Phoebe Moffatt
Moffatt Law LLC
Board-Certified Specialist: Estate & Trust Law
About Phoebe Moffatt
Phoebe Moffatt is a Certified Specialist in Estate and Trust Law (Arizona Board of Legal Specialization) and ACTEC fellow.
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Education
- Law School: U of Memphis
Common questions about Business Law in Arizona
Answered by Arizona Attorney Search Network
What is an operating agreement?
An operating agreement is the LLC's internal governance document, addressing membership interests, capital contributions, profit/loss allocation, voting rights, manager authority, and exit terms. Arizona law (ARS § 29-3105) recognizes operating agreements as the primary source of LLC governance, with ARS Title 29 supplying default rules where the agreement is silent. Single-member LLCs benefit from operating agreements too, especially for clarifying corporate veil.
What does the Arizona Corporation Commission regulate?
The ACC under Article XV of the Arizona Constitution regulates incorporated entities (filings, annual reports), public utilities and pipelines, securities offerings, and railroad and utility safety. Business entity matters include filing Articles of Incorporation/Organization, accepting service of process, and maintaining the public corporate registry.
How long do business contracts have a statute of limitations in Arizona?
Written contracts: 6 years under ARS § 12-548. Oral contracts: 3 years under ARS § 12-543. UCC contracts for the sale of goods: 4 years under ARS § 47-2725. Open accounts: 3 years. The clock starts when the breach occurs (or, sometimes, when it's discovered). Acknowledging the debt or making partial payment can restart the clock under ARS § 12-508.