Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2025 | Updated by Findlaw Staff
A member may maintain a derivative action to enforce a right of a limited liability company if either of the following applies:
1. The member first makes a demand on the other members in a member-managed limited liability company or the managers of a manager-managed limited liability company that requests that the members or managers cause the company to bring an action to enforce the right and ninety days have expired from the date the demand was made, except that the expiration of ninety days is not necessary if any of the following apply:
(a) The member has earlier been notified that the demand has been rejected by the company.
(b) The statute of limitations will expire within the ninety days.
(c) Irreparable injury to the company would result by waiting for the expiration of the ninety-day period.
2. A demand under paragraph 1 of this section would be futile.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 29. Partnership § 29-3802. Derivative action - last updated January 01, 2025 | https://codes.findlaw.com/az/title-29-partnership/az-rev-st-sect-29-3802/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)