Hi, all. I am beginning to fill out papers to form an LLC in AZ. The rules for creating an LLC call for naming a statutory agent that can be served with summons, etc. It says an LLC can be listed or an individual can be listed. Does this mean that the LLC I am creating can also be listed as the statutory agent? If not, if I put my name down, then what is the point of using the LLC to protect assets if my name and address appears on the document? I cut and pasted the language below. I appreciate any advise.
thank you
Bryan
Select the Arizona LLC’s Statutory Agent
Every Arizona limited liability company or LLC qualified to do business in Arizona must have and maintain a statutory agent located in Arizona. The purpose of a statutory agent is to give notice to the public of a person or entity authorized by the company that can be served with legal documents as the agent of the company. The statutory agent is the person or entity that can be served with a summons and complaint filed in a lawsuit.
The statutory agent must be one of the following:
An adult individual who resides in Arizona.
A domestic company formed under Arizona corporate law.
A foreign company authorized to transact business in Arizona.
A limited liability company formed under Arizona law.
A limited liability company authorized to transact business in Arizona.
The statutory agent must have an Arizona street address rather a post office box
hello bryan im kurt and i am in the middle of the same in austin.
What i found ill let ya know. but i have contacted about 15 realestate lawoffices to help me with this process you really need to leave it to the pro.
Doing this on your own can be fatal.
I have done alot of research myself.
I already have the investors ready. I have also contacted CPA’s to get the split up correctly done.
If you are going to do this do it rite or dont do it at all.
filing bad docs can land you in a heep of !@#4 lol
work on building a team bry then move forward good planning and patience !
Hey speshul,
I agree with 5to1. It is ossible to set up an LLC by yourself using special websites. But since this is my first one, I decided to uese a real estate agent to do mine in FLorida. That including the articles as well as the EIN cost me only $350!!! and $50/yr to maintain it.
In answer to one of your questions, another LLC can be a member of ayour new LLC. But I belive that predicates the fact that you have an LLC already up and running. SO I think it might be you as an inditivual. IN florida we can have single member LLC’s. So that means that I am all the different agents you can have in the LLC in cluding being Secretary etc.
If you belong to PrePaid Legal or have access to some other real estate lawyer. You might run it by them. Most lawyers should be able to form it as a reasonble price instead of you trying to do it on your own. Once you understand the intricaties of having an LLC, you can try creating your next one. This is my first one, you also need to get and EIN number from th IRS so you can start getting offers from lending institutions and apply for them in the name of your LLC> Hope this helps
steve
You as a member of the LLC can list your name and address as the statutory agent.
If you choose to list a business entity, it must be an entity that can act on your behalf. The entity you pick will have a statutory agent to receive summons on your behalf. For you, this means you must choose an entity that is separate and distinct from your LLC, your attorney perhaps.
There is a difference between protecting your assets and concealing your identity. They are not the same. The asset protection provided by your LLC shields your personal assets from exposure when the LLC is sued.
Simply concealing your identity may make it more difficult to discover what you own, but once discovered all of your assets (even your personal assets) are exposed to liability in the event of a lawsuit against you.
Does not really matter where you form your LLC. What matter is where you intend to do business. If you intend to do business in AZ and form your LLC in NM, you will still have to fill out the AZ forms to register your LLC in AZ as a foreign corporation. Now you have two sets of registration fees to pay.
So that means that I am all the different agents you can have in the LLC in cluding being Secretary etc.