{"id":474,"date":"2011-05-31T10:39:53","date_gmt":"2011-05-31T17:39:53","guid":{"rendered":"http:\/\/www.keytlaw.com\/azllclaw\/?page_id=474"},"modified":"2019-09-01T08:33:06","modified_gmt":"2019-09-01T15:33:06","slug":"ars-section-29-609","status":"publish","type":"page","link":"https:\/\/www.keytlaw.com\/azllclaw\/arizona-llc-statutes\/article-1\/ars-section-29-609\/","title":{"rendered":"ARS Section 29-609 Purpose; Insurance Business"},"content":{"rendered":"<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">B. A limited liability company shall not be an insurer as defined in <a href=\"http:\/\/www.azleg.gov\/ars\/20\/00104.htm\" target=\"_blank\" rel=\"noopener noreferrer\">section 20-104<\/a> unless as a title insurance agent as defined in <a href=\"http:\/\/www.azleg.gov\/ars\/20\/01562.htm\" target=\"_blank\" rel=\"noopener noreferrer\">section 20-1562<\/a> or as a pure captive insurer as defined in <a href=\"http:\/\/www.azleg.gov\/ars\/20\/01098.htm\" target=\"_blank\" rel=\"noopener noreferrer\">section 20-1098<\/a> 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&#8217;s initial investment in the limited liability company.<\/p>\n<p style=\"text-align: justify;\"><p style=\"text-align: justify;\"><strong>Note<\/strong>:\u00a0 This statute was repealed on September 1, 2020.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s initial investment in the limited liability company.<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":270,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"om_disable_all_campaigns":false,"footnotes":""},"class_list":["post-474","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Arizona Revised Statutes Section 29-609<\/title>\n<meta name=\"description\" content=\"Arizona LLC Law: The actual text of repealed Arizona Revised Statutes Section 29-609 Purpose; 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