Legal Question in Business Law in Arizona

Is it possible to create an LLC where only two of the three partners names are posted in the ACC public notice filing? We are trying to keep one owners name out of the filing until that person is able to leave their current job.

Asked on 1/05/11, 3:11 pm

3 Answers from Attorneys

Donald Scher Donald T. Scher & Associates, P.C.

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You can form the LLC with 2 members and then add the 3rd member later.

Answered on 1/10/11, 3:19 pm

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Donald W. Hudspeth The Law Offices of Donald W. Hudspeth, P.C.

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Yes, as Mr. Scher said, perhaps with a side agreement now that gives "outsider" option to own shares in discretion, at some triggered time or event. This gets a little "hairy," and stakes are high, so recommend that you use at attorney (cost is low re benefit). Also, you should have Operating Agreement for LLC where more than one owner anyway.(Many "do-it-your-selfers" don't know this and it causes problems later). So, can do that as well.

Answered on 1/11/11, 7:17 am

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Donald W. Hudspeth The Law Offices of Donald W. Hudspeth, P.C.

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Did you get your LLC membership interest issue resolved? I am curious how it turned out. Also, having a properly formed LLC is just the beginning of what I call your "legal brick house." ( For example, lease review, operating agreements, and owner "shareholder" agreements - also called "buy-sell" agreements. It is much cheaper to properly form your new business than to fix it later.)

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Answered on 3/11/11, 2:32 pm

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