In this video we're going to demonstrate how to prepare and file the Arizona Corporation Commission form called
articles of termination limited liability company to terminate or kill an Arizona LLC.
Hi, I'm Arizona, LLC attorney Richard Keyt my son, Arizona
LLC attorney and former CPA Richard C Keyt
and I have formed more than 5,800 Arizona limited liability companies
we formed new LLC's for 397 597 and
997. We also prepare custom LLC operating agreements and documents to add or remove LLC members,
Do me a favor please like this video subscribe to the channel and click on the bell to get notice of new videos and leave
comments and questions below.
Click on the show more text underneath this video to get more information and hot links to websites that are mentioned in this video.
First thing you need to do is open your browser and go up to the URL area, and then here you're going to enter
Goog L forward slash capital W
capital L capital be the number 1 small M
capital V and then press Enter
That's going to take you to the corporation commission's form called articles of termination
Limited liability company. This is the document we're going to fill out and sign and then file with the Arizona Corporation Commission
to terminate or kill an Arizona LLC.
If you want instructions on how to fill out this form
Notice there's text here
that says read the instructions l zero three one small I
Click on the L zero three one small I and it'll take you to the corporation commission's instructions for filling out this form.
Now next notice in item number one
You need to put the name of the LLC
but it has to be the exact name on file with Arizona Corporation Commission.
And then in item number two you need to put the ACC file number.
This is the file number that the corporation commission has on its records for this particular, LLC. That's going to be terminated
Now if you don't know that information you're not exactly sure we have another video that explains how to check this
with the Arizona Corporation Commission.
If you're not sure of your LLC's exact name
watch our demo video called how to do an Arizona business name search for existing LLC's.
This demonstration video is found at the link displayed on the screen
you can also
go to the show more area underneath this video click on the text show more and it will give you a hot link
to our demonstration video on how to search for
the business name of an existing, Arizona LLC.
After you've confirmed the entity name and the ACC file number
entered the entity name in item number one entity name in item number to enter the ACC file number
Now under item number three note
There's a statement concerning the properties and assets and by signing the person signing is
acknowledging and affirming and certifying under penalty of perjury that all of the known
properties and assets of the LLC have been applied in a distributed
pursuant to chapter four title 29 of the arizona revised statutes.
This statement and number 3 call statement concerning properties and assets race is an important issue.
That issue is that before you terminate the LLC you've got to make sure that all of its
assets are used to pay any debts that it may have and
if there are excess assets left after paying all the debts that those assets are
distributed out to the members. You don't want to have the company
terminate and then find out later that it owns one or more assets that were overlooked. Now
we have a solution for that purchase our document called LLC property assignment
that's a document signed by all the members of the LLC and
it provides that if any assets of the LLC are discovered after the company's
terminated that those assets will have previously been transferred by the
LLC property agreement to the members pro rata according to their ownership interest in the company.
So for example, let's say Homer Simpson and Ned Flanders are two owners
they own
50% each of an LLC that they terminate
then they find out a year later that there was a bank account that they forgot to pay all the money out and
now it's a problem because the company has been terminated doesn't exist so there is nobody that has signing authority. If
The parties had signed an LLC property agreement that property agreement would have provided that all
assets of the company that remained in the company
prior to the termination would automatically be transferred pro rata to the owners.
That means the LLC property agreement would have transferred one half of the bank account to Homer
Simpson and the other half of the bank account to Ned Flanders so each of them could use that document.
Give a copy the LLC property
agreement to the bank in order to get the assets that are held in the bank in the name of the LLC.
We sell a do-it-yourself version of the LLC
Property agreement in our form store called keytforms.com so go up to the URL area of your browser and type
in
Goog
L forward slash capital Z small u capital v capital K small K
capital M and then press Enter
That's going to take you to the Keyt forms Web Store
where you can purchase the LLC property agreement for forty seven dollars.
It's a word document, which you can immediately download to your computer
it comes with instructions that explain how to complete the form.
Okay now
it's time to finish up the form so scroll down a little bit and look under the signature area and
Check the box that says I accept
right above where it says printed name
You need to type in the name of the person who's going to be signing the document and then to the right of that
put in the date that the documents going to be signed now down below.
You've got two columns in the left column if the person signing
the articles of
termination is a manager of the manager managed LLC
Then check that box on the left column if the person signing is a member of a member managed
company check the box on the right column. Now if the person signing is signing on behalf of a company
Then enter the name of the company in the box down below.
Now you're done with the form it's time to scroll back to the top
click on the print form and print the document
arrange to have it signed by the person who's signing it. Now
you have to file the document with a see if you intend to file any document with the Arizona Corporation Commission.
That document must be accompanied by a second document called the cover sheet. To
learn how to make a cover sheet watch our demo video at the URL shown below.
There's also a hot link to the URL under the show more link
underneath this video.
Now that you've finished your form you need to file it with the Arizona Corporation Commission.
So get an envelope and put the following items in the envelope
first the ACC cover sheet.
Second the form
signed by a member of the LLC's member manager if the LLC is member managed r if the LLC has manager your manage and
third a check for either $5 for regular filing or $40 for expedited filing.
Check should be payable to the Arizona Corporation Commission.
The difference is how many days it will take for the Corporation Commission to review your file document
So if you want to find out how many days the Corporation Commission is currently taking
to review regular and expedited filings go to the URL
displayed
here mail or hand deliver your envelope with the documents and the check to the Arizona Corporation Commission
corporations division 1300, West Washington Street phoenix, arizona 85004
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