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Arizona – Summary of legislative changes January 1

The Corporations Division of the Arizona Corporation Commission posted a summary of legislative changes effective January 1, 2015.  Benefit corporations with an additional specific purpose of creating a “general public benefit” can be formed starting January 2 and must file with the Corporations Division both an annual report and an annual benefit report.  The Arizona Entity Restructuring Act streamlines procedures for filing with respects to mergers and domestications and allows conversion of one entity type to another. State forms will be posted on the website by the end of December and use of the state forms is not mandatory.