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saguaros in the desert at sunset in arizona | RM Warner Inernet Law Firm

Arizona’s New LLC Act: What You Need To Know

June 11, 2019 Posted by Raees Mohamed Business Law No Comments

What?

Arizona’s New LLC Act (Arizona Limited Liability Company Act (ALLCA))

Who does it impact?

Those who have an existing LLC in Arizona or are considering one in the future.

When was this law signed and when does it go into effect?

Arizona’s Governor, Doug Ducey, signed SB 1353 on April 10th of 2018. Arizona’s new LLC Act repeals the current Arizona LLC law from 1992 and replaces it with the new ALLCA. This law goes into effect on September 1st, 2019. It will apply to all Arizona LLCs created after August 31st, 2019 and also applies to all existing Arizona LLCs after August 31st, 2020 when the existing Arizona LLC law is repealed.

Where?

Arizona

Why?

This law requires all LLCs to have an Operating Agreement in order to lay out the obligations of all members and managers of the LLC, binding them to a commitment of loyalty to act on behalf of the company and also preventing them from competing directly with the company. The lack of an Operating Agreement places members and managers at great risk of being controlled by new rules articulated in the new Arizona LLC laws.

How do I make my LLC compliant?

To change your current LLC or make a new one compliant with the new law, you must include an Operating Agreement within your LLC that contains language that (i) complies with the new law and (ii) eliminates the many liability creating provisions contained in ALLCA. This law also applies to those who have multi-member LLCs. To ensure your LLC is complaint with the new law, its best to have a lawyer draft and review your operating agreement. Contact the experienced attorneys at RM Warner Law today.

To review the new ALLCA click Here.  

Tags: arizona businessarizona llc actbusiness lawbusiness lawyerllc act
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About Raees Mohamed

Raees is a Founding Partner at RM Warner PLC, a corporate and Internet Law firm that caters to startups and entrepreneurs. He is also an adjunct professor of law in the acclaimed Innovation Advancement Program legal clinic at the Sandra Day O’Connor College Of Law in Phoenix. There, he teaches law students how to counsel local entrepreneurs as Rule 39 certified student-practitioners. Raees believes the push for the advancement of innovation and a culture of entrepreneurship should come from academic institutions.

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