Does maintaining a place of business in the state trigger a notice filing (regardless of number of clients)?

ARIZ. REV. STAT § 44-3153(E)(2017)
ARIZ. REV. STAT § 44-3152(A)(1)

What is the maximum number of clients adviser can have in the state without triggering a notice filing?

ARIZ. REV. STAT § 44-3152(A)(2) (2017)

What sorts of clients are not counted for purposes of determining whether to notice file?

Investment companies, other investment advisers, dealers, depository institutions, insurance companies, employee benefit plans with assets of not less than one million dollars and governmental agencies or instrumentalities, whether acting for themselves or as trustees with investment control.

ARIZ. REV. STAT § 44-3152(A)(1) (2017)

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