Is a Promissory Note with LLC not based out of Arizona valid?
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Is a Promissory Note with LLC not based out of Arizona valid?
We are 1099 Contractors in the state of Arizona. We were formally working for an LLC doing business here in Arizona. This company owes us for past work that we completed within the last 9 months. They have drafted a Promissory Note for the past due amounts. The LLC is not licensed in AZ, but in WY.
Our question is if this Note is valid and enforceable since the Company is not an AZ LLC?
Please advise.
Thank you.
Asked on August 30, 2018 under Business Law, Arizona
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
A promissory note can be enforced regardless of where a person lives or where an entity is licensed.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Yes, the enforceability of a promissory note does not depend on whether or where the company is registered or licensed. You can sue them for the money (the way to enforce the note, if they do not pay) even though they are not an AZ LLC.
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