What should I know about the formation, operation, and dissolution of LLCs?

Forming an LLC in Arizona requires that you submit the Articles of Organization to the Arizona Corporation Commission and pay the applicable filing fee. The Articles of Organization must include specific information about the LLC, such as its name, formation date, the purpose of forming the LLC, the registered agent’s name and address, the initial registered office’s name and address, and the names and addresses of the LLC’s organizers. Once the LLC is formed, the members are responsible for keeping proper records and filing all required annual reports. Generally, LLC members must agree to an operating agreement that outlines the rights and responsibilities of the members, such as how profits and losses will be allocated, decision-making responsibilities, and financial information related to the LLC. When the time comes to dissolve the LLC, the members must file a Certificate of Dissolution with the Arizona Corporation Commission and pay the applicable filing fee. This document must contain the name of the LLC, its address, and the date of dissolution, as well as the names and signatures of the members. The LLC’s members must also pay or distribute any remaining assets to the appropriate creditors or members. Additionally, all records and documents related to the LLC’s operations must be filed and preserved according to Arizona law.

Related FAQs

What type of licenses or permits do I need to open a business in my state?
What type of business entities are covered under small business law?
What are the laws and regulations pertaining to consumer protection?
What should I be aware of when making purchases for my business?
What are the laws regarding real estate and leasing?
How do I create a small business entity?
What should I know about filing for business bankruptcy?
What are the laws and regulations regarding online payment processing?
What are the requirements and regulations for advertising my business?
What should I consider when developing a corporate anticorruption policy?

What should I know about the formation, operation, and dissolution of LLCs?

Related FAQs

Related Blog Posts