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.
Members of a successful closely held limited liability company disagreed over the entity’s future. The entity engaged DeAngelis Legal to draft an operating agreement to address the parties’ concerns. The agreement substantially modified the fiduciary duties of loyalty and care, implemented comprehensive dispute resolution provisions and set various thresholds for management decisions, including dissolution.
Estate Planning Update July 2024 2024 Annual Gift Tax Exclusion: increased to $18,000 per donor, per donee. 2024 Gift and Estate Tax Exemption: increased to $13,610,000 per donor through 2025 (an increase of $690,000). See paragraph 6 below. Marital Deduction for Transfers to U.S. Spouse: remains unlimited. 2024 Generation Skipping Tax Exemption: increased to $13,610,000 [...]
New Arizona corporate client desired to update its contract with customers. DeAngelis Legal reviewed its existing agreement and the client’s operations, provided recommendations for enhancing the clarity and enforceability of certain terms and updated the agreement accordingly. DeAngelis Legal also assisted client with the role out of the new agreement.
Despite elevated interest rates, real estate acquisitions in Arizona continue to dominate our transaction practice. DeAngelis Legal created several new limited liability companies (LLCs) for new and current clients, to acquire and hold real estate. In addition to forming holding companies, DeAngelis Legal advised the clients with respect to the preparation of leases to third [...]
Long-time Scottsdale client started a new venture and desired to grant key employees with equity incentive compensation based on the growth of the business. DeAngelis Legal assisted the client with evaluating alternative compensation plans, including bonus plans, phantom ownership and direct ownership. DeAngelis Legal also prepared a sample grant of interest with vesting provisions and [...]
On April 23, 2024, the Federal Trade Commission issued its final rule banning noncompetition (noncompete) provisions for all workers as an unfair method of competition. The U.S. Chamber of Commerce has vowed to challenge the ruling, but employers need to start understanding the law and how it will impact their documents and their worker’s rights. [...]
