Heads up! Whether you already own a limited liability company for real estate or other purposes or have plans to start a company in the near future, Arizona has a new set of laws that will change how limited liability companies operate. These new laws likely require an amendment to your existing documents.
More specifically, the Arizona Limited Liability Company Act (the “Act”) completely replaces the existing set of limited liability company statutes that have been in place in Arizona since 1992. Now, any new LLC created on or after September 1, 2019, must comply with the Act. And, on September 1, 2020, the Act will apply to all existing limited liability companies.