Young Scottsdale couple accumulated several businesses and real estate properties owned by four different entities formed in three different states. DeAngelis Legal reviewed each entity’s purpose, tax records, formation documents and contact information and prepared the documents necessary to conform with how the entities were treated for income tax purposes, update each entity’s contact information with each state and update the Arizona entity’s operating agreement to reflect current Arizona LLC law. The corporate clean up will facilitate future loans and transactions, limit a creditor’s rights to exploit discrepancies in the records, limit exposure under IRS audits and facilitate administration upon a death or incapacity of one of the owners. For more information on updating corporate records see Corporate Review Items.
