A. The exclusive right to use a name may be reserved by:
1. A person intending to organize a limited liability company under this chapter and to adopt the name.
2. A domestic limited liability company or any foreign limited liability company registered in this state that intends to adopt the name.
3. A foreign limited liability company intending to register in this state and to adopt the name.
4. A person intending to organize a foreign limited liability company and to have it registered in this state and to adopt the name.
B. The reservation shall be made by filing with the commission an application that is executed by the applicant or an authorized agent of the applicant to reserve a specified name. If the commission finds that the name is available for use by a domestic or foreign limited liability company, it shall reserve the name for the exclusive use of the applicant for a nonrenewable period of one hundred twenty days from and after the date the application is filed with the commission.
C. The right to the exclusive use of a reserved name may be transferred to another person by filing with the commission a notice of the transfer that is executed by the applicant or an authorized agent of the applicant for whom the name was reserved and that specifies the name to be transferred and the name and address of the transferee. The transfer shall not extend the term during which the name is reserved.
D. The reservation of a specified name may be cancelled by filing with the commission a notice of cancellation that is executed by the applicant or an authorized agent of the applicant and that specifies the name reservation to be cancelled and the name and address of the applicant.
Note: This statute applies to all Arizona LLCs that were formed before September 1, 2019, but it is repealed on September 1, 2020. The text above shows the statute as of November 12, 2016.