Llc Operating Agreement Arizona: Fill & Download for Free

If your business is likely to fail, there's not much point in spending money on a properly vetted operating agreement. If your business is likely to succeed, or you're confident it's a worthwhile endeavor, then I fail to understand; (a) why you would not have a professional operating agreement in place, and (b) why you would not address critical issues not found in a template.If the company is successful and one of you needs to liquidate (due to, let's say, serious illness or unexpected expenses), how are your provisions drafted for doing so? Are there "drag-along" as well as "tag-along" rights? Will differences of opinion involving legal matters be resolved through binding arbitration or by the filing of a complaint sounding in tort by the aggrieved party?The above is just a small fraction of things to be considered... which a "one size fits all" template cannot address. However, realistically, the majority of business startups fail. Sadly, businesses that start off with a "template" and then succeed tend to never address the operating agreement until there's a disagreement... at which point, it becomes a costly mistake.I suggest you govern yourself accordingly. If you're serious about success, take the steps necessary to ensure a strong foundation.

I am not a lawyer an this is not legal advice.Let’s assume the company you want to start will be of the form of an LLC. What is an LLC?A limited liability company (LLC) is the United States-specific form of a private limited company. [1][1][1][1]You’ll need some money to pay for the filing fee, which could be $75 to $800 ( $125 seems like a good assumption)You’ll need to decide on a name and make sure that name is not already taken. There are some rules to the naming of your LLC so be sure to comply with applicable state laws.File Articles of Organization, depending on your state, the name and requirements of this document may be different. It is typical to file this document with the Secretary of State (but for example Arizona calls this department the Corporate Commission).Many but not all states in the US require filing an Operating Agreement[2]That is it. You now have an official LLC.However, you may not be able to do business without certain additional licenses, certifications, or other applicable regulatory requirements for your particular business.Additionally, if you intend to open a bank account for the LLC, you’ll need to register your LLC with the IRS to gain an EIN.Footnotes[1] Limited liability company - Wikipedia[1] Limited liability company - Wikipedia[1] Limited liability company - Wikipedia[1] Limited liability company - Wikipedia[2] Operating agreement - Wikipedia

This happens to be exactly what I do - and over the past 2.5 years, I've flipped approximately 30 homes in Florida, Indiana, Texas, and Arizona. I live in Boise, Idaho... my flipping partners live in the property states.You will need an Operating Agreement that is carefully crafted for the endeavor that the three of you want to undertake. It will need to address common problems encountered by partnerships, such as:What happens when one of you can't come up with the money, such as a bad estimate and additional funds are needed?What happens when one of you decides to no longer do their job (assuming some of you are putting in labor)?What happens when there's a disagreement among partners (members) while the LLC owns properties? I hope you realize one of you can't just arbitrarily decide to sell it - and sign the deed.There are many questions - none of them new to partnerships of this type - which a competent real estate attorney can help answer in your Operating Agreement.FYI - As I said, I live in Boise, Idaho. I have a Utah Series LLC which I use for all my properties - creating a new series cell for each deal, thus isolating each deal from the others, and from the partners (members) involved in that deal. While I filed the LLC documents myself, I employed a skilled property attorney to draft my specialized operating agreement, which allows me (as the one who puts up all the cash) control of the property if partners fail to rehab within schedule.