SB 1353 Summary

• Enacts the Arizona Limited Liability Company Act (Title 29, Chapter 7) effective September 1, 2019, establishing a comprehensive framework for forming, operating, and dissolving limited liability companies in Arizona.

• Repeals the prior limited liability company statute (Title 29, Chapter 4) effective September 1, 2020, with a one-year transition period allowing existing companies to continue under prior law until the deadline.

• Provides detailed provisions governing member rights, manager responsibilities, distributions, transferable interests, dissociation, dissolution, and winding up of limited liability companies.

• Establishes requirements for foreign limited liability companies and foreign series to register in Arizona and creates procedures for mergers, conversions, domestications, and other entity restructuring transactions.

• Allows formation of professional limited liability companies for rendering licensed professional services, subject to licensing authority regulations and restrictions.