Forming an LLC is the easy. It’s the operational aspect of owning an LLC that people frequently underestimate. In forming 7,000+ Arizona LLCs we’ve learned the most common i’s and t’s that people fail to dot and cross.
The purposes of this LLC Legal Audit are to: (i) alert you to important tasks that need to be accomplished, and (ii) explain how to accomplish each task. The audit is dynamic, which means that it is divided into sections that may or may not apply to your LLC. The audit questions depend on which sections you select.
The audit has the following sections:
- Newly Formed LLC: For an LLC created within the last year.
- Real Estate LLC: For an LLC that owns or will own real estate.
- Insurance Coverage: A review of the types of insurance policies LLCs should have.
- LLC Loans: For an LLC that has borrowed or loaned money.
- Multi-Member LLCs: For an LLC with two or more members who are not married to each other.
- LLCs with Employees: For an LLC that has or will have an employee.
- LLCs with Independent Contractors: For an LLC that has an independent contractor.
- Member Capital Contributions: For an LLC that has a member that has or will contribute money or property to the LLC.
- Arizona Sales Taxes: For an LLC that is involved or will be involved with one or more of the following activities: retail sales, restaurants/bars, hotel/motel (transient lodging), commercial lease, amusements, personal property rentals, contracting, severance (metal mining), transporting, nonmetal mining, job printing, publishing, utilities, communications, and private (rail) car.
- Intellectual Property: For an LLC that has a trademark, service mark, copyright-able work, domain name or website.
The audit is easy. All you do is answer a series of questions then click on the “submit” button at the end of the Audit Questionnaire. You can save your answers and return later by clicking on the “Save and Continue Later” text at the end of the Audit Questionnaire. We encourage you to take the audit now and every six months to make sure over time that all of your LLC bases are covered.