Connelly and Buy-Sell Agreements – Is it time for a new strategy? On June 6, 2024, the Supreme Court of the United States decided the case of Connelly v. United States, 144 S. Ct. 1406. The Connelly decision significantly impacts business succession planning using buy-sell agreements funded with life insurance. The Court (i) disregarded the valuation [...]
Most businesses utilize form documents with customers, suppliers or vendors developed and obtained from different industry sources over time. While form documents are good reference points, the agreements should be reviewed to ensure the terms are internally consistent and comply with Arizona law. Often, we find provisions which are ambiguous, have undefined terms or are [...]
It started out as a good deed, turned into a two-year battle and resulted in a happy accident for this Arizona couple. Lack of business acumen of the opposing party, no documentation, poor accounting, differing legal systems and language barriers made this a difficult matter to resolve. DeAngelis Legal worked with the client’s US accountants [...]
DeAngelis Legal was engaged by a Scottsdale couple to assist them with a business divorce from their co-owner. The owners wanted to end their working relationship with each other and looked for alternatives to dissolving or selling the entity to a third party. However, the parties could not agree on terms or even the process [...]
Current Arizona corporate client had an opportunity to buy a specific purpose industrial property from a large multinational corporation. DeAngelis Legal advised the client regarding the appropriate terms of the transaction, prepared a letter of intent outlining those terms and negotiated contested issues with the seller. Both parties signed the letter of intent and the [...]
Long time Arizona firm negotiated and entered into a Letter of Intent to sell its assets. After reaching a stalemate on the language of a overly complicated asset purchase agreement, Seller engaged DeAngelis Legal to assist it finalize the terms. DeAngelis Legal advised the Seller regarding the key issues and ultimately reviewed, negotiated and closed [...]
New Phoenix client’s landlord changed management firms and the new management firm requested that the tenant sign a new comprehensive lease agreement. The tenant asked DeAngelis Legal to review the lease and provide comments. The lease had numerous unfavorable provisions to the tenant, including blurring the line between a modified gross and triple net lease, [...]
On August 20, 2024, the United States District Court for the Northern District of Texas issued a nationwide ruling blocking the implementation of the final Noncompete Rule (the “Final Rule”). Prior to the court’s ruling on August 20, it preliminarily blocked the FTC from implementing or enforcing the Final Rule, but only against the named [...]
Long time estate planning and business client desired to purchase real estate and was presented with sale agreement. DeAngelis Legal reviewed and revised the agreement, created a holding company to hold the real estate and assisted the buyer with its due diligence review and other closing matters.
Two more informal probates. In two separate matters, the decedent had a valid and enforceable revocable trust. As we see time and time again, the decedent's transferred a majority of their assets to their trust, but failed to transfer a few of them, thus requiring the survivors to open probate. DeAngelis Legal prepared and filed [...]
