If you own and operate a limited liability company, it's important to understand when Arizona law requires you to amend your articles of organization.
Under the law, you have 30 days to amend your articles of organization whenever the following things occur:
- Any statement contained in your current articles of organization becomes inaccurate (with the exception of a change of address of the company's place of business, a change in the names or addresses of its members or a change in the name or address of its statutory agent).
- A member-managed company has a change in members (such as what might happen if, for example, a medical practice adds a new physician-partner or an existing member retires).
- A manger-managed company has a change of managers (such as when an old manager retires or moves to another position or a new manager is hired on).
- Any individual or entity acquires 20 percent or more of the capital or profits of the company (for example, an owner who previously held 10 percent of the company buys out another owner and acquires a total of 20 percent ownership).
- Any individual or entity ceases to own a 20 percent share of the company's capital or profits (such as when an owner decides to sell his or her shares or grants them to his or her heirs).
Once the changes to the articles of incorporation have been approved, it's also necessary to publish either the articles of amendment or the articles of organization as they now exist in the news. This protects the legal interests of anyone who may be unaware of the changes.
If amending your articles of organization yourself seems like an overwhelming task -- or simply too time-consuming to handle on your own -- we can help. The attorneys at our office can handle many of your different business needs. Contact our office today to learn more.