A.R.S. § 29-3108: LLC Duration & Purpose
Nature, purpose and duration of limited liability company
An Arizona limited liability company is a separate legal entity from its members, may pursue any lawful purpose whether or not for profit, may not engage in banking or act as an insurer except as a title insurance agent or an authorized pure captive insurer (in which cases members are individually liable up to the amount of their initial investment), and has perpetual duration.
Full statute text
Official text last checked against azleg.gov:
29-3108. Nature, purpose and duration of limited liability company
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.
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AI-drafted summary, not attorney-reviewed. Statute text verified against azleg.gov. Legal information, not legal advice — consult a licensed attorney for your situation.