The Arizona Corporation Commission, in a unanimous vote on May 8, detailed new policies aimed at significantly reducing business filing fraud. The measures, as reported by AZCC's official news release, include a dual-identification requirement and a new form that specifies signing authority for LLCs.
Starting June 16, two forms of identification will be necessary to complete filings on behalf of a business, a move designed to safeguard business owners from unauthorized filings. Encompassing a blend of primary and secondary IDs, from state-issued drivers' licenses to health insurance cards, the policy targets a tightening up of the verification process. With a launch date still pending for online submissions, references for in-person filings have been laid out.
An additional document, the LLC Signing Authority Form, comes as an instrument granting LLC members the reign to designate authorized signatories. This initiative, noted by the Commission for its targeted purpose, does not remove any authority from existing members or managers but introduces an additional layer of authorized representation. These forms are scheduled to take effect for in-person transactions in mid-June, with the online launch date still to be announced.
Enhancing the annual vigilance cycle, LLCs will now face an Attestation of Existence request if they have avoided contact with the Commission's documents for a period extending two years. In the face of non-compliance within a 60-day bracket, these LLCs will be met with an administrative dissolution process signaled by a change in status. This measure, expected to be enforced later this year, hinges upon the impending introduction of the new ACC online filing system.
Alongside these updates, the ACC is introducing flexibility for businesses that wish to prepare their own Annual Reports and Certificates of Disclosure. Those opting to do so must align their documents with the ACC’s Guidance Worksheet to ensure compliance with legal requirements. Both the self-prepared forms and the ACC-provided versions will be available to filers starting June 16.
These newly instituted policies reflect the ACC's deliberate stride towards customer service improvement and fortified defenses against fraudulent disturbance. By integrating stricter identification protocols and transparent authorization mechanisms, the Commission anticipates a more seamless and secure experience for Arizona's business community.
