ARS § 29-847 Disciplinary Powers Of Regulating Boards; Transfer Of Shares

ARS § 29-847 Disciplinary Powers Of Regulating Boards; Transfer Of Shares 2016-11-16T08:23:22+00:00

A. No professional limited liability company may do any act which is prohibited to be done by individuals licensed to perform professional services that are rendered by the professional limited liability company.

B. Each member, manager, officer, agent and employee of a professional limited liability company who is a licensed person in the jurisdiction in which the person performs professional services shall be subject to the rules and regulations adopted by and the disciplinary powers of the board or boards regulating the professional services rendered by the professional limited liability company in the jurisdiction in which he performs professional services.

C. If an interest in a professional limited liability company that is held by a licensed person is not acquired by a person or persons qualified to own such interest within one hundred eighty days following the death, insanity, bankruptcy, retirement, withdrawal, expulsion or other legal disqualification of the member, the member shall be entitled to receive distributions in accordance with section 29-707 in liquidation of the member’s entire interest in the professional limited liability company. Until such transfer is effected such interest in the professional limited liability company shall not be entitled to be voted.

Caution:  The above language was taken from Arizona’s statutes on May 28, 2011.  Check the Arizona legislature’s website to determine if this statute changed after September 13, 2013.