Effective August 9, 2017, the State of Arizona implemented numerous changes to state law affecting filing requirements for Arizona limited liability companies and corporations. Below is what you need to know and how it may affect your business moving forward.
LLC Administrative Dissolution:
Once a LLC’s dissolution or termination date has passed, the Arizona Corporation Commission (the “ACC”) will administratively dissolve the LLC. To avoid such dissolution, the LLC must amend its articles of organization. If the LLC has been administratively dissolved, the LLC may file for reinstatement and amend its articles of organization.
Notices Provided Via E-Mail:
The ACC will start providing notices to entities via email. The ACC will seek an entity’s consent to receive such notices by email.
Annual Reports After Filing For Dissolution:
Upon filing for a voluntary dissolution, a corporation will be granted a six-month suspension of the annual report requirement, in which time it must complete the dissolution. If the dissolution is not approved during that six-month period, the annual report is due (along with any applicable fees and penalties).
Nonprofit corporations can now sue for false filings, which is a private right of action.
Please contact Madison Major at 602.916.5392 or firstname.lastname@example.org, if you have any questions or need additional information.