Llc Operating Agreement Arizona With Multiple Classes
Description
How to fill out Arizona Limited Liability Company LLC Operating Agreement?
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FAQ
An operating agreement isn't mandatory. It also helps show that your LLC is a legitimate business entity that's separate from you, not just some sham that's been created to avoid liability.
Without the operating agreement, your state might not acknowledge you as an LLC, which means someone could sue you without there being any shield to protect your personal assets. You've already put in the time and effort to form your LLC to get liability protection.
The operating agreement should include the following: Basic information about the business, such as official name, location, statement of purpose, and registered agent. Tax treatment preference. Member information. Management structure. Operating procedures. Liability statement. Additional provisions.
See A.R.S. §§ 29-3102 and 29- 3105 through 29-3107. An operating agreement is not required by statute. If there is not operating agreement, then the LLC statutes will govern how the LLC conducts its affairs.
It is possible to have multiple classes of equity in an LLC. In a real estate LLC, for example, you may have an actively managing member and other passive participants.