Lisa and the Law
Welcome to Lisa and the Law, the official blog of Thompson Law Group. Information is power and here is where you get some. We understand that running a business can be overwhelming so we will provide timely insights on business law matters and practical advice for business owners. Stay tuned for updates on the law, news you can use, and actionable advice from an experienced business law attorney.
Should a non-profit really be non-profit?
If you are operating a non-profit organization, you SHOULD be making a profit, but you SHOULD NOT use it for anything other than the charitable mission of your organization. Sadly,...
Current time to obtain tax exempt status is approximately 11 months
One of my clients just received a letter approving the corporation’s tax-exempt status under IRS code 501(c)(3). Caveat, the request for tax exempt status was filed in September 2024 by...
What makes a non-profit charity a non-profit?
A corporation is NOT a non-profit (not-for-profit) until it applies for tax exempt status with the Internal Revenue Service (“IRS”) AND the IRS grants it to the corporation. Filing Articles...
Tax Credits for Health Care Insurance Enrollees on the Marketplace ending
The One Big Beautiful Bill Act (“OBBBA”), signed by the President on July 2, 2025 did not extend enhanced premium credits for the Affordable Care Act (“ACA”) health insurance marketplace...
Tax Credits for Clean Energy Home Upgrades and the Purchase of EVs sunset by the end of 2025
The One Big Beautiful Bill Act (“OBBBA”) was signed by the President on July 4, 2025. There are many changes to taxation and benefits that are incorporated into the OBBBA...
Personal Guarantees by Members and Managers of LLCs eliminate personal liability protection for LLC debt
Members and Managers who sign personal guarantees for Limited Liability Company (“LLC”) debt will have to pay that debt if the LLC cannot or will not. Signing a personal guarantee...
Members and Managers of LLCs are protected from business debt by law
Limited Liability Company (“LLC”) owners (members) and managers are protected by black and white law from LLC debt (A.R.S. § 29-3304(A)). This means that if the LLC does not pay...
Members and Managers of LLCs: The importance of using the proper terminology
Limited Liability Companies (“LLCs”) are owned by members and most times (and in my opinion should be) operated by managers. These terms are not super sexy and the term “member”...
What does LLC mean? The importance of using the proper terminology
LLCs are the most prevalent form of business entity currently, especially in Arizona. They require no annual reporting and once formed you must affirmatively file paperwork to terminate them. However,...
Federal Benefits and Tax Refunds will only be paid electronically as of September 30, 2025
Executive Order 14247 also called “Modernizing Payments to and From America’s Bank Account” was signed by the President on March 25, 2025. The short version of the Executive Order is...