What We Do When Hired to Form Your IRA LLC

When people hire me to form an IRA LLC, I don’t just fill in the blanks in a state created form, file it with the Arizona Corporation Commission and give you an Operating Agreement created for non-IRA LLCs.  Here is a list of the 23 things I provide when I am hired to form an Arizona IRA LLC:

1. Unlimited telephone calls with Arizona IRA LLC attorney Richard Keyt about forming the Company.  If you have questions about forming an IRA LLC, call me at 602-906-4953, extension 1.  I do not charge for questions about forming IRA LLCs.
2. Name selection advice.  Call if you want me to check to see if a desired name is available as an LLC name in Arizona.
3. Prepare custom drafted Articles of Organization to be reviewed and approved by the contact person and the Custodian.
4. Discuss any formation issues and the Articles of Organization with the contact person & the Custodian and make any changes to the Articles requested by the contact person or the Custodian.
5. File the Articles of Organization approved by the contact person and the Custodian with the Arizona Corporation Commission (“ACC”) on an expedited basis.  I always file Articles of Organization with the ACC  by paying the $85 expedited filing fee to obtain the ACC’s approval in the shortest time period possible.  Expedited filing takes approximately one week for ACC approval, but regular filing can take as long a a month for approval.
6. Prepare the ACC cover sheet and file it with the ACC.  The ACC will not accept the Articles of Organization without this cover sheet.
7. On the day we file the Articles of Organization or the next business day, we will email to the contact person a copy of the Articles of Organization submitted to the ACC with the ACC’s “received” stamp.  With this document and the federal employer id number that we get for the IRA LLC, the manager can open the IRA LLC’s bank account within one or two business days after we email the document and the EIN.
8. Obtain a federal employer ID number from the IRS for the IRA LLC and email it to the contact person.  We usually get the EIN the same day we file the Articles of Organization with the ACC.  Note:  Before we can get the EIN, the manager of the IRA LLC must complete, sign and return to us an IRS form SS-4 found here:  www.keytlaw.com/azllc/ss-4.pdf.
9. Give the contact person a digital generic version of Rick Keyt’s Arizona-specific 100+ page book called the “Arizona LLC Quick Start Guide” immediately after we receive this completed and signed IRA LLC Formation Agreement.  The digital version of the Quick Start Guide is sent to the contact person by email.  If you do not get an email from me with the QSG soon after you send me your IRA LLC Formation Agreement, contact my legal assistant Katie at 602-906-4953, extension 7.
10. Give the contact person a hard copy version of the Arizona LLC Quick Start Guide customized specifically for your IRA LLC, including chapter 2 that is a checklist of 25+ to do items that should be done in the first 75 days.  The checklist due dates are based on the actual filing date of the Articles of Organization of the IRA LLC.  The checklist also states who is responsible for each task.  Most of the tasks are our responsibility, but some are the manager’s and some are the company’s accountant.  The contact person will get periodic reminders of the due dates of upcoming tasks in emails sent to the contact person by our LLC compliance alert system.
11. Give the contact person a copy of the filed Articles of Organization stamped with the ACC’s “approved” stamp.
12. Prepare a Notice of Publication per the requirements of Arizona LLC law.
13. Publish the Notice of Publication in a newspaper approved by the Arizona Corporation Commission in the appropriate Arizona county before the statutory deadline.
14. Obtain an Affidavit of Publication from the newspaper and file it with the ACC before the statutory deadline.
15. Prepare Rick Keyt’s 40+ page Charging Order Enhanced(TM) Operating Agreement custom drafted for your IRA LLC with provisions specifically applicable only to IRA LLCs and members that are IRAs.
16. Act as the IRA LLC’s statutory agent for its first year at no charge.  Every LLC and corporation formed in Arizona must have a statutory agent (aka resident agent in some states).
17. Prepare organizational resolutions of the members authorizing the issuance of membership interests.
18. Prepare membership certificates for all members that are used to prove ownership of the IRA LLC.  Membership certificates are the LLC equivalent of a corporate stock certificate.
19. Give the contact person a copy of the IRS statutes & regulations applicable to IRA LLCs.
20. Give the contact person a copy of Rick Keyt’s article called “Frequently Asked Questions about Prohibited Transactions,” which explains the most common transactions the IRA LLC must avoid to stay in good standing with the IRS.  This is an extremely important document because it describes prohibited transactions most commonly encountered by IRA LLCs.  The manager(s) of the IRA LLC and its IRA members must know what is permissible and what can cause the disqualification of the IRA.
21. Give the contact person a high-quality Arizona LLC Portfolio with tabs in which to keep all important IRA LLC documents.
22. Give the contact person a free one year membership in our LLC Concierge(TM ) program ($297 value).  This is our unique email tickler system that sends email throughout the first year after formation reminding the contact person of LLC administrative tasks (such as getting all members to sign the Operating Agreement and to set up a bookkeeping system) that should be accomplished.
23. If PENSCO Trust is a Custodian: Rick Keyt will sign and deliver to PENSCO a Special Advisor Engagement and Representation Letter, which is required by PENSCO for certain IRA LLCs.  If PENSCO Trust is a custodian and the IRA LLC is a single member LLC or a two member LLC owned by a husband and wife and/or their IRAs or retirement plans, PENSCO requires certain language in the IRA LLC’s Operating Agreement (I will insert it in if needed) and that a CPA or attorney sign the Special Advisor Engagement and Representation Letter in front of a notary and deliver the signed original to PENSCO.

If you have any questions about any thing mentioned above or about forming an IRA LLC, call me at 602-906-4953, extension 1.

Related posts:

1. Why Do Some Document Preparers & Attorneys Charge a Lot More to Form an IRA LLC than You Charge?
2. Can I Form an Arizona IRA LLC & Do Business or Own Real Estate in Another State?
3. Call Richard Keyt Now
4. How to Use Self Directed IRA Funds to Form a Limited Liability Company to Make Nontraditional Investments