In these economic times, many people are forging into their own businesses and forming LLC's. However, many people are forgetting to integrate their estate planning, specifically their revocable living trust, into their LLC.
The Arizona Corporation Commission requires a minimum to create an LLC; submit the requisite Articles of Organization, pay the filing fee and publish the Articles after being approved. This minimum does not protect you from having to seek court intervention if a Member of the LLC becomes incapacitated and does not avoid the need for probate if a Member dies.
If you have gone to the effort to have an estate plan, then be sure that your Member's interest is titled in your trust. By having your Member's interest held in trust, if you become ill, incapacitated or die, your Successor Trustee can act on your behalf and you can avoid court involvement in such a situation.
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