Arizona Limited Liability Company Act

Arizona Limited Liability Company Act2018-11-03T11:32:23+00:00

Arizona Limited Liability Company Act

SB 1353, signed by Governor Ducey on April 10, 2018
These statutes are effective September 1, 2019
Arizona’s current LLC Act is repealed on September 1, 2020

 Article 1. General Provisions
StatuteTitle
Section 29-3101Short Title
Section 29-3102Definitions
Section 29-3103Knowledge; Notice
Section 29-3104Governing Law
Section 29-3105Operating Agreement; Scope, Function & Limitations
Section 29-3106Operating Agreement; Effect on Limited Liability Company & Persons Becoming Members; Preformation Agreement
Section 29-3107Operating Agreement; Amendment; Effect on Third Parties & Relationship to Records Effective on Behalf of Limited Liability Company
Section 29-3108Nature, Purpose & Duration of Limited Liability Company
Section 29-3109Powers
Section 29-3110Application to Existing Relationships
Section 29-3111Supplemental Principles of Law & Equity
Section 29-3112Permitted Names
Section 29-3113Reservation of Name
Section 29-3114Registration of Name
Section 29-3115Statutory Agent
Section 29-3116Statement of Change
Section 29-3117Resignation of Statutory Agent
Section 29-3118Change of Name or Address by Statutory Agent
Section 29-3119Service of Process, Notice or Demand
Section 29-3120Delivery of Record
Section 29-3121Reservation of Power to Amend or Repeal
Section 29-3122Powers of Commission
Section 29-3123Taxation
Article 2. Formation; Articles of Organization and other Filings
Section 29-3201Formation of Limited Liability company; Articles of Organization
Section 29-3202Amendment or restatement of Articles of Organization
Section 29-3203Signing of Records to be Delivered for Filing to the Commission
Section 29-3204Signing and Filing Pursuant to Judicial Order
Section 29-3205Liability for Inaccurate Information in Filed Record
Section 29-3206Filing Requirements
Section 29-3207Effective Date & Time
Section 29-3208Withdrawal of Filed Record before Effectiveness
Section 29-3209Correcting Filed Record
Section 29-3210Duty of Commission to File; Refusal to File; Delivery of Record by Commission
Section 29-3211Certificate of Good Standing or Registration
Section 29-3212Interrogatories by the Commission; Information Disclosed by Interrogatories
Section 29-3213Fees; Filing Services; Definition
Section 29-3301Agency Power of Member & Manager
Section 29-3302Reserved.
Section 29-3303Reserved.
Section 29-3304Liability of Members & Managers
Article 4. Relations of Members to Each Other & to Limited Liability Company
Section 29-3401Becoming a Member; Transferable Interest; Ownership of Interest in Limited Liability Company
Section 29-3402Form of Contribution
Section 29-3403Liability for Contributions
Section 29-3404Sharing of and Right to Distributions Before Dissolution
Section 29-3405Limitations on Distributions
Section 29-3406Liability for Improper Distributions
Section 29-3407Management of Limited Liability Company
Section 29-3408Reimbursement; Indemnification; Advancement; Insurance
Section 29-3409Standards of Conduct for Members & Managers
Section 29-3410Records to be Kept; Rights to Information and Records of Member, Manager & Person Dissociated as Member
Article 5. Transferable Interests & Rights of Transferees & Creditors
Section 29-3501Nature of Transferable Interest
Section 29-3502Transfer of Transferable Interest
Section 29-3503Charging Order
Section 29-3504Power of Legal Representative of Deceased Member
Article 6. Dissociation
Section 29-3601Power to Dissociate as Member; Wrongful Dissociation
Section 29-3602Events Causing Dissociation
Section 29-3603Effect of Dissociation
Article 7. Dissolution and Winding Up
Section 29-3701Events Causing Dissolution
Section 29-3702Winding Up
Section 29-3703Rescinding Dissolution
Section 29-3704Known Claims Against Dissolved Limited Liability Company
Section 29-3705Other Claims Against Dissolved Limited Liability Company
Section 29-3706Court Proceedings
Section 29-3707Disposition of Assets in Winding Up
Section 29-3708Administrative Dissolution
Section 29-3709Reinstatement
Section 29-3710Judicial Review of Denial of Reinstatement
Article 8. Actions by Members
Section 29-3801Direct Action by Member
Section 29-3802Derivative Action
Section 29-3803Proper Plaintiff
Section 29-3804Pleading in a Derivative Action
Section 29-3805Special Litigation Committee
Section 29-3806Proceeds and Expenses; Voluntary Dismissal or Settlement
Section 29-3807Other Remedies in Direct & Derivative Actions
Article 9. Foreign Limited Liability Companies
Section 29-3901Governing Law
Section 29-3902Registration to do Business in this State
Section 29-3903Foreign Registration Statement
Section 29-3904Amendment of Foreign Registration Statement
Section 29-3905Activities not Constituting Doing Business
Section 29-3906Noncomplying Name of Foreign Limited Liability Company
Section 29-3907Reserved.
Section 29-3908Withdrawal on Dissolution
Section 29-3909Reserved.
Section 29-3910Termination of Registration
Section 29-3911Withdrawal of Registration
Section 29-3912Action by Attorney General
Article 10. Merger, Interest Exchange, Conversion, Domestication & Division
Section 29-4001Definitions
Section 29-4002Appraisal Rights
Section 29-4003Entity Restructuring Transactions
Section 29-4004Action on Plan
Section 29-4005Statement of Merger or other Transaction as Articles of Termination; Publication or Posting
Article 11. Professional Limited Liability Companies
Section 29-4101Definitions
Section 29-4102Professional Limited Liability company Formation
Section 29-4103Exclusions from Article
Section 29-4104Application of General Limited Liability Company Law
Section 29-4105Special Restrictions
Section 29-4106Name
Section 29-4107Professional Relations & Responsibility
Section 29-4108Disciplinary Powers of Regulating Licensing Authorities
Article 12. Miscellaneous Provisions
Section 29-4201Uniformity of Application and Construction

Note:  This statute is effective for all Arizona LLCs formed after August 31, 2019, and all Arizona LLCs after August 31, 2020.  The text above shows the statute as of April 10, 2018.  To see if the Arizona legislature modified this statute after April 10, 2018, go the the Arizona legislature's website for Title 29, Chapter 7.