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Arizona Sale and Assignment of a Percentage Ownership Interest in a Limited Liability Company

Category:
Limited Liability Company - Business Sales
State:
Multi-State
Control #:
US-01377BG
Format:
Word; 
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Description

A limited liability company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. Management of an LLC is vested in its members. An operating agreement is executed by the members and operates much the same way a partnership agreement operates. Profits and losses are shared according to the terms of the operating agreement.


A membership interest may be used to refer to the ownership interest of a member in the LLC. The word unit is often used to reflect the membership interests of a member in the LLC. Some LLC's issue membership interest certificates. To become a new member of the LLC the consent of majority of the members is necessary. A transfer of units of an existing member does not automatically include membership into the LLC.

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FAQ

In the case of corporations, an ownership interest is represented by ownership of voting stock. In the case of partnerships or limited liability companies, an ownership interest is represented by total interest in capital and profits.

Business Ownership Interest refers to a designated shareholding in the ownership of a business enterprise. Such business ownership comes with privileges which depend on the size of the shareholding as may be contained in the shareholding agreement. The size of the ownership affects the valuation outcome.

Ownership equity is also known as risk capital or liable capital. In financial accounting, equity capital is the owners' interest on the assets of the enterprise after deducting all its liabilities. It appears on the balance sheet/statement of financial position, one of the four primary financial statements.

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.

An approved limited liability company name reservation that has not expired may be transferred to another individual or entity by filing with the Arizona Corporation Commission a Notice of Transfer of Limited Liability Company Name Reservation. See A.R.S. § 29-3113.

James Publishing, 1995). The owners of an LLC are called ?members.? A member can be an individual, partnership, corporation, trust, and any other legal or commercial entity.

In the case of corporations, an ownership interest is represented by ownership of voting stock. In the case of partnerships or limited liability companies, an ownership interest is represented by total interest in capital and profits.

Although Operating Agreements are not required for Arizona LLCs, and one can be made at any time, it's best to create one in the beginning to help guide all important business decisions, regulations, and provisions.

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