The LLC is the most prevalent type of business entity in Arizona. The New Arizona Limited Liability Company Act has changed the legal landscape on many issues governing LLCs, including the scope of fiduciary duties imposed on members and managers of LLCs and related indemnification rights, which are regularly litigated. Lawyers who advise LLCs and their management and members, whether on a transactional or litigation basis, as well as judicial officers, need an understanding of these new legal principles to successfully represent their clients and to hear and rule on these LLC disputes, as the case may be.
