No, but agreements between members, managers and limited liability should be reduced to a written instrument. Oral contracts can be legally binding in Arizona, but a prudent person will insist on a written contract. The problem with oral contracts is that it is very difficult to prove the terms of the oral contract. If the parties to an oral contract are involved in a dispute, each party will have a different view on the terms of the oral contract, and the judge or jury in an appeal may have a problem determining which conception of the oral contract is correct. 8.5.3 The sale of the deceased member`s share of the company is made to the company`s office on a date given by the company, no later than 90 days after agreement with the personal representative of the deceased member`s estate on the fair value of the deceased member`s shares in the company; however, if the purchase price is determined by the valuations outlined in Section 8.5.2, the financial statements are 30 days after the final valuation and purchase price. If no personal representative has been appointed within 60 days of the deceased member`s death, surviving members have the right to request a personal representative and to have a personal representative appointed. This is a significant change in Arizona law. As a general rule, a person who has an obligation to trust must place the interests of those to whom the obligation is due before his or her personal interest when conducting business in the course of the relationship. A duty of trust also implies a duty of loyalty. For individuals who are members of more than one LLC of several people working in the same sector, the existence of an obligation that requires you to place LLC and the interests of members above yours, you should quickly assess the risks associated with such responsibilities and encourage you to take action for future litigation arising from such interests.
, to minimize. Here too, you can remove or limit such an obligation, but it must be stipulated in the LLC`s operating contract.