The new Arizona LLC Law is in effect for new LLCs and existing LLCs will need to comply with the law by September 2020. Meantime, an Arizona Supreme Court decision from June 2019 effectively mandates all LLCs adopt the new Arizona LLC Law.
The new law is a stark change in Arizona LLC law in that it requires a fiduciary relationship between LLC managers, members and member-managers, and the LLC entity.
This affects broker and agent agency and fiduciary duties as well.The new Arizona LLC law embeds default liability you or your client may wish to diminish or change. To make those changes, the Operating Agreement needs to address the specific issues of concern.
Watch as Jennings Strouss Attorneys David Brnilovich and Garrett Olexa discuss these and other issues facing investors, REALTORS and business owners at the October 22, 2019 WeMAR Government Affairs Advisory Council Meeting:
New Arizona LLC law with David Brnilovich from Liz Recchia – WeMAR GAD on Vimeo.
Read more about the New Arizona LLC law and the Az Supreme Court decision at www.weservgad.org. You may wish to listen to the podcast as well on the C-Suite Radio Network, iHeart Radio or Spotify.