H Richard Keyt Jr’s Answers

H Richard Keyt Jr

Phoenix Limited Liability Company (LLC) Lawyer.

Contributor Level 10
  1. Does LLC taxed as S-Corp goes through dual taxation?

    Answered about 4 years ago.

    1. H Richard Keyt Jr
    2. Ayuban Antonio Tomas
    3. Brad Howell
    3 lawyer answers

    An LLC that filed a timely IRS Form 2553 signed by all the members and that meets the eligibility requirements of Internal Revenue Code Section 1361 is taxed under the federal income tax method commonly referred to as the "S corporation" method. An entity taxed as an S corporation is not a federal income tax paying entity. It's profits and losses are passed through to the members of the LLC prorata based on their percentage ownership of the LLC. The LLC mjust prepare and file an IRS Form...

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  2. Is a HELOC the same as a 'Line of Credit ', and what does 'repayment status' mean?

    Answered about 4 years ago.

    1. H Richard Keyt Jr
    2. James S. Tupitza
    2 lawyer answers

    HELOC means home equity line of credit, which is a line of credit issued by a lender that is secured by a lien on a home. It is a secured loan, rather than an unsecured loan. The terms and conditions of the loan, including repayment terms, interest rate, etc., would be contained in the loan documents signed by the borrower. You need to get a copy of the loan documents and read them to determine the lender's rights and the borrower's obligations. Caution: The loan documents may contain...

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  3. Is a quit claim deed in effect the day it is signed?

    Answered about 4 years ago.

    1. H Richard Keyt Jr
    2. Matthew M Ellingson
    3. James S. Tupitza
    3 lawyer answers

    A quit claim deed to Arizona real property is effective when the grantor signs it, the signature is duly acknowledged before some officer authorized to take acknowledgments and the grantor delivers the deed to the grantee. The deed does not have to be recorded immediately to be legal or to transfer the interest set forth in the deed. P.S. Every grantor and grantee named in a deed would be a fool not to promptly record the deed. Arizona Revised Statutes Section 33-411.01 provides: "Any...

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  4. What happens if a deficiency judgement is filed after a foreclosure?

    Answered about 4 years ago.

    1. H Richard Keyt Jr
    2. Theodore Lyons Araujo
    2 lawyer answers

    To obtain a deficiency judgment against you for the balance owed on the debt, the lender must file a lawsuit naming you as a defendant and win the lawsuit. If you are sued, you must hire an attorney to defend the lawsuit or the lender may get a default judgment against you for the full amount of the deficiency. If the lender gets a judgment, the lender can use the legal collection process to go after your nonexempt assets. The lender can require you to appear at a debtor's exam where the...

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  5. I am L2 Visa, Can I start a Company in US?

    Answered about 4 years ago.

    1. H Richard Keyt Jr
    1 lawyer answer

    I am an Arizona business lawyer who has formed over 2,450 Arizona limited liability companies, many of which are owned by people who are not U.S. citizens or U.S. residents. Arizona law does not restrict ownership of Arizona corporations, LLCs or limited partnerships to U.S. citizens or U.S. residents. See my article called "How to Form an Arizona Limited Liability Company" found here: http://www.keytlaw.com/az/formllc.htm My response to your question(s) is not legal advice for your...

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  6. Is a special use permit necessary to operate a non-profit organization in a residential zone?

    Answered about 4 years ago.

    1. H Richard Keyt Jr
    2. Brad Howell
    2 lawyer answers

    The first place to start is to obtain and read the ordinances on which the government agency based its decision. How does the law define business and what activity is prohibited? Does your organization clearly fall in or out of the ordinance? As a practical matter, you must deal with the fact the government believes the activity is prohibited. To convince it otherwise, you will need to research the law and then present it to the appropriate people to try to reverse the decision....

    1 lawyer agreed with this answer

  7. I have an LLC but would like to use the company name without the LLC. Is this possible?

    Answered about 4 years ago.

    1. H Richard Keyt Jr
    2. Charles Edward Mcwilliams Jr.
    3. Bryant Keith Martin
    3 lawyer answers

    In Arizona, an LLC could omit the letters "LLC" after its name on letterhead, signage, etc., but there is a risk in doing so. Arizona law does not require that the LLC always be used with the name. The main potential problem is the members of the LLC open themselves up to the argument in a lawsuit that the party that was dealing with the LLC was mislead into believing that the party was not dealing with an entity because the letterhead, signage, etc. did not include LLC after the name. In a...

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  8. Can I run multiple businesses under one business entity?

    Answered about 4 years ago.

    1. H Richard Keyt Jr
    2. Stephen Walker Burrow
    3. Charles Edward Mcwilliams Jr.
    3 lawyer answers

    Yes, but many times people create separate entities such as a corporation or a limited liability company to operate each business to diversity assets and/or businesses into different entities for asset protection purposes. You know what happens if you put all of your eggs in one basket and drop your basket - you lose everything. I could form an LLC and have it own and operate two successful businesses. Business 1 is a popular bar worth $100,000. Business 2 is a car wash worth $100,000. A...

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  9. How would I be able to setup a fund, which involves two passed away people, and raising funds to purchase a motor home?

    Answered about 4 years ago.

    1. H Richard Keyt Jr
    1 lawyer answer

    One way to accomplish your objectives would be to form an Arizona nonprofit corporation and then cause it to file an IRS Form 1023 and become a tax-exempt charitable organization under Internal Revenue Code Section 501(C). The primary reason people do this, other than to carry out the charitable purposes of the organization, is because it is a lot easier to convince people to give money when they know that their donation is deductible on their federal income tax return because the donation is...

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  10. I would like to form a fitness llc in arizona.

    Answered about 4 years ago.

    1. H Richard Keyt Jr
    2. Bryant Keith Martin
    3 lawyer answers

    Arizona LLC law requires that the Articles of Organization filed with the Arizona Corporation Commission to form the LLC state if the LLC will be member managed or manager managed. Here's the difference: 1. If you select member managed, all members have management power and can sign contracts for the LLC and bind the LLC on legal obligations. This is true whether the member owns 1% or 99%. 2. If you select manager managed, then no member has management power unless the member is also...