!Creation Date: 09/16/22> <!Author: Arizona Legislative Council> <!Typist: dbupdate>
29-3901. Governing law
A. Subject to subsection D of this section, the law of the jurisdiction of formation of a foreign limited liability company governs both of the following:
1. The internal affairs of the company.
2. The liability of a member as a member and a manager as a manager for a debt, obligation or other liability of the company.
B. A foreign limited liability company is not precluded from registering to do business in this state because of any difference between the law of its jurisdiction of formation and the law of this state.
C. Registration of a foreign limited liability company to do business in this state does not authorize the foreign company to engage in any activities and affairs or exercise any power that a limited liability company may not engage in or exercise in this state.
D. A foreign limited liability company, its members and managers and its foreign series, if any, have no greater rights and privileges than a domestic limited liability company and its members and managers with respect to transactions in this state and relationships with persons in this state that are not managers or members. A foreign series is liable for the debts, obligations or other liabilities of the designating foreign company and of any other foreign series of that designating foreign company, arising out of transactions in this state or relationships with persons in this state and a designating foreign company is liable for such debts, obligations or other liabilities of each foreign series of that designating foreign company.