A. Except as provided in subsection B of this section, a limited liability company may be organized under this chapter and may conduct or promote business and other activities for any lawful purpose, except banking.
B. A limited liability company shall not be an insurer as defined in section 20-104 unless as a title insurance agent as defined in section 20-1562 or as a pure captive insurer as defined in section 20-1098 who is expressly authorized by the director of the department of insurance pursuant to title 20. For the purposes of title insurance transactions or pure captive insurance business, the members of the limited liability company are individually responsible, equally and ratably, and not one for another, for all contracts, debts and engagements of the limited liability company, to the extent of the amount of each member’s initial investment in the limited liability company.
Note: This statute applies to all Arizona LLCs that were formed before September 1, 2019, but it is repealed on September 1, 2020.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.