Jim Reynolds provides a variety of commercial and transactional legal services to closely held companies and entrepreneurs throughout the typical life cycle of a business. Upon start-up, Jim advises his clients regarding the advantages and disadvantages of corporations, limited liability companies, and other legal organizations, including income tax considerations, and then prepares customized agreements among co-owners to accomplish their goals.
As the business grows, Jim negotiates and prepares contracts for the purchase or lease of real estate and for debt or equity financing from major financial institutions or private parties. In addition, Jim represents clients in the purchase of other businesses where growth is accomplished through acquisitions. Contracts with vendors, customers and employees are frequent tasks that Jim also performs for his clients.
Clients also turn to Jim for assistance in planning and achieving their desired exit strategy, whether taking the form of management succession to the next generation, or the sale of the business in a taxable or tax-deferred transaction.
Jim’s clients include a wide range of large and small businesses, including developers and investors in real estate, a regional chain of twelve hotel properties, a materials recycling business, a developer and operator of more than 80 franchised restaurants, building contractors and subcontractors, and manufacturers and distributors of a wide variety of products.
Because limited liability companies are well suited to most family-owned and entrepreneurial businesses, Jim has devoted substantial time over the last 20 years to professional organizations that seek to improve the laws governing limited liability companies. He was one of the principal authors of Arizona’s limited liability company statute enacted in 1992 and of the first model Prototype LLC Act and Commentary published by the American Bar Association in 1993. From 1993 to 1995, Jim also served as the official advisor from the American Bar Association’s Business Law Section to the Uniform Limited Liability Company Act Drafting Committee of the Uniform Laws Commission. Currently, Jim co-chairs the Arizona State Bar Committee that is engaged in a four-year, comprehensive review and update of Arizona’s LLC statute.
Jim has presented more than 20 seminar programs to lawyers and CPAs on various LLC-related subjects. Because of his professional activities and experience in this area, Jim has been retained by other lawyers to serve as an expert witness or consultant in connection with LLC disputes.
The following is a sample of Jim’s professional seminars:
• “Everything You Always Wanted to Know About LLCs But Were Afraid to Ask” sponsored by the State Bar of Arizona
• “Choosing a Business Entity: Should You Consider a Limited Liability Company?” sponsored by University of Southern California Annual Institute on Federal Taxation
• “Drafting LLC Operating Agreements” at Sixth Annual Partnership and Limited Liability Company Institute, sponsored by the National Institute of Tax Professionals
• “Drafting LLC and LLP Agreements in Arizona” sponsored by National Business Institute
• “Business Life Cycle Planning” and “Professional Responsibility in the Context of Limited Liability Entities” sponsored by the American Bar Association Section of Real Property, Probate and Trust Law
• “LLCs, LLPs and Other Pass-Through Entities: What They Are and How Do Institutional Investors Protect Themselves” sponsored by American College of Investment Counsel
• “Comparison of Fiduciary Duties under AZRUPA and Tentative AZRULLCA” sponsored by the State Bar of Arizona