Llc Operating Agreement Arizona With Multiple Owners

State:
Arizona
Control #:
AZ-00LLC-1
Format:
Word; 
Rich Text
Instant download

Description

The LLC Operating Agreement for Arizona with multiple owners is a foundational document that outlines the governance, management, and operational procedures of a limited liability company (LLC) established by two or more members. This sample agreement allows customization to meet specific needs, establishing how decisions are made, how profits and losses are distributed, and the responsibilities of each member. Key sections include the formation of the LLC, member contributions, management roles, profit allocation, and the procedures for selling or transferring ownership interests. It emphasizes clear communication among members through defined voting rights and allows for flexibility in management, whether by member consensus or appointed managers. The form is beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants by providing a structured framework that protects individual rights and clarifies roles, promoting legally compliant and efficient operations. Users should fill in specific details regarding contributions, management structure, and responsibilities, and can amend any provisions to reflect their unique circumstances.
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  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement
  • Preview Limited Liability Company LLC Operating Agreement

How to fill out Arizona Limited Liability Company LLC Operating Agreement?

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FAQ

Although not required, it's also smart to create an operating agreement so that the rules are set for how you plan to run the LLC. As a single-member LLC this document will help if any legal situations arise.

To REMOVE a member - list the name only of the member being removed and check "Remove member." To ADD a member - list the name and address of the member being added and check "Add member." To CHANGE ADDRESS only - list the name and NEW address and check "Address change." To CHANGE NAME of existing member - list the ...

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.

LLCs in Phoenix are not required to have an operating agreement under Arizona state law. However, if your LLC does not have an operating agreement, it will be governed by the Arizona Limited Liability Company Act. The default rules may not be tailored to your needs and result in unexpected outcomes.

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.

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Llc Operating Agreement Arizona With Multiple Owners