Arizona § 29-3108 Nature, purpose and duration of limited liability company

Arizona Statutes

§ 29-3108 — Nature, purpose and duration of limited liability company

Arizona § 29-3108

Title 29Arizona Revised Statutes

Ch. 7ARIZONA LIMITED LIABILITY COMPANY ACT

Art. 1General Provisions

This text of Arizona § 29-3108 (Nature, purpose and duration of limited liability company) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 29-3108 (2026).

Text

A.A limited liability company is an entity distinct from its member or members.

B.Except as provided in subsections C and D of this section, a limited liability company may have any lawful purpose, regardless of whether the purpose is for profit.

C.A limited liability company may not engage in the business of banking.

D.A limited liability company may not be an insurer as defined in section 20-104 unless as a title insurance agent as defined in section 20-1562 or as a pure captive insurer as defined in section 20-1098 that is expressly authorized by the director of the department of insurance and financial institutions pursuant to title 20. For the purposes of title insurance transactions or pure captive insurance business, the members of the company are individually responsible, e

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A. A limited liability company is an entity distinct from its member or members.

B. Except as provided in subsections C and D of this section, a limited liability company may have any lawful purpose, regardless of whether the purpose is for profit.

C. A limited liability company may not engage in the business of banking.

D. A limited liability company may not be an insurer as defined in section 20-104 unless as a title insurance agent as defined in section 20-1562 or as a pure captive insurer as defined in section 20-1098 that is expressly authorized by the director of the department of insurance and financial institutions pursuant to title 20. For the purposes of title insurance transactions or pure captive insurance business, the members of the company are individually responsible, equally and ratably, and not one for another, for all contracts, debts and engagements of the company, to the extent of the amount of each member's initial investment in the company.

E. A limited liability company has perpetual duration.