If you hire Richard Keyt and the KEYTLaw, LLC, law firm (collectively the “Firm”) to form an IRA LLC you agree to the following terms of service:
The Firm will not advise you with respect to and is not responsible for selecting a name that does not infringe on a trademark or service mark. Check the ACC’s Name Availability Database to determine if your prospective IRA LLC name is available in Arizona. Call Richard Keyt at 480-664-7478 for ACC name questions. The ACC will accept a proposed IRA LLC name unless the name is identical to the name of an existing Arizona entity or tradename.
Our IRA LLC Formation Services
The Firm will perform the following 19 legal services for $997:
1. Unlimited telephone calls with Arizona IRA LLC attorney Richard Keyt about forming the Company.
2. Name selection advice.
3. Prepare custom drafted Articles of Organization. We do not use the State’s fill in the blanks form.
4. Discuss any formation issues & the Articles of Organization with the Custodian and make any changes to the Articles requested by the contact person or the Custodian.
5. File the Articles of Organization with the Arizona Corporation Commission (“ACC”) on an expedited basis.
6. Prepare the ACC cover sheet and file it with the ACC.
7. On the day we file the Articles of Organization or the next business day, email to the contact person a copy of the Articles of Organization submitted to the ACC with the ACC’s “received” stamp. The manager needs this document to open the LLC’s bank account.
8. Obtain a federal employer ID number from the IRS for the IRA LLC and email it to the contact person. Before we can get the EIN the IRA owner must authorize us to do so by completing, signing and sending to us an IRS Form SS-4 found here: www.keytlaw.com/azllc/ss-4.pdf. For detailed help with the SS-4 see Richard Keyt’s article called How to Complete IRS Form SS-4. located on our website at www.keytlaw.com/azllclaw/irs-form-ss-4.
9. Give each manager access to the ebook version of LLC attorney Richard Keyt’s Arizona-specific 170+ page book called the “Arizona LLC Operations Manual.” Chapter 3 of this book is a checklist of 25+ LLC operational tasks that should be done in the first 75 days.
10. Give the contact person the filed Articles of Organization stamped with the ACC’s “approved” stamp.
11. Prepare Rick Keyt’s 40+ page Charging Order Enhanced Operating Agreement custom drafted for your IRA LLC with provisions specifically applicable only to IRA LLCs and members that are IRAs.
12. Act as the IRA LLC’s statutory agent for its first year at no charge.
13. Prepare organizational resolutions of the members authorizing the issuance of membership interests.
14. Prepare membership certificates for all members that are used to prove ownership of the IRA LLC.
15. Give the contact person a copy of the IRS statutes & regulations applicable to IRA LLCs.
16. Give the contact person a copy of Richard Keyt’s article “Frequently Asked Questions about Prohibited Transactions,” which explains common transactions the IRA LLC must avoid to stay in good standing with the IRS.
17. Give the contact person a high-quality Arizona LLC Portfolio with tabs in which to keep all important IRA LLC documents.
18. Send the manager 50+ emails over three months that remind the manager to do things and give more information about operating the newly formed LLC.
19. If PENSCO Trust is a Custodian: Richard Keyt will sign and deliver to PENSCO a Special Advisor Engagement and Representation Letter, which is required by PENSCO for certain IRA LLCs.
The $997 includes all formation costs ($85 ACC expedited filing fee).
If your IRA LLC has a place of business outside Maricopa County we will state in the Articles of Organization that the LLC’s initial place of business is c/o KEYTLaw, LLC, 7373 E. Doubletree Ranch Road, Suite 165, Scottsdale, AZ 85258. After the ACC approves the Articles of Organization the manager can change the IRA LLC’s address to any address in Arizona. We do this to avoid the outrageous newspaper publication fees charged by newspapers outside Maricopa County.
For example, we published Articles of Incorporation for a nonprofit corporation that had a place of business in Yuma County and the only ACC approved newspaper in that county charged $585 after a 10% charitable discount to publish what I could have published in Maricopa County for $85. This procedure can easily save an out of Maricopa County IRA LLC $50 – $200, depending on the county of the IRA LLC’s place of business.
Statutory Agent Service
After the first year, we charge $99 a year payable in advance to continue as the statutory agent for the IRA LLC, but the IRA LLC can avoid this fee by changing its statutory agent at any time as explained in the Quick Start Guide.
Known Place of Business Service
If you purchase our address service the fee is $100 a year payable in advance. If you purchase our address service members and managers may also use our address (at no additional cost) in the Articles of Organization so that their home addresses are not displayed on the Arizona Corporation Commission’s website. The address of the LLC and its member will be c/o KEYTLaw, LLC, 7373 E. Doubletree Ranch Road, Suite 165, Scottsdale, AZ 85258. Use our address solely to satisfy the Arizona law that requires an LLC to have a known place of business in Arizona. Do not tell the IRS or your customers or others to send correspondence to our address. Tell them to send correspondence directly to the LLC. If we receive mail addressed to the company or any of its members we will charge the LLC a handling fee plus the cost of postage to forward the correspondence.
Unless there are unforeseen costs (for example you want us to send documents to you via FedEx or out of the U.S.) or developments or you hire us for additional services unrelated to forming your company (at our current hourly rates), the amount you agree to pay in this Agreement will be the only amount you pay us for forming your IRA LLC. We will send itemized invoices. You agree to pay any unpaid amount within thirty days after we mail the invoice. If you do not pay an invoice within thirty days, we may terminate our services and/or withdraw from further representation of the company. After three years, we may destroy all documents we collect during the time we provide services.
We are not acting as your attorney in advising you with respect to this Agreement because we would have a conflict of interest in doing so. If the IRA LLC has only one member, we represent the sole member. If the IRA LLC has more than one member, we will represent only the IRA LLC rather than the interests of any member or manager even if we are paid by a party other than the IRA LLC. If you or any person or entity affiliated with the company have questions about this Agreement, we recommend that each concerned person consult with other legal counsel. You are hiring the Firm only to form your Arizona IRA LLC, not to advise the IRA LLC or its members or managers with respect to federal or state income tax issues or securities law. The members and managers should consult with an experienced tax accountant as soon as possible for advice on federal and state income tax issues affecting the IRA LLC and its members. You must consult with other attorneys to advise you on federal and state tax and securities laws.
Because your IRA LLC will have at least one member that is an individual retirement account or a qualified plan such as a profit sharing plan, money purchase plan, pension plan, or 401(k) (collectively an “IRA/Plan”), we will not advise any IRA/Plan or its beneficiaries, administrators or custodians with respect to any issue related to compliance with federal tax law. Each IRA/Plan and its beneficiaries, administrators or custodians should consult with their tax advisor, IRA/Plan advisor, IRA custodian or qualified plan trustee or plan administrator for advice on complying with federal tax law and law applicable to the IRA/Plan and operation of the IRA LLC after it is formed.
How to Pay Our Fee
1. We require payment in advance before we will form the IRA LLC.
2. WARNING: DO NOT PAY US WITH FUNDS FROM ANY SOURCE OTHER THAN A CHECK ISSUED BY THE IRA’S CUSTODIAN OR THE RETIREMENT PLAN’S TRUSTEE. The IRA owner, his or her spouse or any other disqualified person may not pay our fee because it would be a prohibited transaction. We must be paid with funds that come directly from the IRA or retirement account.
3. When you submit your IRA LLC Formation Questionnaire it contains information at the end of the Questionnaire on how to pay our fee.