Arizona – New legislation adds a provision to the Limited Liability Company Act related to forms of ownership

Senate Bill 1233 (Chapter 198) signed by governor May 7 and effective 91 days after adjournment (projected to be May 23) amends the Limited Liability Company Act by adding a new provision governing members as it relates to forms of ownership.  The bill text can be accessed at http://www.azleg.gov/FormatDocument.asp?inDoc=/legtext/51leg/1r/laws/0198.htm&Session_ID=110.