How do I add a partner to my LLC in Arizona?

Fill out List the exact name of the LLC as shown in the AZ records. Check the box for MEMBER CHANGE (item 3) You may remove, add, change the member's address or name. Go to page 3 and check the "I ACCEPT" box. Print the name of the individual next to the signature and fill in the date.

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Buy Sell Agreement Between Partners of a Partnership

Agreement Between Partnership With Llc In Maricopa

Q: Do you need a registered agent for an LLC in Arizona?

All corporations and limited liability companies ( LLCs ) registered with the Arizona Corporation Commission are required to appoint a statutory agent in the state of Arizona.

Category:

Contracts - Buy Sell - Agreements

State:

Multi-State

County:

Maricopa

Control #:

US-00443

Format:

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Description

The Agreement Between Partnership with LLC in Maricopa is a crucial legal document that outlines the terms and conditions regarding the sale and purchase of partnership interests among partners in a general partnership. This agreement serves two primary purposes: it allows a partner to sell their interest during their lifetime or posthumously through their estate, and it sets clear terms for the fair valuation of such interests. Key features include provisions for written notices prior to any sale, rights of first refusal for the remaining partners, and stipulations regarding the funding of purchases, often through life insurance policies. Filling out this form requires users to input specific data about the partnership, including ownership percentages and valuation amounts. It is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in partnership management or succession planning. It aids in ensuring that all partners understand their rights and obligations, thus reducing potential conflicts. Additionally, the agreement provides clarity on the procedures following a partner's death and the rights concerning life insurance policies, enhancing financial security for surviving partners. The structure allows for easy editing and updates, making it adaptable to changes within the partnership.

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FAQ

All corporations and limited liability companies (“LLCs”) registered with the Arizona Corporation Commission are required to appoint a statutory agent in the state of Arizona.

Form an Arizona LLC: Name Your LLC. Claim Your Domain Name. Designate a Statutory Agent. Submit LLC Articles of Organization. Publish Notice of Your LLC. Write an LLC Operating Agreement. Get an EIN, Bank Account & Funding. File Taxes & Reports.

The state of Arizona does not require limited liability companies to have LLC operating agreements. However, the Arizona Limited Liability Company Act does encourage the creation of one. As most LLCs are owned and operated by two or more people, an LLC operating agreement is a good idea.

Fill out List the exact name of the LLC as shown in the AZ records. Check the box for MEMBER CHANGE (item 3) You may remove, add, change the member's address or name. Go to page 3 and check the "I ACCEPT" box. Print the name of the individual next to the signature and fill in the date.

The law in Arizona for LLCs is different than for corporations: An Arizona LLC MUST have a Business Address, but it may be: A physical street address in Arizona OR not in Arizona. A post-office box in Arizona OR not in Arizona.

Obtain an Arizona Business License: An Arizona business license is required for any business operating within the state. You can apply for the business license through Arizona Department of Revenue.

Arizona does not require LLCs to file an annual report. Taxes. For complete details on state taxes for Arizona LLCs, visit Business Owner's Toolkit or the State of Arizona . Federal tax identification number (EIN).

Members of an LLC are its owners, much like shareholders of a corporation own the corporation. Managers of LLCs are like the board of directors or the officers of a corporation. If a manager is also a member, then the manager may have an ownership interest in the LLC.

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Buy Sell Agreement Between Partners of a Partnership

BUY-SELL AGREEMENTS

Introduction

A buy-sell (business purchase) agreement is an agreement between the owners of the business for purchase of each others interest in the business. The buy-sell can be triggered in the event of the owner's death, disability, retirement, withdrawal from the business or other events.

Reasons For The Agreement

Establish the value of the business for federal and state death tax purposes.

Unwilling to continue the business with the family of a deceased co-owner.

Prevent all or part of the business from falling into the hands of "outsiders."

The Agreement Basics

The agreement provides for the purchase price, terms and funding arrangements. The agreement obligates the retiring or disabled owner or owner's estate to sell the business to the business itself, or to the surviving owner(s), or maybe an option of either.

Types Of Agreements

The Buy-Sell agreements can take several forms, such as:

An agreement between the business and the individual owners (stock redemption agreement or stock retirement plan).

An agreement between the owners (a cross purchase or "criss-cross" agreement).

An agreement between the owners and key person, family member or outside individual (a "third party" business buy-out agreement).

A combination of the foregoing.

Basically, these are either a Cross Purchase Plan or Entity Purchase Plan.

Cross Purchase Agreement

Each partner agrees with each of the other partners to purchase his or her share of the business at the time of death. The Partners may take out a life insurance policy on the life of the other(s) to fund the obligation. At the time of the first death, the surviving partner(s) collects the insurance proceeds. The survivor then uses the insurance proceeds to buy the business share from the deceased's family. This type agreement can be used with two or more partners.

Entity Purchase Plan

Each partner agrees that upon death his or her share of the business will be sold back to the business. The business may buy life insurance policies on each of the partners to fund the obligation. At the death of a partner, the business collects the insurance proceeds and buys the business interest from the deceased partner's heirs.

Transfer Restrictions

The agreements commit the owners not to sell ownership in the business prior to death, without first offering it to the persons named in the agreement. This is called a right of first option or refusal.

Life Insurance to Fund the Agreement

Whole life insurance has generally been used to fund a buy-sell agreement.

The life insurance industry also offers "Business Value Life Insurance" with a death benefit determined by the value of the business rather than the terms of the policy. The death benefit can grow as the value of the business grows. Premiums may also be higher as the death benefit increases.

Purchase Price

The purchase price can be based on an appraisal, set predetermined price, book value, or a formula of assets and earnings.

Payment Terms

Agreements may provide that the price will be paid in cash, in installments, or other means. You may also select a combination of cash and installments. Of course, if the insurance proceeds are sufficient to pay the price in cash many agreements provide that the purchase is to be paid in full in cash from the insurance proceeds.

Buy Sell Agreement Between Partners of a Partnership

BUY-SELL AGREEMENTS

Introduction

Reasons For The Agreement

Establish the value of the business for federal and state death tax purposes.

Unwilling to continue the business with the family of a deceased co-owner.

Prevent all or part of the business from falling into the hands of "outsiders."

The Agreement Basics

Types Of Agreements

The Buy-Sell agreements can take several forms, such as:

An agreement between the business and the individual owners (stock redemption agreement or stock retirement plan).

An agreement between the owners (a cross purchase or "criss-cross" agreement).

An agreement between the owners and key person, family member or outside individual (a "third party" business buy-out agreement).

A combination of the foregoing.

Basically, these are either a Cross Purchase Plan or Entity Purchase Plan.

Cross Purchase Agreement

Entity Purchase Plan

Transfer Restrictions

Life Insurance to Fund the Agreement

Whole life insurance has generally been used to fund a buy-sell agreement.

Purchase Price

The purchase price can be based on an appraisal, set predetermined price, book value, or a formula of assets and earnings.

Payment Terms

Agreement Between Partnership With Llc In Maricopa

This form is part of a form package!

Description

Related forms

Viewed forms

Form popularity

FAQ

Do you need a registered agent for an LLC in Arizona?

How to file LLC in AZ?

Does Arizona require an operating agreement for an LLC?

How do I add a partner to my LLC in Arizona?

Can I use a PO box for LLC in Arizona?

Do I need a business license in Arizona for an LLC?

Does Arizona have an LLC filing requirement?

Who are the owners of an LLC in Arizona?

Explore more forms

Trusted and secure by over 3 million people of the world’s leading companies

Agreement Between Partnership With Llc In Maricopa

This form is part of a form package!

Description

Related forms

Viewed forms

Form popularity

FAQ

Do you need a registered agent for an LLC in Arizona?

How to file LLC in AZ?

Does Arizona require an operating agreement for an LLC?

How do I add a partner to my LLC in Arizona?

Can I use a PO box for LLC in Arizona?

Do I need a business license in Arizona for an LLC?

Does Arizona have an LLC filing requirement?

Who are the owners of an LLC in Arizona?

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