Any limited liability company in Arizona should have a written agreement (an „enterprise agreement“) signed by all its members, which regulates how members handle their LLC property interests and other important corporate matters. Even single-member NMCs should have a written enterprise agreement. Warning: If members of a limited liability company in Arizona do not accept a full written enterprise agreement, their rights and obligations will be provided for each other and the company in accordance with the standard provisions of Arizona law. Confidence in Arizona`s law regulating your limited liability company can have significant unintended and harmful consequences. Thus, Arizona law provides that in the absence of a written agreement to the contrary, all distributions of the company`s money and assets to members must first be proportional to the amount of unpaid contributions from members and then equally to members. See A.R.S. 29-703.B. The agreement is particularly important in the condominium states because it provides for the choice to be taxed as an unsuscized entity and to file the personal tax return of the husband and wife, removing the need to file a return on Form 1065. You must file a common tax return and meet other requirements in your country.
(This optional choice is in section 3 of the form and is highlighted for you to see.) If you own your LLC with your spouse and/or other members, it is important to document how your business is governed, for example. (b) the distribution of membership fees, important decisions, voting rights and the distribution of profits and losses. This is what happens in the company`s enterprise agreement. You can choose that one spouse intentionally owns a larger percentage of your LLC member units than the other. However, if you live in a state of community property and divorce, the courts will likely be able to bear that you and your spouse have the same ownership rights over your LLC, regardless of your business agreement. Community property rights may have unintended consequences for the LLC and, if the LLC is or could be held by multiple members, for the other members. Business creators who create an LLC with a co-owner do so because they want to be in business with the co-owner. The same may not be true for the co-owner`s spouse. Community property rights can force a co-owner to enter into a business relationship with someone he or she barely knows. If you create an LLC, you must identify the company`s registered agent. This is the person or company authorized to accept government and legal information on behalf of the company.
You or your spouse may be the registered agent for your business if you are physically in the state where you are registering your business. There are nine community real estate states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. When an LLC member living in one of these states forms an LLC, that member`s spouse generally has community economic property of the LLC. Even if the spouse is not mentioned in the documents, the interest of the common property may allow the spouse to manage, control or transfer an affiliation interest to the LLC. One of the main purposes of a contract is to prevent the spouse of the LLC member from violating the terms of the agreement.