Question: My limited liability company needs money. How do I get my money into the LLC?
Answer: There are two ways a member of a limited liability company funds the LLC:
Purchase an Editable Promissory Note & Member Resolution
The KEYTForms store sells a form Promissory Note and a form Resolution of Members authorizing the member loan. Each form is $47, is a downloadable & editable Word file, and comes with instructions on how to edit the form.
Question: Does Arizona LLC law require that an Arizona limited liability company file an annual report with the Arizona Corporation Commission?
Answer: No. One of the benefits of an Arizona LLC is that it does not have to file an annual report with the Arizona Corporation Commission or pay an annual fee to exist. Most if not all other states require LLCs to file and annual report and pay a fee. California is the worst. It requires LLC’s to not only file an annual report, but pay an annual gross receipts tax of a minimum of $800.
Unfortunately Arizona corporate law requires Arizona corporations to file an annual report and pay a $45 fee (for profit corporations) or a $10 fee (nonprofit corporations). Every year approximately ten percent of Arizona’s existing for corporations fail to file their annual report and are terminated by the Arizona Corporation Commission. This is one of the reasons the Arizona LLC is a better choice of entity than an Arizona corporation.
Corporate Annual Report Reminders: Although the ACC no longer mails annual report forms to corporations it does provide an annual email reminder, but you must subscribe on the ACC’s website to get the reminder. If you have an Arizona corporation and you want to get a reminder every year from the ACC that the corporation’s annual report is due go to your entity’s record and then click on the “Subscribe to Annual Report Email Reminder” button and follow instructions.
The post Do Arizona LLCs File Annual Reports with the State? appeared first on Arizona Limited Liability Company Law.
Question: When will the Arizona Corporation Commission review the Articles of Organization of my new Arizona limited liability company?
Answer: The amount of time the ACC takes to review Articles of Organization filed to create a new Arizona LLC depends on the whether the filing fee paid to the ACC was the $50 standard fee or the $85 epedited filing fee. In general the ACC will review new Articles of Organization as follows:
Go to the ACC’s document processing time web page to see exactly the filing date of documents that the ACC is currently reviewing. Compare the Expedited ($85 filing fee) or the Nonexpedited Filing ($50 filing fee) processing times in business days for new LLCs with the received date stamped on the first page of the Articles of Organization that we emailed to you.
One of the advantages of purchasing our Silver or Gold LLC formation packages is that both of these packages include our payment of the $85 expedited filing fee. Our Bronze LLC formation package Articles of Organization are filed using the standard $50 filing fee, which results in the much longer ACC review and approval.
The post When Will the Arizona Corporation Commission Review My LLC’s Articles? appeared first on Arizona Limited Liability Company Law.
Question: After I filed the Articles of Organization for my Arizona LLC my LLC moved its place of business. Should I notify the Arizona Corporation Commission about the address change?
Answer: Yes. Arizona LLC law requires that whenever an Arizona LLC changes it address the LLC must notify the ACC of its new address within thirty days of the change.
To change the address of your LLC with the ACC complete the Arizona Corporation Commission’s LLC Statement of Change of Known Place of Business. Print the change of address form and send to the Arizona Corporation Commission at Arizona Corporation Commission – Corporate Filings Section, 1300 W. Washington St., Phoenix, Arizona 85007, with a check for $5 or $40 if you want expedited review by the ACC.
The post When Do I Change the Address of My LLC with the Arizona Corporation Commission? appeared first on Arizona Limited Liability Company Law.
Question: What is the difference between a Warranty Deed and a Special Warranty Deed to Arizona real property?
Answer: In a Warranty Deed the grantor warrants title from the beginning of time to the moment of the transfer of title under the deed. In a Special Warranty Deed the grantor warrants the title only for the period of time the grantor owned the real estate. When I represent the seller of real estate I try to have the seller give a SWD. Sometimes a buyer will insist on a GWD, which is ok if the buyer can’t be talked out of it and there are no title problems that would cause a breach of the warranties made in the deed.
The post What is the Difference Between a Warranty Deed & a Special Warranty Deed? appeared first on Arizona Limited Liability Company Law.