An Arizona LLC operating agreement is a document that legally binds the members on how a company will be run, its ownership, and the roles of officers. It is recommended to be written at the time of forming the LLC (or shortly after).
All members of an LLC are required to sign an operating agreement, no matter their ownership interest.
Is it Required in Arizona?
No, an operating agreement is not required under the Arizona Revised Statutes.
Although, it is highly recommended that an LLC have an operating agreement to establish ownership and protect each member’s rights in the company.
By Type (2)
Single-Member LLC Operating Agreement – For an LLC with only one (1) member.
Multi-Member LLC Operating Agreement – For an LLC with two (2) or more members.
State Definition
“Operating agreement” means the agreement, whether or not referred to as an operating agreement and whether oral, implied, in a record or in any combination thereof, of all the members of a limited liability company, including a sole member, concerning the matters described in section 29-3105, subsection A. Operating agreement includes the agreement as amended or restated.
Statutes
- ARS § 29-3105 – Operating agreement; scope, function and limitations
- ARS § 29-3106 – Operating agreement; effect on limited liability company and persons becoming members; preformation agreement
- ARS § 29-3107 – Operating agreement; amendment; effect on third parties and relationship to records effective on behalf of limited liability company
