ARIZONA HOUSE OF REPRESENTATIVES

Fifty-fourth Legislature

Second Regular Session

Senate: COM DP 5-0-3-0 | 3rd Read 30-0-0-0

SB 1114: limited liability companies

Sponsor:  Senator Pace, LD 25

Committee on Commerce

Overview

Updates statutory references regarding the repeal of Title 29, Chapter 4 Limited Liability Company (LLC) Act.

History

Laws 2018, Chapter 168 repealed the Limited Liability Company Act of 1992, which consists of A.R.S., Title 29, Chapter 4 and established the Limited Liability Company Act of 2019 which consists of A.R.S., Title 29, Chapter 7.  Further the legislation revised LLC requirements relating to operating agreements, standards of conduct, transferable interest, dissolution and winding up process and actions of members of a member-managed LLC and foreign LLC.  In accordance with the legislation, Title 29, Chapter 4 will be repealed September 1, 2020.

Provisions

1.    Removes and replaces statutory references of statute set to repeal with statute as enacted on September 1, 2020 regarding LLCs. (Sec. 1, 2, 3, 4, 5, 6, 7, 8, 11, 12, 13, 14)

2.    Clarifies the requirements for a corporate name. (Sec. 3, 4, 5)

3.    Clarifies the Arizona Corporation Commission may administratively dissolve an LLC which does not have a principal address for at least 60 consecutive days regardless of location. (Sec. 10)

4.    Becomes effective September 1, 2020. (Sec. 15)

5.    ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteMakes technical and conforming changes. (Sec. 2, 9, 11, 13, 14)

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9.                      SB 1114

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