The Arizona Operating Agreement form is a crucial document for Limited Liability Companies (LLCs) operating in the state of Arizona. This form outlines the management structure, responsibilities, and operational procedures of the LLC, ensuring all members are on the same page. By establishing clear guidelines, the Operating Agreement helps protect the interests of all parties involved, making it an essential tool for any business owner.
The Arizona Operating Agreement form serves as a crucial document for limited liability companies (LLCs) in the state. It outlines the internal workings of the company, detailing the rights and responsibilities of members and managers. This agreement typically covers key aspects such as ownership percentages, profit distribution, and decision-making processes. It also addresses procedures for adding or removing members, as well as what happens in the event of a member's departure or death. By establishing clear guidelines, the Operating Agreement helps to prevent disputes among members and provides a framework for resolving issues that may arise. Additionally, having a well-drafted agreement can enhance the credibility of the LLC in the eyes of banks and investors, making it easier to secure financing and attract partners. Overall, the Arizona Operating Agreement is not just a formality; it is an essential tool for ensuring the smooth operation and longevity of a business. Understanding its components and implications is vital for anyone involved in forming or managing an LLC in Arizona.
Arizona Limited Liability Company Operating Agreement
This Operating Agreement ("Agreement") is made and entered into effective as of _____ [date], by and among the undersigned members of _____ [Company Name], an Arizona Limited Liability Company ("Company"). This Agreement is intended to govern the affairs of the Company and the conduct of its business, in accordance with the Arizona Limited Liability Company Act (the "Act").
1. Formation
The members hereby confirm that the Company was formed by filing the Articles of Organization with the Arizona Corporation Commission and that the members intend to operate the Company as a Limited Liability Company under and pursuant to the laws of the State of Arizona.
2. Name and Principal Place of Business
The name of the Company is _____ [Company Name] and its principal place of business shall be _____ [Principal Business Address], or such other place as the Members may from time to time designate.
3. Term
The term of the Company commenced on the date the Articles of Organization were filed with the Arizona Corporation Commission and shall continue until dissolved in accordance with this Agreement or the Act.
4. Purpose
The purpose of the Company is to engage in any lawful act or activity for which a Limited Liability Company may be organized under the Act.
5. Capital Contributions
The members have contributed capital to the Company as described in Exhibit A, attached hereto and made a part hereof. No member shall be obligated to contribute any additional capital to the Company except as agreed by all members in writing.
6. Distribution of Profits and Losses
Profits and losses of the Company shall be allocated and distributed among the members in accordance with the percentages shown in Exhibit A. Such distributions shall occur at such times and in such amounts as the members shall determine.
7. Management
The Company shall be managed by its members. Each member shall have authority and control over the business affairs of the Company in proportion to their respective ownership interests as outlined in Exhibit A.
8. Meetings of Members
The Company shall hold annual meetings of the members and any other meetings as required by the Act or as deemed necessary by the members. Notice of meetings shall be given in a timely manner to all members.
9. Assignability
No member may assign, transfer, or sell their interest in the Company without the written consent of the other members, which shall not be unreasonably withheld.
10. Dissolution
Upon the occurrence of any event that constitutes a dissolution event under the Act, the Company shall be dissolved. Following dissolution, the Company's affairs shall be wound up, and its assets shall be distributed in accordance with the Act and this Agreement.
11. Amendments
This Agreement can only be amended by a written document signed by all members.
12. Governing Law
This Agreement shall be governed by and interpreted in accordance with the laws of the State of Arizona.
IN WITNESS WHEREOF, the undersigned have executed this Operating Agreement as of the date first above written.
Members:
Exhibit A: Capital Contributions and Ownership Interest
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