by Richard Keyt, Arizona LLC attorney & creator of Do-It-Yourself Arizona Limited Liability Company Forms

For more information about why I sell Word versions of my do-it-yourself Articles of Organization for Arizona LLCs and what comes with your purchase, read “Attorney Prepared LLC Forms.”

Do-It-Yourself Operating Agreement (only for Arizona LLCs) – $97.  I have prepared Operating Agreements for 4,000+ Arizona limited liability companies. This Operating Agreement form is the same Operating Agreement I used until early 2011.  You will be purchasing the 40+ page standard Operating Agreement I used for hundreds of LLCs I formed.  In early 2011, I spent over 60 hours revising my Arizona LLC Operating Agreement and Buy Sell Agreement and I now use the latest version of my Operating Agreement for all the LLCs I form now.

Arizona law does not require an Arizona limited liability company to have an Operating Agreement, but as an experienced Arizona LLC attorney I recommend that every Arizona LLC have an Operating Agreement signed by all the members.  I have prepared an Operating Agreement for every one of the 4,000+ Arizona LLCs I have formed.

Purchase my 40+ page Operating Agreement in Word 2003 format that you can edit for your LLC. We email the document to you along with detailed instructions and a sample completed Operating Agreement immediately after you purchase the form in our store. See the detailed instructions the explains how to edit the Operating Agreement.

An Operating Agreement is an agreement signed by the sole member or all the members of a multi-member LLC (including a husband and wife owned LLC, which is a two member LLC). The Operating Agreement is a critically important document because it sets out the rights and obligations of the members and the company with respect to each other. For more on the importance of an Operating Agreement, see my articles called “”Why All Members of an Arizona LLC Should Sign an Operating Agreement” and “Arizona Limited Liability Company Operating Agreement FAQ.”

Here’s a few of the many reasons every LLC should have an Operating Agreement:

  • It is the document that evidences (proves) who the members of the LLC are. The Articles of Organization filed with the Arizona Corporation Commission is some evidence of who the members of an AZ LLC are, but not determinative. The Operating Agreement prevents disputes over who owns the LLC and how much each party owns. I have had many people come to me for help when the members of their LLC disagreed over who was a member and/or what percentage of the LLC each member owned. These people formed an AZ LLC, but the members never signed an Operating Agreement. If your LLC has more than one member, how can any member prove what percentage of the LLC the member owns? The Articles of Organization may list all of the members, but it does not say how much each member owns. The Operating Agreement is the document that proves who the owners are and what percentage of the company each owns.
  • An Operating Agreement signed by the sole member / all members helps prevent a court from piercing the veil and holding the members liable for the debts of the LLC because a signed Operating Agreement is a positive fact that shows the members are treating their LLC as a business like any prudent business person would.
  • Many third parties may request to see a copy of the signed Operating Agreement. If the LLC signs a lease for real property, borrows money or buys or sells land, the landlord, lender and title insurance company will want to review a signed Operating Agreement.
  • A signed Operating Agreement creates a legal obligation for a member to contribute money or property to the LLC. Arizona law provides that a member of an AZ LLC is not obligated to contribute money or property to the LLC unless the obligation is in writing signed by the member. If you want to obligate a member to pay money to your LLC, the member’s obligation should be set out in an Operating Agreement signed by that member.

Click here to purchase my operating agreement for your Arizona LLC.

Purchase My Articles of Organization, Operating Agreement and LLC Operations Manual Bundle and Save $50

The per item purchase price for my Articles of Organization, Operating Agreement and a one year subscription to the LLC Operations Manual is $223.  Save $50 if you purchase all three items together for $173. Click here to purchase this three item bundle.

Disclaimer

The forms are sold “as is” without any representations or warranties. Because using a form will create legal rights and obligations, we recommend that you consult with an attorney before using or editing a form. The purchaser of a form does not become a client of Richard Keyt or the KEYTLaw, LLC, firm. When you buy a legal form, you are buying a product, not legal services or legal advice.