …
Your client, who is a director, officer, or employee of a corporation or a manager, member, or employee of an LLC has called you and reported that they have been sued.They advise they do not have much money to pay for legal fees in defense of the claim.Fortunately, the Arizona statutes provide a method, if …
When business owners are in conflict, they must be aware of their fiduciary duty obligations to the company and the other owners.As conflict builds, an owner’s management is more critically reviewed, decisions questioned, and unpopular results criticized.Many business decisions are protected by the Business Judgment Rule.It is important for business owners to know and distinguish …
Since adoption of the Arizona Limited Liability Company Act (Arizona Act)1 in 1992, limited liability companies (LLCs) have become the business entity of choice for business people and their lawyers. This popularity is similarly evidenced in all jurisdictions across the United States. Yet, notwithstanding the widespread adoption of the LLC, in Arizona an important question …