- We provide experienced legal counsel to public and private entities throughout every stage of the business cycle.
- We advise clients on all aspects of their business operations, from corporate governance and risk management to financing and growth opportunities.
- We work proactively with clients to avoid potential liability through the development and implementation of effective compliance and ethics programs.
Attorney Paul Deloughery provides legal services to limited liability companies, partnerships and corporations. He acts as general counsel to privately held businesses, with an emphasis on financing, mergers, acquisitions, and succession planning. He also advises clients on real estate development, taxation and corporate formation.
As legal team continues to grow in size and scope to meet the ever-increasing needs of financial acquirers and sellers to private equity funds, our counsel addresses matters that range from structuring transactions to the performance of due diligence.
From Concept to Completion: Ongoing Representation
You can rely on our attorneys for experienced counsel long after the negotiation of your original transaction. From concept to completion, our team stays with you, prepared to advise you throughout the lifecycle of your business venture.
Handing down the business
Do your kids know what your business is about? Do they know how to run the business? Do they know your passwords? If you die, will someone be able to pay your employees, your business bills, and supervise the work? Or will your business end up shutting down because there is no one to manage it?
Do your children know your marketing plan? Do they know what your future plans are, or were? Do your kids WANT to be part of your business? What happens if your kids want to do different things with the business? What would happen if your grown kids had to take over your business because you became incapacitated or died?
These are some scary but very real questions. At Magellan Law we have various solutions for most businesses to make this transition easy and seamless. We have set up many business succession plans so the future of your business is secure. Many people worry because their children are young, however this can be okay. Young kids are obviously not going to be left with the stress and daily administration part of the business. However, there are terms that can be used that allow your children to benefit from the profits of the business, have someone else run it, AND allow them to restructure and take over the business once they become a predetermined age.
If your children are grown and have expressed interest in the business, Magellan Law can help you complete the proper paperwork to legally make the transition of the business valid. We also help families organize the Estate Plan and Business Plan so it can be run by someone else if needed.
Contact Magellan Law if you have any questions about a Business Trust or preparing your business for future generations.
Limited Liability Company Services
A Limited Liability Company (LLC) is a business structure that allows a business to operate as a separate legal entity. An LLC can get a tax number, open a bank account, and do business under its own name. It also shields the business owner from creditors of the business. It provides flexibility in terms of how it is taxed, and how other owners or investors can be brought in. Compare this to a sole proprietorship, which simply links the business with the owner. What does this mean? If an LLC defaults on a loan or payment, the bank cannot come after the members of the LLC because the members don’t have legal responsibility for the debt.
Limited Liability Companies have tax benefits and are not as rigid as a corporation, yet still provides the same protection as a corporation. LLCs are very popular, and rightfully so.
Should you hire an attorney to set up your Limited Liability Company or should you find a DIY kit? We always suggest having an attorney review any legal documents you are filing with the state government. An online forms package often doesn’t provide all of the benefits that are available in Arizona, or whatever your particular state is. That’s because DIY kits or form packages focus merely on complying with the laws of all states, rather than addressing issues that arise in each state or taking advantage of the opportunities that a particular state’s laws offer. These documents will be part of your legal records and you want to make sure your business is set up properly. If you choose to create a limited liability company without an attorney, please contact us afterwards to review what you have recorded, and we can discuss any other business planning documents you may need.