The business name of your Arkansas Corporation should not be similar or the same with other existing business names registered before the Secretary of State’s Office. It should not confuse and mislead the public.
One of the following words must be included after your official business name: corporation, incorporated or company. To check for business name availability or duplicates, you can use the business name search tool provided by the Arkansas Secretary of State.
You can reserve your business name for 120 days. File an Application for Reservation of Corporate Name before the Arkansas Secretary of State to do this. You can submit your application form through postal mail or online.
Filing fee: $25
To be obtain a legal recognition as an Arkansas Corporation, you need to file your Articles of Incorporation before the Arkansas Secretary of State. The following information should be included in your articles:
You can file your Articles of Incorporation online or through postal mail. If you file online, the filing fee is $45 while for postal mail it’s $50.
All Arkansas Corporations are required to appoint and maintain a registered agent for their service of process notices and other documents. Your agent can be an individual or an entity authorized to do business in Arkansas.
Moreover, your agent should fully accept the responsibility of receiving any important document concerning your corporation. One requirement to look into during designation is if the agent has a physical street address in Arkansas.
A Corporate Records Book or Corporate Records Binder is a must when starting a corporation. This is where you’ll place important documents such as registration forms, tax forms and payments, minutes of meetings, stock certificates and stubs.
You can buy your Corporate Records Book at the local office supply store or you can order it from Amazon for direct shipping.
As the incorporator of your Arkansas Corporation, you are responsible in appointing the initial directors who will serve as board until the first annual shareholder’s meeting. You must fill out an Incorporator’s Statement containing the complete names and addresses of every director.
You will have to sign the statement and place it for safekeeping in your corporate records book.
The first meeting of the board of directors is one of the most important events because this is where the details of your corporation’s organization is discussed. Specifically, you will discuss the following during the first meeting:
All these should be recorded in the minutes of the meeting. The minutes should be signed by the incorporators and directors and should be placed in the corporate records binder.
If incase the Arkansas Corporation is to be formed as an S-Corporation, the directors should approve the S status.
To start operating your Arkansas Corporation, you need to fulfill your business tax and licensing requirements first. The following have to be obtained and accomplished in order to do so.
One of your priorities when running a business should be separating your personal and business assets. To do this, you need to open a business bank account from a credible corporate bank selected by you and your directors.
By having a business bank account, you will be able to accept checks and other forms of payments. Every record of business transactions are tracked in real time, thus you can view them anytime you want. This promotes healthy financial management.
Recommended Resource: Read this roundup to learn about the different kinds of business bank accounts that you can use.
The eight steps mentioned above are state specific guidelines that you need to follow. If you’ve completed all of them, I congratulate you for a job well done! You are now an Arkansas Corporation. But before you celebrate, make sure to comply with these recommended steps first.
Starting an Arkansas Corporation with the right capital is essential for its success. Although it doesn’t entirely define the progress, funding can play a crucial role in its development. Everything in the startup process involves money, thus, you have to make sure that you don’t start undercapitalized.
To attract and convince investors, you need to write a credible and worthy funding-ready business plan. If you don’t have much experience, you can start writing by using these practical and useful resources.
The majority of businesses today see the importance of a business website in running their enterprise. A business website gives you endless possibilities; it allows you to reach a wider market, promote products/services better and be accessible and reachable 24/7.
Good thing building a business website is easier these days because of web building tools such as WordPress and Bluehost. WordPress gives you the ability to build and customize your business in just seconds. Bluehost is a tool which has a one-click WordPress installation tool and a customer support service.
A corporate bylaws is not a mandatory requirement in Arkansas but it’s best if you have one for your business. An Arkansas Corporate Bylaws is an internal rulebook. It is a document that outlines your daily operations, corporate rules, ownership status and management structure.
By having this document, everything becomes clear to each and every member or shareholder of the corporation.
Please note that this article is informational and instructional in nature and should not be considered a replacement of legal advice. This guide is also not a legal document. For inquiries or specific questions, you can ask for professional advice from an Arkansas attorney.