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Wednesday, August 3, 2011

LLP Set Up - Logistics

Anything new on setting up an LLP? Nope.

- Go to the Arizona Secretary of State web site: http://www.azsos.gov/
- Under Business Filings/Partnerships, do a search to check whether your LLP name is already used.
- Under Business Filings/Partnerships/Forms, select "Statement of Qualification for Conversion (LP not already on file with this office)".
- Fill out the form...send two copies, along with a self addressed, self stamped envelope to the AZSOS.
- They file the registration, stamp a copy and mail it back to you.
- You then need to "publish" the Statement of Qualifications in 3 consecutive issues of a publication. We used Record Reporter (a Daily Journal publication) at http://www.recordreporter.com/. Cost about $40. They mail back a confirmation that it was done. Make sure they know it is an LLP and not an LLC.
- File the confirmation with the AZSOS to complete the LLP setup. The Record Reporter says they will file a copy with the AZ government. But they are used to dealing with LLC's which are filed with a different department. We will see how it works out this time. If they do successfully file it with the AZSOS, great. But I will check and file it myself if not.

Tricky bits?
- What goes in what field on the form. You can probably do a search and find one on the AZSOS site as a sample.
- And...you need a "process agent" with a local (Arizona) address. What the... Jeff!!! Did I mention that he was helpful? The alternative is a paid service that some paralegals or lawyers offer.
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7 comments:

  1. ScottMarch 14, 2012 at 7:30 PM

    This is great information!...I'm a Canadian wanting to start investing in U.S. real estate you blog has been extremely helpful...Thank You!

    ReplyDelete
  2. AnonymousDecember 27, 2012 at 1:08 PM

    when filling out the LLP form what did you use for a process agent and how did you get an AZ address?

    ReplyDelete
  3. cewusp@gmail.comFebruary 16, 2013 at 7:09 PM

    My real estate pro (Jeff Dicks) offered to be our Process Agent. Of course, you need to be doing business with him. He is a principle in National Rental Pros, and NRP manages our properties. Maybe others would as well.

    ReplyDelete
    Replies
    1. AnonymousMarch 13, 2013 at 10:38 PM

      What is meant by "Statement of Status for which this application is made: ____LLP" ?

      Delete
    2. cewusp@gmail.comMarch 14, 2013 at 7:09 AM

      I believe it is just asking if you want the partnership to be an LLP. I just put an "x" on the line indicating that yes I want it to be an LLP.

      Delete
  4. AnonymousApril 10, 2013 at 12:50 PM

    Do you need to submit a copy of the LLP's Partnership Agreement to the SoS with the Statement of Qualification?

    ReplyDelete

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