{"id":9756,"date":"2018-05-01T09:06:01","date_gmt":"2018-05-01T16:06:01","guid":{"rendered":"https:\/\/www.keytlaw.com\/azllclaw\/?p=9756"},"modified":"2018-05-06T10:17:25","modified_gmt":"2018-05-06T17:17:25","slug":"act-29-3404","status":"publish","type":"post","link":"https:\/\/www.keytlaw.com\/azllclaw\/2018\/05\/act-29-3404\/","title":{"rendered":"New LLC Law Warning:  Beware of Section 29-3404.A"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Why LLCs Must Have an ALLCA Compliant Operating Agreement: Reason # 1<br \/>\n<\/strong><\/p>\n<p style=\"text-align: justify;\">Arizona&#8217;s new LLC law called the Arizona Limited Liability Company Act (ALLCA) effective September 1, 2019, contains many traps for members and managers of Arizona LLCs.\u00a0 The only way members and managers of Arizona LLCs can protect themselves against ALLCA traps is by signing an Operating Agreement that eliminates ALLCA&#8217;s problem provisions.<\/p>\n<p style=\"text-align: justify;\">One of the most potentially damaging ALLCA provisions is Arizona Revised Statutes\u00a0Section 29-3404.A.\u00a0 This statute states:<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">&#8220;Any distribution made by a limited liability company before its dissolution and winding up <span style=\"color: #ff0000;\"><strong>must be in equal shares among Members<\/strong><\/span>.&#8221;<\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\">This statute means that an Arizona LLC taxed as a partnership or S corporation with taxable income of $10,000 in 2021 that is owned 90% by Homer Simpson and 10% by Ned Flanders will:<\/p>\n<ul>\n<li style=\"text-align: justify;\">Allocate $9,000 of the income to Homer who will pay the tax on that amount.<\/li>\n<li style=\"text-align: justify;\">Allocate $1,000 of the income to Ned who will pay the tax on that amount.<\/li>\n<li>Distribute $5,000 to Homer.<\/li>\n<li>Distribute $5,000 to Ned.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong>ALLCA Section 29-3404.A causes the $10,000 of income to be distributed equally to each member.<\/strong><\/span><\/p>\n<p><strong>How to Avoid the\u00a0Section 29-3404.A Problem<\/strong><\/p>\n<p style=\"text-align: justify;\">Homer and Ned should sign an ALLCA compliant Operating Agreement that eliminates the default problems contained in ALLCA.\u00a0 Their Operating Agreement should have language in it that eliminates\u00a0Section 29-3404.A .<\/p>\n<p style=\"text-align: justify;\"><strong>FYI<\/strong>:\u00a0 All of my Operating Agreements eliminate the\u00a0Section 29-3404.A problem and are 100% ALLCA compliant.\u00a0 ALLCA compliant means my Operating Agreements are drafted to eliminate many of the inherent problems that ALLCA creates such as Section 29-3404.A .<\/p>\n<p style=\"text-align: justify;\"><!--more--><\/p>\n<p style=\"text-align: justify;\"><strong>Subscribe to Our Free ALLCA Email List to Learn about Arizona\u2019s New LLC Law<\/strong><\/p>\r\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.keytlaw.com\/azllclaw\/list\/\">Click on this link to join our free ALLCA email newsletter list<\/a> to learn about Arizona\u2019s new limited liability company law.<\/p>\n<p style=\"text-align: justify;\"><strong>How to Hire Richard Keyt to Prepare a Custom Operating Agreement<\/strong><\/p>\r\n<p style=\"text-align: justify;\"><strong>Option 1: Form a New LLC with a Custom Operating Agreement<\/strong>: When you hire me, Arizona LLC attorney <a href=\"http:\/\/www.keytlaw.com\/attorneys-staff\/richard-keyt\/\">Richard Keyt<\/a> who has formed 10,000+ and has 406 <a href=\"https:\/\/birdeye.com\/keytlaw-llc-147983304225680\" target=\"_blank\" rel=\"noopener noreferrer\">five star Google &amp; Facebook reviews)<\/a>, to form a new LLC I will prepare a custom Operating Agreement.\u00a0 Complete our online <a href=\"https:\/\/azllc.com\/llcq\/\" target=\"_blank\" rel=\"noopener noreferrer\">LLC formation questionnaire<\/a> or call me at 480-664-7478 and give me your information. We form new LLCs and get them approved by the Arizona Corporation Commission the same day we are paid and you approve the LLC formation questionnaire you submit to us.\u00a0 See the \u201c<a href=\"https:\/\/azllc.com\/contents\/\" target=\"_blank\" rel=\"noopener noreferrer\">contents of the Bronze ($497), Silver ($897) &amp; Gold ($1,397) LLC packages<\/a>.<\/p>\r\n<p style=\"text-align: justify;\"><strong>Option 2: Purchase a Custom Operating Agreement<\/strong>:\u00a0 If your Arizona LLC's Operating Agreement was drafted for the obsolete Arizona LLC law or if it doesn't have an Operating Agreement its members should hire us to draft a custom Operating Agreement by submitting our online <a href=\"https:\/\/azllc.com\/oaq\/\" target=\"_blank\" rel=\"noopener noreferrer\">Operating Agreement questionnaire<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why LLCs Must Have an ALLCA Compliant Operating Agreement: Reason # 1 Arizona&#8217;s new LLC law called the Arizona Limited Liability Company Act (ALLCA) effective September 1, 2019, contains many traps for members and managers of Arizona LLCs.\u00a0 The only way members and managers of Arizona LLCs can protect themselves against ALLCA traps is by signing an Operating Agreement that eliminates ALLCA&#8217;s problem provisions. One of the most potentially damaging ALLCA provisions is Arizona Revised Statutes\u00a0Section 29-3404.A.\u00a0 This statute states: &#8220;Any distribution made by a limited liability company before its dissolution and winding up must be in equal shares among Members.&#8221; This statute means that an Arizona LLC taxed as a partnership or S corporation with taxable income of $10,000 in 2021 that is owned 90% by Homer Simpson and 10% by Ned Flanders will: Allocate $9,000 of the income to Homer who will pay the tax on that amount. Allocate $1,000 of the income to Ned who will pay the tax on that amount. Distribute $5,000 to Homer. Distribute $5,000 to Ned. ALLCA Section 29-3404.A causes the $10,000 of income to be distributed equally to each member. How to Avoid the\u00a0Section 29-3404.A Problem Homer and Ned should sign an ALLCA compliant Operating Agreement that eliminates the default problems contained in ALLCA.\u00a0 Their Operating Agreement should have language in it that eliminates\u00a0Section 29-3404.A . FYI:\u00a0 All of my Operating Agreements eliminate the\u00a0Section 29-3404.A problem and are 100% ALLCA compliant.\u00a0 ALLCA compliant means my Operating Agreements are drafted to eliminate many of the inherent problems that ALLCA creates such as Section 29-3404.A .<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[830],"tags":[],"class_list":["post-9756","post","type-post","status-publish","format-standard","hentry","category-new-arizona-llc-act"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New LLC Law Warning: Beware of Section 29-3404.A - Arizona LLC Law %<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.keytlaw.com\/azllclaw\/2018\/05\/act-29-3404\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New LLC Law Warning: Beware of Section 29-3404.A\" \/>\n<meta property=\"og:description\" content=\"Why LLCs Must Have an ALLCA Compliant Operating Agreement: Reason # 1 Arizona&#8217;s new LLC law called the Arizona Limited Liability Company Act (ALLCA) effective September 1, 2019, contains many traps for members and managers of Arizona LLCs.\u00a0 The only way members and managers of Arizona LLCs can protect themselves against ALLCA traps is by signing an Operating Agreement that eliminates ALLCA&#8217;s problem provisions. One of the most potentially damaging ALLCA provisions is Arizona Revised Statutes\u00a0Section 29-3404.A.\u00a0 This statute states: &#8220;Any distribution made by a limited liability company before its dissolution and winding up must be in equal shares among Members.&#8221; This statute means that an Arizona LLC taxed as a partnership or S corporation with taxable income of $10,000 in 2021 that is owned 90% by Homer Simpson and 10% by Ned Flanders will: Allocate $9,000 of the income to Homer who will pay the tax on that amount. Allocate $1,000 of the income to Ned who will pay the tax on that amount. Distribute $5,000 to Homer. Distribute $5,000 to Ned. ALLCA Section 29-3404.A causes the $10,000 of income to be distributed equally to each member. How to Avoid the\u00a0Section 29-3404.A Problem Homer and Ned should sign an ALLCA compliant Operating Agreement that eliminates the default problems contained in ALLCA.\u00a0 Their Operating Agreement should have language in it that eliminates\u00a0Section 29-3404.A . FYI:\u00a0 All of my Operating Agreements eliminate the\u00a0Section 29-3404.A problem and are 100% ALLCA compliant.\u00a0 ALLCA compliant means my Operating Agreements are drafted to eliminate many of the inherent problems that ALLCA creates such as Section 29-3404.A .\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.keytlaw.com\/azllclaw\/2018\/05\/act-29-3404\/\" \/>\n<meta property=\"og:site_name\" content=\"Arizona LLC Law\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/keytlaw\" \/>\n<meta property=\"article:author\" content=\"http:\/\/www.facebook.com\/keytlaw\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-01T16:06:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-05-06T17:17:25+00:00\" \/>\n<meta name=\"author\" content=\"Richard Keyt\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Richard Keyt\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2018\\\/05\\\/act-29-3404\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2018\\\/05\\\/act-29-3404\\\/\"},\"author\":{\"name\":\"Richard Keyt\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/#\\\/schema\\\/person\\\/9d6c74d30296559f95e238fa25182391\"},\"headline\":\"New LLC Law Warning: Beware of Section 29-3404.A\",\"datePublished\":\"2018-05-01T16:06:01+00:00\",\"dateModified\":\"2018-05-06T17:17:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2018\\\/05\\\/act-29-3404\\\/\"},\"wordCount\":275,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/#organization\"},\"articleSection\":[\"New Arizona LLC Act\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2018\\\/05\\\/act-29-3404\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2018\\\/05\\\/act-29-3404\\\/\",\"url\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2018\\\/05\\\/act-29-3404\\\/\",\"name\":\"New LLC Law Warning: Beware of Section 29-3404.A - Arizona LLC Law %\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/#website\"},\"datePublished\":\"2018-05-01T16:06:01+00:00\",\"dateModified\":\"2018-05-06T17:17:25+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2018\\\/05\\\/act-29-3404\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2018\\\/05\\\/act-29-3404\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2018\\\/05\\\/act-29-3404\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New LLC Law Warning: Beware of Section 29-3404.A\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/#website\",\"url\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/\",\"name\":\"Arizona LLC Law\",\"description\":\"Information about Forming &amp; Operating Arizona LLCs\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/#organization\",\"name\":\"KEYTLaw, LLC\",\"url\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/wp-content\\\/uploads\\\/logo.png\",\"contentUrl\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/wp-content\\\/uploads\\\/logo.png\",\"width\":500,\"height\":500,\"caption\":\"KEYTLaw, LLC\"},\"image\":{\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"http:\\\/\\\/www.facebook.com\\\/keytlaw\",\"https:\\\/\\\/x.com\\\/azestateplanner\",\"http:\\\/\\\/www.linkedin.com\\\/pub\\\/richard-keyt\\\/5\\\/a88\\\/a30\\\/\",\"https:\\\/\\\/www.youtube.com\\\/user\\\/keytlaw\"],\"description\":\"We are Arizona attorneys who have formed 9,000+ Arizona LLCs. 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One of the most potentially damaging ALLCA provisions is Arizona Revised Statutes\u00a0Section 29-3404.A.\u00a0 This statute states: &#8220;Any distribution made by a limited liability company before its dissolution and winding up must be in equal shares among Members.&#8221; This statute means that an Arizona LLC taxed as a partnership or S corporation with taxable income of $10,000 in 2021 that is owned 90% by Homer Simpson and 10% by Ned Flanders will: Allocate $9,000 of the income to Homer who will pay the tax on that amount. Allocate $1,000 of the income to Ned who will pay the tax on that amount. Distribute $5,000 to Homer. Distribute $5,000 to Ned. ALLCA Section 29-3404.A causes the $10,000 of income to be distributed equally to each member. 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We also prepare wills, trusts and estate plans to protect our clients' most valuable assets - their loved ones.","email":"rk@keytlaw.com","telephone":"480-664-7478","legalName":"KEYTLaw, LLC","foundingDate":"2001-06-01","numberOfEmployees":{"@type":"QuantitativeValue","minValue":"1","maxValue":"10"}},{"@type":"Person","@id":"https:\/\/www.keytlaw.com\/azllclaw\/#\/schema\/person\/9d6c74d30296559f95e238fa25182391","name":"Richard Keyt","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/be46af086de7d79cb650301f8e2188550999d39b68ef6226ddae375f7b4c0778?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/be46af086de7d79cb650301f8e2188550999d39b68ef6226ddae375f7b4c0778?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/be46af086de7d79cb650301f8e2188550999d39b68ef6226ddae375f7b4c0778?s=96&d=mm&r=g","caption":"Richard Keyt"},"description":"The author of this article is Richard Keyt, an Arizona limited liability company and estate planning attorney who has formed 9,800+ LLCs. His Silver &amp; Gold LLC packages include the $85 expedited filing fee, a custom Operating Agreement and 170 ebook called the \"Arizona LLC Operations Manual.\" Read Rick's 400 five star Google &amp; Birdeye reviews. Connect with Richard at 480-664-7478 or send him an email message at rk@keytlaw.com. Make a free office, phone or Zoom meeting appointment using his online calendar.","sameAs":["https:\/\/www.keytlaw.com\/","http:\/\/www.facebook.com\/keytlaw","http:\/\/www.linkedin.com\/pub\/richard-keyt\/5\/a88\/a30\/","https:\/\/x.com\/azestateplanner","http:\/\/www.youtube.com\/keytlaw"],"gender":"male","jobTitle":"Estate Planning & LLC Attorney","worksFor":"KEYTLaw, LLC"}]}},"views":7860,"_links":{"self":[{"href":"https:\/\/www.keytlaw.com\/azllclaw\/wp-json\/wp\/v2\/posts\/9756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.keytlaw.com\/azllclaw\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.keytlaw.com\/azllclaw\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.keytlaw.com\/azllclaw\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.keytlaw.com\/azllclaw\/wp-json\/wp\/v2\/comments?post=9756"}],"version-history":[{"count":0,"href":"https:\/\/www.keytlaw.com\/azllclaw\/wp-json\/wp\/v2\/posts\/9756\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.keytlaw.com\/azllclaw\/wp-json\/wp\/v2\/media?parent=9756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.keytlaw.com\/azllclaw\/wp-json\/wp\/v2\/categories?post=9756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.keytlaw.com\/azllclaw\/wp-json\/wp\/v2\/tags?post=9756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}