There are naming conventions and state-specific instructions to filing an LLC name that must be observed. First, the name of the LLC should have ‘Limited Company’, ‘Limited Liability Company’, ‘L.C.’, ‘L.L.C’, ‘LLC’, or ‘LC’ included in it. For LLCs that perform services, ‘Professional’ should be added to their company name as well.
Additionally, your name should be unique and distinguishable from any existing business name registered by the Secretary of State. Complete a name search to see if the name is in use.
Another requirement when starting an LLC is to select a Registered Agent.
The Registered Agent can be an individual or a business entity that will represent your business to accept legal paper work. The only requirement for a Registered Agent is that he or she is a resident of the state of Arkansas who is available at his or her street address during business hours.
You can hire a Registered Agent service and pay up to $160/year, or get an Alabama Registered Agent free of charge when you incorporate your LLC with IncFile. This is $100 less than other online incorporation services.
Your LLC will be created as soon as you file the Articles of Incorporation to the Secretary of State of Arkansas. To register an LLC, you need to obtain a copy of the downloadable form found on the Arkansas Secretary of State website.
Please include the following information when filing:
Filing Fee: $45 for online filing, and $50 for mail filing.
An LLC EIN (Employer Identification Number) is a regulatory requirement when starting a business.
You can obtain your Arkansas EIN through the Internal Revenue Service website. Note that an EIN is mandatory as you start your business. It is 100% free when you register through the IRS.
When you open a business bank account you will be able to keep your personal and LLC finances separate. This will ensure that your personal assets will not be mixed up with your business assets. If a mix up were to occur, it would be very difficult to determine if your business was making or losing money.
Do some research before opening a business bank account. The best bank may or may not be the bank that houses your personal account. Regardless, make sure transactions are 100% separate.
Congratulations! You have followed the 5 steps listed about and are now a certified LLC! However, the process of starting a business does not end here. Make sure you follow these additional steps in order to operate legally.
A business plan is an essential step when starting a business. While it is not mandatory, it is highly recommended. It is a clear documentation of your business goals and how you will move forward with your business operations. A business plan is also instrumental in obtaining funding for your LLC. Below are some tools that will assist you in writing a business plan.
When incorporating an LLC in Arkansas, it is part and parcel of the requirements to take care of business taxes.
If you do not comply with Arkansas LLC tax, there will be legal ramifications. Use Startup Savant’s business taxes guide to take care of all your LLC tax obligations.
Your Arkansas business licenses requirements depend on the kind of business you are going to operate. When starting an LLC in Arkansas, you should learn to comply with all requirements.
Use the Arkansas business licenses and regulations guide to fulfill all your Arkansas business license obligations.
When starting a business, an LLC Operating Agreement is highly advised.
Although this document is not mandated by local or state regulations, an Operating Agreement is an integral part of your business’ operations. It is especially important when making financial decisions and when cultivating working relationships with other businesses. You can prepare one free of charge here.
If you want your LLC to be taken seriously, build a website featuring your company’s unique qualities. Even without technical skills, you can use a free and customizable tool like WordPress to create a website in minutes.
Learn more about WordPress and how to build a website yourself through this step-by-step guide. It walks you through the entire process.
As always, we advise that you talk to your lawyer in matters of starting a new business or the specifics of forming an Arkansas LLC. This article is not a legal advice or document, for it is only for informational purposes.