LLC Articles of Organization & Operating Agreement

Mar 09, 2015 By Levi Hatch In Business No Comment Tags : , , ,

When you establish a limited liability company (LLC), there are certain documents that you must have to govern the business. We can help you create these documents and ensure that your business is in compliance with the law and provides you the protection it is intended to provide. Below are two important documents you will need for your LLC:

Articles of Organization

The Articles of Organization (“Articles”) is a document that every LLC must file with the Arizona Corporation Commission. The Articles should provide the following pieces of information:

  • The LLC’s name
  • The name of the service agent for the LLC
  • The service agent’s address in Arizona
  • The Arizona address for the LLC
  • The date when the LLC will dissolve, unless the duration is perpetual
  • How the LLC will be managed, whether by managers or the members
  • The names and address of the managers and members with a 20% or greater share of ownership

Operating Agreements

The operating agreement is the document that establishes the structure for your business. It outlines the relationship between the managers and the members. Below are a few of the topics that https://www.rossitchpediatricdentistry.com/buy-clomid/ should be covered in an operating agreement:

  • A description of the member’s rights and their percentage of ownership in the LLC
  • The voting rights of each member and manager
  • The distribution of operational duties and obligations
  • A schedule and details for meeting requirements
  • The capital contribution requirements and how they will be made
  • Clearly state the percentage of ownership of each member
  • Identify how distributions will be made
  • How profits and losses will be allocated
  • Address liabilities, taxes and creditor issues
  • How termination, buyout, buy-sell and death of a member will be handled
  • Outline dissolution requirements

The above is a short description of the two primary documents you need when establishing a limited liability company. There are many other legal obligations to consider when forming a LLC. Let us help answer your questions and provide you with the advice and guidance you need. Nielsen Law Group has offices in Chandler, Tempe, Gilbert, AZ and Redlands, CA. Our attorneys and professional staff combine their in-depth knowledge of the law with practical and efficient strategies to determine the most effective approach to each client’s unique situation. Contact us today.