Arizona Corporation Commission
Securities Division
Matthew J. Neubert - Director
1300 W. Washington St. 3rd Floor
Phoenix, AZ 85007
(602) 542-4242
(866) 837-4399
Matthew J. Neubert - Director
1300 W. Washington St. 3rd Floor
Phoenix, AZ 85007
(602) 542-4242
(866) 837-4399
|
Limited Liability Companies
A limited liability company (LLC) may be managed by its members or a manager. A.R.S. § 29-681. Interests in manager-managed liability companies are securities. See Nutek Information Systems, Inc. v. Arizona Corporation Commission, 194 Ariz. 104, 977 P.2d 826 (Ct. App. 1998), review denied, cert denied 528 U.S. 932.
Not only are the ownership interests of the limited liability company securities, but sometimes the business of the LLC is investing in securities. For example, hedge funds are sometimes limited liability companies. The company raises money by selling membership interests and then uses the money raised to invest in securities. In Arizona, the manager of an LLC that invests in securities may be an investment adviser and may need to license under the Investment Management Act of Arizona.
The information provided on this web site is not comprehensive, is not offered as legal advice, and is not a substitute for competent legal counsel. The Securities Division recommends that you consult with a securities attorney. |
