Under Arizona law, do limited liability companies have to have an enterprise agreement? After the registration documents have been adopted by the Arizona Corporation Commission, you must publish a notice of filing in a newspaper in the county where the LLC is based. The publication must take place within sixty (60) days from the date of its creation and be published for three (3) consecutive weeks. After a larger corporate event, such as adding or losing a member. B.dem it`s a good idea to review and update the enterprise agreement. Depending on how your enterprise agreement is written, it may be necessary for some or all members to authorize a change to the document. The establishment of this document establishes a separation between the members` personal assets, which protect members in the event of litigation (including aspects of protection). Arizona does not require the agreement, but it is strongly recommended that all companies enter into the agreement, because without them, in the event of litigation, the law requires that laws be in default to the state, so that the company and its members are financially vulnerable. On the contrary, it is recommended that such an agreement be drafted in writing. However, the development of such a document will be a complex undertaking, so it is recommended that you seek the services of a lawyer on these issues in order to do so.
You can customize the document specifically based on your size (one or more members) and needs, and although it will cost more than doing it alone, it could save you a huge amount of money, time and long-term difficulties. Step 9 – Consequences of a member`s death, dissolution, retirement or bankruptcy – It is important that members of a company check very carefully and consider the nature of this section of the agreement if members want to consider changes: the amount a person owns is called their “ownership percentage,” “ownership percentage” or “ownership units.” LLC Ownership is most often expressed as a percentage (example 5%, 50%, 100%, etc.). The terms “shares” or “shareholders” do not apply to LCs. I prepare enterprise agreements specifically designed to satisfy the wishes of Arizona LCS members. My enterprise agreement is the end result of preparing this type of enterprise agreement 7,100 times since I created my first Arizona LLC in 1992. Here is the sequence of events when someone hires me to prepare an operating contract for his LLC: A legal agent (also an indexed agent) must be selected. Statutory Agent is an individual or organization intended to receive material material on behalf of the LLC. To qualify as a legal agent, one of the following requirements must apply: every owner of Arizona LLC should have a business agreement to protect the business. Although the state is not legally required by law, clear rules and expectations are established for your LLC, while consolidating your credibility as a corporation.