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How To Get An Arkansas LLC Operating Agreement
If you are currently in Arkansas, and you would like to create a limited liability company, this typically begins with filling out an operating agreement. This is the documentation that will be necessary to start the entire process. Without it, forming an LLC cannot be done. Arkansas is a little bit different than other states that also offered to allow people to file LLCs. There are many reasons for doing this, most of which are designed to protect those that are running a business from those that may come after them legally. Here is a quick overview of how you can get an Arkansas LLC operating agreement so that you can form your limited liability company.
Understanding Limited Liability Companies
there are a couple of things you need to know about LLCs before you decide to file for one. These are designed to provide people with the authority of a corporation, yet they are very informal, and flexible, which means that people who are used to sole proprietorships will be much more comfortable with this designation. If you are a business owner that simply wants to limit your business debts, especially as a result of a lawsuit, this is a decision that you really do need to make. It’s easy to do, and the first step begins with choosing the name of your limited liability company.
Choosing Your LLC Name
When you choose an LLC, you need to realize that it should represent your business. The name of the LLC can be different from the sole proprietorship or partnership that you have formed. It is simply providing you with an umbrella of protection. It can also be called a limited company, and designating the acronym for limited liability company can be done in a couple of different ways. Most people will simply write LLC, positioning it after the name of the corporation.
Registering Your Name
In Arkansas, you must be aware that other companies may have a similar name to the one that you are choosing. According to the law, you must have one that is not similar to others that exist. Essentially, it must be distinguishable from all of the ones that currently exist. Once you have determined that it is available, you have four months, from the date of the application that you are going to submit to reserve it. The form can be done either on the Internet or you can send it in the mail. The total cost is very small, as little as $22.50 if you decide to do this online.
Finding A Registered Agent
States will also require you to have a registered agent if you are forming an LLC. For example, this is a business, or it could also be an individual, that is going to act in a legal capacity for your business. That capacity is in the form of receiving the paperwork that may occur as a result of a lawsuit someone is filed against you. They are going to accept the service of processing this paperwork, and this is typically done by businesses that also help companies form LLCs.
Where You File Your Articles Of Organization?
You are going your Arkansas Articles of Organization with the Arkansas Secretary of State. This is the same for most other locations. You are going to use a specific form that will ask for information including the name of the LLC, where the physical address is, and also where the registered agent is currently located. The registered agent must have a physical location that can be listed. You should also mention if this is run by the manager or not. The organizer must sign the document, and once this is done, you can then send it in or sign it digitally online. The filing fee is $50, or as low as $45 if you do this on the web.
Creating Your Operating Agreement
Your operating agreement is something that you should also consider getting. For example, this is going to reference the way that your LLC will be run. In the state of Arkansas, unlike other states, this is not required if you don’t want to file one. The limited liability company, since it is a completely separate business entity, is still going to protect you and your business. If you need any help, you can contact people that do this for a living, such as a business that can also offer you their services as a registered agent.
Other Things To Consider
There are several other things to consider including how you may have to pay a penalty if you are late in filing your taxes. In the state of Arkansas, even if you do not make a profit, it’s $150. This must be sent to the Secretary of State each year. If you do not, the penalties can also be required. You can find out more about this by speaking with representatives of the Secretary of State’s office or by contacting people that help you set up your LLC.
Establishing an LLC to protect yourself in Arkansas is a very good idea. You never know when someone is going to file a lawsuit against you. If you do have a successful business, and you did not have an LLC set up, this could lead to a large financial burden. Therefore, you should talk with representatives that can help you set up everything to make sure that all of this is filed properly. Once it is done, can feel confident that you and your business will be protected by your limited liability company in Arkansas.