by Richard Keyt and Richard C. Keyt, Arizona LLC attorneys who have formed 9,300+ Arizona LLCs and have 370 five star reviews on Google, Facebook & Birdeye
We have written many articles that explain forming and operating Arizona limited liability companies. Our goal as Arizona LLC attorneys is to help people understand what they need to do to comply with Arizona LLC law. We have organized our articles into different topics.
To see the list of articles contained in a topic click on the + symbol or any where on the text of a topic.
- Number 1 Reason Why You Should Hire Richard Keyt to Form an Arizona LLC – All Arizona LLCs need an Operating Agreement that eliminates the harmful provisions contained in Arizona’s new LLC law that replaced Arizona’s prior LLC law on September 1, 2019. See “Why All Arizona LLCs Need a New LLC Law Compliant Operating Agreement,” which describes 19 ways the new law harms members of LLCs that don’t have an Operating Agreement that eliminates the harm. We doubt you can get a new law compliant Operating Agreement anywhere else.
- Arizona LLC lawyer Richard Keyt’s AZ LLC Formation Services – See a detailed explanation of the many services Richard Keyt provides when he forms a new Arizona LLC and you will know why 9,300+ people have hired Richard Keyt to form their Arizona LLC and he has 250 five star Google reviews and 370 total total five star reviews. If you have LLC questions, call Richard on his direct phone line at 480-664-7478 or his son former Arizona CPA and Arizona LLC attorney Richard C. Keyt at 480-664-7472.
- How to Hire the Keyts to Form Your LLC – To hire Arizona LLC attorneys Richard Keyt and his son Richard C. Keyt to form your Arizona LLC for $397, $597 (our most popular package) or $997 (for people who do not want their name or address to be on the public records of the Arizona Corporation Commission) this coming Wednesday or Friday complete our online LLC Formation Questionnaire. or call Richard on his direct phone line at 480-664-7478.
- Same Day LLC Formation & ACC Approval of a New LLC – We form LLCs and get the Articles of Organiztion approved by the Arizona Corporation Commission the same day you submit and approve our formation questionnaire and pay our fee.
- How to Form an LLC in Arizona Online in 10 Minutes (the modern eCorp AZ easy way) – This article is for people who want to form an Arizona LLC themselves for $85 in 10 – 15 minutes using the Arizona Corporation Commission’s eCorp online filing system. It explains each step in detail with pictures.
- How to Form an Arizona Limited Liability Company the Old Fashioned Way of Filing a Paper Form – This comprehensive article is Arizona LLC lawyer Richard Keyt’s checklist and detailed explanation about how to create a new Arizona limited liability company by preparing and filing the Arizona Corporation Commission’s paper form Articles of Organization.
- Should You Pay LegalZoom More than an Arizona LLC Attorney to Form an Arizona LLC? – This article compares Arizona LLC attorney Richard Keyt’s LLC formation services and low price with LegalZoom’s high priced LLC formation services and shows why Richard Keyt provides more for less money with higher quality than LegalZoom. The article also illustrates a lot of scary facts about LegalZoom that every potential LegalZoom customer should read before hiring it to “prepare legal documents.” If you read this article from top to bottom and still want to use LegalZoom, I’ll be shocked and would love to know why.
- KEYTLaw Girl Shows What Is In Every LLC Portfolio – When we form a Silver ($597) or Gold ($997) Arizona LLC we don’t just send our clients a stack of disorganized papers. We put all of your LLC documents in a beautiful red Arizona Limited Liability Company portfolio with the documents organized behind tabs. Every Silver & Gold LLC gets our custom drafted Articles of Organization, Organizational Resolutions of the members, a custom Operating Agreement that complies with Arizona’s new LLC, the 170 page Arizona LLC Operations Manual, a membership certificate for each member and a subscription to our LLC Compliance Alert System that sends 50 periodic email alerts to the members about important LLC operational issues.
- Arizona LLC Operations Manual – When we form Silver & Gold Arizona LLCs we give our clients Richard Keyt’s 170 page book called the Arizona LLC Operations Manual. This book covers 75+ topics the members and managers of AZ LLCs must know.
- Requirements of Arizona Law to Become a Member/Owner of an AZ LLC – Members of an Arizona LLC do not materialize by spontaneous combustion. Arizona LLC law has specific requirements that must be met to become a member of an Arizona limited liability company. If you are or will become a member of an Arizona LLC, make sure your ownership is documented properly.
- How to Form an LLC in Arizona FAQ – Arizona LLC attorney Richard Keyt answers frequently asked questions about How to Form an LLC in Arizona.
- How LLCs Protect Your Life Savings – If you read nothing else on this LLC law website, I urge you to read this article before you go. It explains clearly why you must put your Arizona investment real estate and Arizona business in an Arizona limited liability company to prevent the loss of your life savings and the loss of the economic well-being of yourself and your family.
- Protect Against Bottom Up Creditors – Arizona LLC attorney Richard Keyt created these diagrams to illustrate how an Arizona LLC can protect its owner’s life savings from debts and liabilities of the LLC (the bottom-up-creditor problem). The diagrams also illustrate when with an LLC will not protect all of the owner’s assets, which can occur when claims are brought by top-down-creditors.
- Best Arizona Entity to Form – Why the LLC is the best type of entity to form in Arizona plus an explanation why the charging order is so important for asset protection.
- Asset Protection Rules for Real Estate Investment – Richard Keyt recommends that all Arizona investment real property be owned by an Arizona LLC. The first line of defense is always insurance, but the second line of defense is the LLC. If you own Arizona investment property, you must understand that your life savings are at risk and why most Arizona investment real estate should be held by an Arizona limited liability company.
- How Many LLCs Should I Form for My Properties? – Should you form one LLC or multiple LLCs? Should you put all of your eggs in the same basket? How multiple LLCs can be used to minimize your economic loss if you have a lawsuit and a judgment arising from the activity of one property.
- When to Use a Vehicle LLC for Asset Protection – When and how to use an limited liability company to protect your life savings from vehicle accidents involving drivers other than you (such as children, friends and employees).
- Why You Should Not Put Real Estate & Valuable Assets into an Entity that Operates a Business – Why you should never put all your eggs in one basket.
- Beware the Single Member LLC – If you intend to form or if you have a single member limited liability company, you need to know when a single member LLC does not provide top down creditor protection.
- “Do Single Member LLCs Provide any Asset Protection?” This article debunks the wide spread, but erroneous view that single member LLCs do not provide any asset protection.
- Colorado Court Pierces LLC Veil & Holds Member Liable for LLC’s Debt – This article analyzes the Colorado Court of Appeals case of Martin v. Freeman, which is a perfect bad example with important lessons for all LLC owners.
- Beware of the Stealth General Partnership – A common real estate investment situation is a “TIED,” a ticking improvised explosive device waiting to be detonated. If you have or are considering joining with a friend or friends to buy an Arizona property, you must read this article so you will know how to protect yourself from the loss of your life savings from something your friend might do.
- LLC or Corporation? – Why you should never take advice about the type of entity to form from somebody that tells you to form an “S corporation.” If you think you should form an Arizona corporation instead of an Arizona LLC, you must read this article. There are a lot of reasons why the Arizona corporation is obsolete and people form AZ LLCs 12 times more often than they form Arizona corporations. P.S. Arizona law does not allow for the creation of S corporations.
- Best Arizona Entity to Form – Why the LLC is the best type of entity to form in Arizona plus an explanation why the charging order is so important for asset protection.
- Beware the Nevada LLC Scam – We form limited liability companies in Nevada, Arizona, Delaware and Wyoming, but rarely see a need for a or a Nevada limited liability company or a Nevada corporation. If you are considering forming a a NV corp or a NV LLC, you must read this article before you pull the trigger.
- “10 Critical Facts Every LLC Owner Must Know.” Click on the link to get a free copy of Arizona LLC attorney Richard Keyt’s article that explains the following critically important topics in depth: (10) Member managed or manager managed?, (9) Meetings of members and managers – yes or no?, (8) Deadline to file for S corporation tax status, (7) How a good Operating Agreement can prevent litigation, (6) The LLC’s first line of defense against loss, (5) Does the state of formation affect liability for state income tax?, (4) Why the LLC must document changes of members, (3) Community property & separate property rules, (2) What the LLC must do to avoid a court ordering members to pay the debts of the LLC., (1) WHEN AN LLC WILL NOT PROTECT AN OWNER FROM LIABILITY.
- Two Phases in the Life of an LLC – There are two phases in the life of every LLC. Unfortunately, most people focus only on phase 1 – the formation phase. If your goal in forming an Arizona LLC is to protect your assets you must understand why phase 2 in the life of your LLC is the most important phase.
- What are the Differences Between an Arizona PLLC vs LLC? – Only 3% of Arizona’s 500,000 LLCs are professional limited liability companies (PLLCs).
- How to Form an Arizona Limited Liability Company (long version) – This comprehensive article is Arizona LLC lawyer Richard Keyt’s checklist and detailed explanation about how to create anew Arizona limited liability company. The article is written primarily for people who want to form an AZ LLC without hiring an attorney or document preparer.
- How Do I Form an Arizona Limited Liability Company? – For do-it-yourselfers. This concise article is a step by step guide to the ten steps that must be taken to form every Arizona LLC or PLLC. It includes links to pdf fillable Articles of Organization and Arizona Corporation Commission coversheet plus the text of the Notice of Publication you can cut and paste and edit for your LLC. Watch KEYTLaw Girl Katie Keyt in the video below as she explains the nine steps necessary to form an Arizona LLC. The article contains more information plus links to documents and websites referred to in the video.
- Should You Pay LegalZoom More than an Arizona LLC Attorney to Form an Arizona LLC? – This in depth article compares Arizona LLC attorney Richard Keyt’s LLC formation services and low price with LegalZoom’s high priced LLC formation services and shows why Richard Keyt provides more for less money with higher quality than LegalZoom. The article also illustrates a lot of scary facts about LegalZoom that every potential LegalZoom customer should read before hiring it to “prepare legal documents.” If you read this article from top to bottom and still want to use LegalZoom, I’ll be shocked and would love to know why.
- Arizona LLC lawyer Richard Keyt’s AZ LLC Formation Services – What we do to earn $481/LLC ($597 – $85 ACC expedited filing fee – $25 cost for the AZ LLC portfolio – $6 to mail the portfolio). After you read this description of the services Richard Keyt provides for every LLC he forms you will understand why over people have hired Richard Keyt to form their Arizona LLC.
- Form Your LLC Now – To hire Richard Keyt to form your Arizona LLC, simply complete our online LLC Formation Questionnaire. You can pay with your credit card in our secure online store or call KEYTLaw attorney and former CPA Richard C. Keyt – 480-664-7472 or LLC legal assistant Amanda Duran - 480-664-7846 and give your credit card information over the phone.
- KEYTLaw Girl Shows What Is In Every LLC Portfolio – When we form an Arizona LLC for $597 we don’t just send our clients a stack of papers. We put all of your LLC documents in a beautiful red Arizona Limited Liability Company portfolio with the documents organized behind tabs. Every Silver & Gold LLC gets our custom drafted Articles of Organization, Organizational Resolutions signed by the members, the 50 page Charging Order Enhanced Operating Agreement, the 170 page Arizona LLC Operations Manual and a numbered membership certificate for each member.
- Arizona LLC Operations Manual – When we form Silver & Gold Arizona LLCs we give our clients Richard Keyt’s 170 page book called the Arizona LLC Operations Manual. This book covers 75+ topics the members and managers of AZ LLCs must know.
- Requirements of Arizona Law to Become a Member/Owner of an AZ LLC– Members of an Arizona LLC do not materialize by spontaneous combustion. Arizona LLC law has specific requirements that must be met to become a member of an Arizona limited liability company. If you are or will become a member of an Arizona LLC, make sure you understand the statutory requirements and that your LLC satisfies all of the requirements.
- Who Will Inherit Your Membership Interest in Your Arizona LLC When You Die? – If you own all or a part of an Arizona LLC, you must know who will inherit your LLC membership interest if when you die? The failure to plan now could result in the wrong person(s) inheriting your LLC and require a costly, time-consuming and public probate. This article explains a simple inexpensive method to leave your LLC to your desired heir(s) and avoid probate.
- Your LLC Needs an Operating Agreement – Arizona law does not require Arizona limited liability companies to have an Operating Agreement, but every AZ LLC needs this important document. Read why your LLC needs an Operating Agreement signed by every member. One of the factors a court will consider when deciding whether to pierce the veil and hold the owners liable for the debts of the LLC is whether or not the members signed an Operating Agreement. See Why All Arizona LLCs Need a New LLC Law Compliant Operating Agreement, which describes 19 ways the new LLC law harms members of Arizona LLCs that don’t have an Operating Agreement that eliminates the harms.
- Arizona LLC Operating Agreement FAQ – What all members of an Arizona LLC need to know about LLC Operating Agreements. Beware of using an Operating Agreement that is not prepared to comply with Arizona’s LLC law. An Operating Agreement was not drafted for an Arizona LLC if it does not state what records the LLC must maintain as required by Arizona’s LLC statutes.
- A Multi-Member LLC’s Most Important Document – The incidence of business divorces is much greater than marriage divorces. Richard Keyt recommends without exception that every LLC that has two or more owners (other than a husband and wife owned LLC) have an exit strategy / business pre-nuptial agreement most commonly called a Buy-Sell Agreement. If the owners of a multiple member LLC do not enter into a Buy Sell Agreement when they form their LLC, it is unlikely they will ever do so and the consequences can cost the members big bucks plus extreme mental anguish. This article explains what a Buy Sell Agreement does and how it can contain the members’ exist strategy that saves the members big bucks and eliminates a nasty & expensive member divorce.
- The Confidential LLC – Do you want your name and home address to appear in the Articles of Organization and on the internet on the Arizona Corporation Commission’s website? The Articles of Organization of an Arizona LLC filed with the Arizona Corporation Commission must disclose the name and address of all members except for members who own less than twenty percent of a manager managed LLC. This article explains how to form an Arizona LLC (our Gold LLC package) legally without disclosing the ultimate owners of the LLC.
- How are LLCs Taxed? – Arizona LLC Attorney and former CPA Richard C. Keyt’s in depth article explains the four ways that an LLC can be taxed under the Internal Revenue Code.
- Compare LLC Lawyer Richard Keyt vs Document Preparers – Why you should not hire an unlicensed uninsured document preparer to form your Arizona LLC. This article explains why you would be better off to form your AZ LLC yourself than paying a document preparer.
- Document Preparer LLC Knowledge Test – Do not hire a document preparer to form your Arizona LLC unless he/she/it can pass the LLC fundamental knowledge test.
- Arizona Companies Must Have a Statutory Agent – Every LLC formed in Arizona must have at the time it is formed and at all times thereafter a statutory agent (aka “resident agent” in other states), which is person or entity that satisfies Arizona’s LLC law. The statutory agent must accept the appointment in writing and keep his/her/its address on file with the Arizona Corporation Commission current at all times. For more about see “Arizona Companies Must Have a Statutory Agent.”
- How to Use Self Directed IRA Funds to Form a Limited Liability Company to Make Nontraditional Investments – AZ LLC attorney Richard Keyt’s website called “IRA LLC Law” explains what you need to know to invest your IRA money in real estate and other assets rather than stocks and bonds.
- ACC Entity Statistics – Arizona Corporation Commission stats on number and types of entities formed in AZ since 1981. ACC statistics for its fiscal year ending June 30, 2016, show that 9.7 Arizona LLCs are formed for every Arizona corporation.
- Types of Entities for New Arizona Companies – Explanation and comparison of Arizona limited liability companies, S and C corporations, sole proprietorships, general partnerships, limited partnerships, and trusts.
- New Business Information – Information and websites helpful to starting a new business.
As LLC attorneys one of the most common problems LLC members ask us to resolve is their need for what we call an LLC divorce. Like marriages, over fifty percent of multi-member LLCs reach a point where the members need to split up. An LLC divorce is any situation in which one or more members of a multi-member LLC need to buy out the membership interest of one or more other members. If a multi-member LLC lacks a Buy Sell Agreement then when the need for a company divorce arises the members will be stuck with each other forever unless one of the solutions applies:
- The members agree on how one member will terminate the member’s membership interest, i.e., a mutual and agreeable company divorce.
- One or more members files a lawsuit and asks an Arizona superior court to dissolve the LLC. This is expensive for all the parties and will terminate the LLC’s business. Termination is a financial disaster for a successful business and a big economic loss for all of the members.
- The members signed a Buy Sell Agreement that contains a triggering event that gives one member or the company the right to buy the entire membership interest of another member.
Warning: If your LLC doesn’t have a comprehensive buy sell agreement then your members many not be able to consummate a company divorce without killing the business.
We have a series of articles listed below that will educate you about Buy Sell Agreements and why all multi-member LLCs that have substantial assets or a successful business need must have a comprehensive Buy Sell Agreement. When you start a multi-member LLC you owe it to yourself and the other members to protect everybody by having all the members sign a comprehensive Buy Sell Agreement.
- To Hire the Keyts to Prepare a Buy Sell Agreement Complete our Questionnaire. This questionnaire collects the information the Keyts need to prepare a state-of-the-art comprehensive Buy Sell Agreement for your multi-member Arizona LLC. Take a quick look at the questionnaire to see the large number of options you can select from that gives you complete control over the customization specifically for your LLC.
- A Multi-Member LLC’s Most Important Document. The incidence of business divorces is much greater than marriage divorces. I recommend without exception that every LLC that has two or more owners (other than a husband and wife owned LLC) have an exit strategy (also called a business pre-nuptial agreement) called a Buy-Sell Agreement. If the owners of a multiple member LLC do not enter into a Buy Sell Agreement when they form their LLC, it is unlikely they will ever do so and the consequences can cost the members big bucks plus extreme mental anguish. This article explains what a Buy Sell Agreement does and how it contains the members’ exit strategy that saves the members big bucks and eliminates a nasty & expensive company divorces.
- Take the Test to Determine if Your Buy Sell Agreement Sucks. If you are a party to a Buy Sell Agreement or an Operating Agreement that has buy out provisions you owe it to yourself to take this test to find out if your agreement sucks and needs to be replaced. Most Buy Sell Agreements are prepared by people, including lawyers, who don’t understand the complex legal issues that are needed to have a comprehensive Buy Sell Agreement that does what the members of the LLC want it to do. Don’t wait until after a triggering event occurs that your Buy Sell Agreement sucks.
- See Our List of 17 Optional Triggering Events that Can Start a Buy Out. When you hire us to prepare your Buy Sell Agreement we will ask you to add or delete triggering events from our long list of possible events that could start a buy out of a member’s interest in your LLC.
- Why Members of a Multi-Member LLC are Crazy if They Don’t Sign a Buy Sell Agreement. In practicing LLC law since 1992 I have seen far too many expensive multi-member LLC disasters that could have been avoided if the members of the LLC had signed a comprehensive Buy Sell Agreement or an Operating Agreement that had buy out provisions. To learn more about this important topic read this article.
- Buy Sell Agreements Should Avoid Fixed Price Valuation Methods Like the Plague. A popular method of valuing the membership interest of a member who membership interest is being purchased under a Buy Sell Agreement is the “fixed value” method. When used, the purchase price of a membership interest is based on the stated value agreed on in advance by the members. Read why you should never use the fixed value method to determine the value of a membership interest under a Buy Sell Agreement.
- What is a Shot Gun Buy Out Clause & Why Should It be in Your Buy Sell Agreement? Learn about the shot gun buy out clause and how it can be the exit strategy when members of an LLC need to consummate a company divorce. When the clause is exercised it results in one member of the LLC buying out the entire membership interest of another member, which is what I call a company divorce.
- The Ideal Time to Review Your Buy-Sell Agreement. If your multi-member LLC has a Buy Sell Agreement or buy sell provisions in its Operating Agreement the members owe it to themselves to review the buy sell. The biggest mistake members of a multi-member LLC make after signing a Buy Sell Agreement or an Operating Agreement that has buy sell provisions is they put the agreement in a drawer and never review it to make sure it works as intended. If your LLC has a Buy Sell Agreement or an Operating Agreement with buy sell provisions, please have it reviewed by an LLC attorney who understands and has substantial experience with buy sell agreements.
- Funding a Buy-Sell Agreement With Life Insurance. Learn how the to fund the purchase of a member’s interest in an LLC with life insurance. This is a great way to make sure the family of a deceased member will get paid in full after the death of their loved one who was a party to a Buy Sell Agreement that required the company or other members to buy the interest of the deceased member.
Excellent Buy Sell Agreement Articles by Appraiser Chris Mercer.
Chris Mercer is my number one choice for the person companies should hire to value stock and membership interests when the companies have a Buy Sell Agreement. Unless my clients say no I make Chris Mercer the person named in the Buy Sell Agreements I prepare to appraise the value of a membership when there is a buy out. Chris has the following professional designations:
- Chartered Financial Analyst (The CFA Institute)
- Accredited Senior Appraiser, Fellow (The American Society of Appraisers)
- Accredited in Business Appraisal Review (The National Association of Certified Valuators and Analysts)
See Chris’ great blog about Buy Sell Agreements. Here are some of Chris’ great and informative articles I recommend you read to learn more about the importance of Buy Sell Agreements:
Process buy-sell agreements are buy-sell agreements involving the use of one or more business appraisers in processes specified for determining value. Mercer Capital professionals have been involved in many valuation processes for determining price (valuations) for buy-sell agreements.
The creation of buy-sell agreements involves a certain amount of future-thinking. The parties must think about what could, might, or will happen and write an agreement that will work for all sides in the event an agreement is triggered at some unknown time in the future. This article addresses the important characteristics of buy-sell agreements that are important for business owners and for attorneys advising them.
The Single Appraiser, Select Now and Value Now buy-sell agreement valuation process is the one I recommend for most successful closely held and family businesses. I prefer this single appraiser process as the best available alternative for fixed-price, formula, and multiple appraiser agreements.
Buy-sell agreements exist in many, if not most, closely held businesses having substantial size and/or value. And they exist between corporate joint venture partners in many thousands of enterprises.
Promissory notes are used frequently as a funding mechanism when buy-sell agreements are triggered. However, most buy-sell agreements reflect very little thought or negotiation regarding the promissory notes that they contain.
Booth Computers, a New Jersey family partnership was created in 1976, and in 1978, a related partnership, HCMJ Realty Ltd. was formed, of which Booth was a limited partner. Interests in Booth were given to James, Michael and Claudia Cohen by their father, Robert. A 2011 case tells the story of how the Cohen children obtained their interests, and how Booth and at least one related partnership of which Booth was a limited partner, acquired substantial assets.
Most business owners do not have a current understanding of the details and potential pitfalls that lurk within their own buy-sell agreements. Most view these agreements as obligatory legal documents that can be forgotten about until needed. Unfortunately, when a buy-sell agreement is needed it is too late to fix any problems within the agreement.
Many buy-sell agreement templates call for an appraisal process to resolve the price (i.e., the valuation) for transactions under companies’ agreements upon the occurrence of specified trigger events. We call such agreements process agreements. Quite often, the descriptions of the valuation processes are quite short.
The best time to think about what happens if the business or the relationship between the business owners doesn’t work out is when the business is being formed and business owners are happy.
Several other issues related to valuation should appropriately be addressed in your buy-sell agreements. The following discussion is by no means exhaustive, but includes items that are helpful in minimizing problems or uncertainties with the operation of process buy-sell agreements.
The interests of shareholders (or former shareholders) and corporations (and remaining shareholders) often diverge when buy-sell agreements are triggered.
Many buy-sell agreements are funded, in whole or in part, by life insurance on the lives of individual shareholders, who may be key managers, as well. Life insurance is a tidy solution for funding when it is available and affordable. It is important, however, to think through the implications of life insurance from a valuation perspective whether you are a valuation expert, a business owner or both.
Business appraisers retained pursuant to the operation of buy-sell agreements are normally bound to prepare their valuations in accordance with the kind of value described or defined within the agreements. Confusion over an appraiser’s basis of value, either by appraisers or by users of appraisal reports, can lead to the placing of inappropriately high or low values for a buy-sell agreement transaction. Therefore, it is essential that business appraisers and the parties using appraisals are aware of the correct basis (level) of value.
Buy Chris Mercer’s Book
I purchased Chris’ book called “Buy-Sell Agreements for Closely Held and Family Business Owners or How to Know Your Agreement Will Work Without Triggering It” for $25. I highly recommend this excellent book.
Hire the Keyts to Prepare a Buy Sell Agreement for Your Arizona LLC
We prepare Buy Sell Agreements custom drafted specifically to meet the desires of the members of Arizona LLCs. Our Buy Sell Agreement is the end result of Richard Keyt preparing this type of business agreement many times since practicing law in Arizona since 1980.
We have two prices for our custom drafted Buy Sell Agreement. The prices are:- $1,294 if we formed the LLC within the last 90 days or you are also buying an Operating Agreement for $797.
- $1,994 if we formed the LLC more than 90 days ago or if we did not form the LLC.
1. The purchaser completes and submits our online Buy Sell Agreement Questionnaire.
2. The purchaser pays for the Buy Sell Agreement with a credit card in our secure online store at one of the following links:
a. $1,294 Buy Sell Agreement Order Form if we formed the LLC within the last 90 days.
b. $1,994 Buy Sell Agreement Order Form if we formed the LLC more than 90 days ago or if we did not form the LLC.
c. $2,091 Buy Sell Agreement & Operating Agreement Order Form if we did not form the LLC and you are purchasing a Buy Sell Agreement and an Operating Agreement for $797.
You can also pay by calling my legal assistant Amanda Duran - 480-664-7846 and giving your credit card information over the phone or by sending a check payable to KEYTLaw, LLC, 7373 E. Doubletree Ranch Road, Suite 135, Scottsdale, Arizona 85258.
3. After paying and completing our Questionnaire Richard Keyt will prepare the Buy Sell Agreement within 3 – 5 business days and email it to the LLC’s contact person along with a letter of explanation. These documents are in digital (pdf) format for distribution to all members for their review and input.
4. Members review the Buy Sell Agreement, mark text to be changed and make a list of questions about provisions and additional issues to ask KEYTLaw business and contracts attorney and former CPA Richard C Keyt. The members can email their changes to Richard or call Richard at 480-664-7472 and schedule a phone conference or a conference at our office for Ricky to answer questions about the BSA and determine what changes, if any, the members want to make to the BSA. The BSA comes with one hour of attorney time to discuss the agreement with the members and modify it per the members’ instructions at the meeting. Attorney time incurred beyond one hour will be charged at $295/hour.
5. Richard C. Keyt will revise the Buy Sell Agreement and send it to the contact person as an Adobe pdf file for the signatures of the members. Ricky will also send a pdf version of the agreement that shows the changes we made to the first draft of the BSA.
6. Members can sign the agreement the old fashioned way or we can arrange for digital signatures for no additional cost.
We constantly tell members of multi-member LLCs that the most important company document is the company’s Buy Sell Agreement because it is the only way to plan for the orderly future “divorce” of a member. Without a Buy Sell Agreement, the members are stuck with each other forever unless they are fortunate to agree on who will go, who will stay and how much, if any, the remaining members will pay the selling member.
Our Fee Includes Attorney Consultation & Revision Time
Our fee includes one hour of attorney time conferring with members, modifying the agreement and drafting custom provisions. Few of our LLCs exceed the allotted attorney time to finalize their Buy Sell Agreement. We want the final agreement to contain all of the provisions desired by the members of each LLC. Some LLCs need more custom drafting of provisions for the Operating Agreement or need more conference time with members to discuss the agreement and make changes. We bill the LLC for any excess attorney time at $295 per hour.
How to Hire the Keyts to Form Your New LLC
To hire us to form your Arizona LLC compare the contents of our three LLC packages ($497 Bronze, $797 Silver & $1,297 Gold [the confidential LLC]) and complete our LLC Formation Questionnaire. See the six reasons Why You Should Buy a Gold LLC with a Confidential Trust. This article includes a list of people who won’t inherit your assets unless you provide for them in a will or a trust.
- How to Get a Federal Employer ID Number for an LLC – Arizona LLC attorney Richard Keyt recommends that every LLC obtain a federal employer identification number. Read why and how to get the EIN online using the IRS’ wizard.
- Colorado Court Pierces LLC Veil & Holds Member Liable for LLC’s Debt – This article analyzes the Colorado Court of Appeals case of Martin v. Freeman, which is a perfect bad example with important lessons for all LLC owners.
- Who Will Inherit Your Membership Interest in Your Arizona LLC When You Die? – If you own all or a part of an Arizona LLC, you must know who will inherit your LLC membership interest if when you die? The failure to plan now could result in the wrong person(s) inheriting your LLC and require a costly, time-consuming and public probate. This article explains a simple inexpensive method to leave your LLC to your desired heir(s) and avoid probate.
- When an LLC Must Amend its Articles of Organization – Arizona LLC law provides that on the occurrence of certain events, the LLC must amend its Articles of Organization on file with the Arizona Corporation Commission. Do you know when Arizona law requires an LLC to amend its Articles of Organization? If you are a member of an Arizona LLC, you must make sure your LLC complies with Arizona’s LLC law.
- How to Change LLC’s Name – If you want to change the name of your Arizona LLC, this article will tell you how to do it.
- Operating Agreement Preparation Service – If your existing Arizona LLC needs an Operating Agreement, hire Richard Keyt to prepare it.
- Legal Issues When Buying an Arizona Business: Frequently Asked Questions – If you are considering buying an Arizona business, this must read article explains what you need to know before you sign a purchase contract.
- Arizona Companies Must Have a Statutory Agent – Every LLC formed in Arizona must have at the time it is formed and at all times thereafter a statutory agent (aka “resident agent” in other states), which is person or entity that satisfies Arizona’s LLC law. The statutory agent must accept the appointment in writing and keep his/her/its address on file with the Arizona Corporation Commission current at all times.
- Annual LLC Minutes – Why all AZ LLCs should hold annual meetings and document the meetings with minutes or resolutions.
- Arizona Transaction Privilege Tax License – How to get an Arizona sales tax license (aka a transaction privilege tax license) and an Arizona state tax id number.
- Registering Foreign LLCs to do Business in Arizona – An explanation of how a non-Arizona limited liability company may register as a foreign LLC in Arizona.
- Buy a Custom Drafted Operating Agreement for $$297 (single member & married couple LLCs) or $$797 (multi-member LLCs). Complete our online questionnaire to hire us to prepare an Operating Agreement for your Arizona LLC.
- Common LLC Disasters a Good Operating Agreement Prevents. I urge you to scroll through the disaster table to learn about common LLC problem scenarios that could apply to you and your LLC. The problems arise when the members of an LLC do not have an Operating Agreement or they have an Operating Agreement that does not contain provisions that eliminate the problem. If your LLC has an Operating Agreement it is unlikely that it contains language that addresses any of the problems described below because the person who prepared it is not an Operating Agreement expert who has prepared a lot of Arizona LLC Operating Agreements. Protect yourself, your family and other members of your LLC by purchasing my Operating Agreement (for to be formed LLCs and LLCs that do not have an OA) or my amended and restated Operating Agreement (for LLCs that have a signed OA).
- Why LLCs Need an Operating Agreement. Every Arizona limited liability company should have a written agreement (an “Operating Agreement”) signed by all of its members that governs how the members will deal with their LLC ownership interests and other important company matters. Even single member LLCs should have a written Operating Agreement.
- LLC Operating Agreement FAQ. In Arizona, an Operating Agreement is the name given to an agreement between the members (owners) and managers of an Arizona limited liability company that sets forth their rights and obligations with respect to the company. It is the limited liability company equivalent to a partnership’s partnership agreement or a corporation’s stockholder’s agreement. An operating agreement governs relations:
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- among the members and the managers, and
- between the members and managers and the limited liability company
It may contain any provision that is not contrary to law and that relates to the business of the limited liability company, the conduct of its affairs, its rights, duties or powers and the rights, duties or powers of its members, managers, officers, employees or agents.
- Requirements of Arizona Law to Become a Member/Owner of an AZ LLC –Members of an Arizona LLC do not materialize by spontaneous combustion. Arizona LLC law has specific requirements that must be met to become a member of an Arizona limited liability company. If you are or will become a member of an Arizona LLC, make sure you understand the statutory requirements and that your LLC satisfies all of the requirements.
- How to Add or Remove a Member & Comply with Arizona LLC Law – What to do when your LLC adds or deletes a member or if a member’s interest in the company changes. These changes have legal significance and must be documented properly. The failure to document a change of ownership or percentage interest can result in disputes and expensive litigation.
- When an LLC Must Amend its Articles of Organization – Arizona LLC law provides that on the occurrence of certain events, the LLC must amend its Articles of Organization on file with the Arizona Corporation Commission. Do you know when Arizona law requires an LLC to amend its Articles of Organization? If you are a member of an Arizona LLC, you must make sure your LLC complies with Arizona’s LLC law.
- How to Transfer an LLC to a Trust – This article explains what you need to do to transfer ownership of an Arizona LLC to a trust.
- How to Terminate an AZ LLC – What you need to know about dissolving an existing Arizona limited liability company. Warning: Do not kill your Arizona limited liability company unless you have read this article.
- Arizona LLC Forms – Free Adobe pdf fillable LLC forms such as name reservation, Articles of Organization, submission coversheet, Notice of Publication, list of Arizona Corporation Commission approved newspapers, amendment to Articles of Organization, change of stat agent & change of known place of business and many more forms used by Arizona LLCs.
- IRS Forms Used by LLCs – Links to IRS online federal employer Id number wizard, IRS Forms SS-4 (Application for Employer ID Number), SS-4 Instructions, 8832 (Entity Classification Election – used to elect to be taxed as a C corporation), 2553 (Election by a Small Business Corporation – used to elect to be taxed as an S corporation), Instructions to Form 8832.
- Promissory Note & Loan Forms – Purchase our Arizona attorney prepared loan documents: Promissory Note, Security Agreement, Deed of Trust, Guaranty, Borrowing Resolutions
- How to Incorporate in Arizona – For Profit Corporations – a step by step guide for do-it-yourselfers. Be sure to prepare the Bylaws, organizational resolutions and the Conflicts of Interest Policy, all of which are required by Arizona corporate law.
- Arizona For Profit Corporation Formation Service $995. – The 19 services we provide and the 7 documents we prepare when we form an AZ for profit corporation
- How to Form an Arizona Nonprofit Corporation – Another guide for people who want to form their own nonprofit corporation. Beware: Nonprofit corporations are more complex than vanilla for profit corporations. In addition to the required Bylaws, organizational resolutions and the Conflicts of Interest Policy, nonprofits that intend to become tax exempt charitable organizations should also prepare the following policies recommended by the IRS: Whistle Blower Policy, Document Retention & Destruction Policy, Gift Acceptance Policy, Travel & Expense Reimbursement Policy, Compensation Policy and Joint Venture Policy.
- Arizona Nonprofit Corporation Formation Service $1,297. – The 29 services we provide & 16 documents we prepare when we form an AZ nonprofit corporation.
- LLC or Corporation? – Why you should never take advice about the type of entity to form from somebody that tells you to form an “S corporation.” If you think you should form an Arizona corporation instead of an Arizona LLC, you must read this article. There are a lot of reasons why the Arizona corporation is obsolete and people from AZ LLCs eight times more often than they form Arizona corporations. P.S. Arizona law does not allow for the creation of S corporations.
- Beware the Nevada Incorporation Scam – We form limited liability companies in Nevada, Arizona, Delaware and Wyoming, but more often than not it is a mistake to form a Nevada corporation or a Nevada LLC. There is a lot of bad information about Nevada corporations on the radio and on the internet so do yourself a favor and read this article before you form a NV corp or NV LLC.
- Corporate Application to Transaction Business in Arizona Service Agreement – Complete this online agreement to hire Richard Keyt to prepare the documents to register a non-Arizona corporation to do business in Arizona
- Statutory Agent / Known Place of Business Questionnaire – Hire KEYTLaw, LLC to be the statutory agent for an Arizona entity of for an out of state entity that needs an Arizona statutory agent.
- IRS Forms Used by New Corporations – Links to IRS online federal employer Id number wizard, IRS Forms SS-4 (Application for Employer ID Number), SS-4 Instructions, 8832 (Entity Classification Election – used to elect to be taxed as a C corporation), 2553 (Election by a Small Business Corporation – used to elect to be taxed as an S corporation), Instructions to Form 8832
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