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Cardinal land investors llc arkansas4/8/2024 ![]() This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. Moreover, it provides your business with a sense of legitimacy and a mutually agreed-upon set of guidelines for members and owners. Though no longer a legal obligation for LLCs operating in Arkansas, it is a great way to showcase your sincere long-term intentions for the business. It includes various details about member roles and financial obligations. Until recently, LLCs were required by Arkansas to have an operating agreement, which is a document that lays out how you intend to operate your business from the beginning. The annual fee, due May 1, is $150 regardless of whether you file online or submit paper documents. It is critical to pay your annual taxes on time failure to do so will result in late fees, penalties and even getting your ability to operate within Arkansas revoked. Per the Arkansas Corporate Franchise Tax Act of 1979, LLCs must pay a yearly franchise tax. You can quickly obtain your own EIN for free at the IRS website. Still, EINs work well for one-member LLCs because they help protect one’s SSN from identity theft as well as preserve your privacy. In the case of single-member LLCs, it’s possible to use a Social Security number (SSN). Get an Employer Identification Number (EIN)Īn EIN, sometimes called a Federal Employer Identification Number (FEIN) or Federal Tax Identification Number (FTIN), is required for most businesses. Below are a few crucial details to carry out after establishing your business. The immediate process of forming your LLC is complete however, you must take some additional steps for your company to remain in good standing within Arkansas. This changes LLC formation documents from “Articles of Organization” to a “Certificate of Organization.” Additionally, an operating agreement, while still recommended, is no longer a requirement. Previously, LLCs were governed according to the Small Business Entity Tax Pass-Through Act. Be Mindful of Recent Changes to LLC LawĪs previously mentioned, Arkansas has overhauled many of its laws related to how LLCs are formed and operate within the state. ![]() If you decide later that you’d like to change your registered agent, you can file Form DO-03 to make updates at no charge. Prepare to pay between $50 and $300 for professional services. If that is not possible, you can hire a separate individual or company to act as your registered agent. The agent must also keep regular business hours. In Arkansas, you can act as your own agent on behalf of the business, provided you are at least 18 years old and have a street address within the state. The registered agent accepts mail for an LLC, including important state, court and tax-related documents. Remember that your LLC name must include either “limited liability company” or an appropriate abbreviation. The fee to file by mail is $25, while if you complete the process online the price is $22.50.Īrkansas lets you hold a business name for up to 120 days. In addition to the pdf download, you can submit Form LLC-05 to complete the process online. You may double-check name availability through the Secretary of State’s official website.Īfter you determine the name is available for use, you should submit Form RN-06 or the Application for Reservation of a Limited Liability Company Name. ![]() It would be a disappointing waste of time to file your Arkansas LLC paperwork only to get rejected because the business name you used is unavailable. Read the sections below to learn what you need to take care of before going ahead with your LLC formation. In the early stages of establishing your business, you must first handle a few important details.
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