Statutory Agent: Definition and Role
Every business in Arizona must have an Arizona statutory agent. A statutory agent receives official state papers and any lawsuits. Statutory agents must have an Arizona address – PO boxes are not allowed. The agent can be a person or company authorized to do business in Arizona. If an individual, they must be over 18 and live in Arizona.
Appointing Your Statutory Agent
You can be your LLC’s statutory agent if you have an Arizona address. Or any LLC member can, if they meet requirements. Otherwise, hire an authorized individual or company. Statutory agents formally accept their appointment in writing by signing a form from the Arizona Corporation Commission.
The Importance of a Statutory Agent
Appointing an agent is required when forming an LLC or corporation. Registered agent services ensure papers are received and sent to the right people. Using one shields your privacy. It also shows you comply fully with regulations. Costs vary but are generally affordable, starting around $100 per year.
Changing Your Statutory Agent
You can change statutory agents by filing an update with the state. First get written acceptance from the new agent. Sole proprietors don’t need an agent since they aren’t distinct legal entities.