Filing An Arkansas Corporation
Those looking to form a business may find that registering as an Arkansas Corporation is advantageous. Electing Corporation status could protect owners from liability while allowing them to gain credibility with customers. However, before making their final determination, owners should look into the filing requirements necessary to form an Arkansas Corporation.
Steps To Filing An Arkansas Corporation
Choose A Name
The first thing that prospective business owners will want to do is choose a name. The state of Arkansas requires the business name to include an indicator, such as, “company,” “corporation,” “incorporation,” “limited,” or an abbreviation of such terms, such as “Inc.” The state also mandates that the name a Corporation chooses is unique, meaning it is not already in use by another organization. To ensure that they do not select a name already in use, owners should use the DoMyLLC Name Availability Check Page.
Choose An Agent For Service Of Process
An Arkansas Corporation will also need to select a registered agent. A registered agent can be an individual or third-party company and is responsible for accepting legal correspondence on the Corporation’s behalf. A quality registered agent could help an Arkansas Corporation excel, which is why many owners elect to hire the services of a professional third-party company, such as DoMyLLC.
File Articles Of Incorporation & Pay Filing Fees
Once owners have chosen a name and registered agent, they can file the Articles of Incorporation with the Arkansas Secretary of State. If they submit online, there is a $45 fee. If they mail their forms, the filing fee is $50. Below is some of the information owners will need to include on their Articles of Incorporation form:
- The name of the company
- The number of shares that the Corporation will issue
- The par value and class of each stock
- Registered agent information, including name and address
- Name and addresses of incorporators
- Purpose of the Corporation
File Initial Report
The Arkansas Secretary of State does not require Corporations to submit Initial Reports. However, were the company to expand, other states may have Initial Reporting requirements.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
Once a new company has submitted its Articles of Incorporation, incorporators can hold an initial meeting. Those who filed Articles of Incorporation are responsible for overseeing the meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records. Directors will serve on the board until the next annual meeting of the shareholders, where they will be up for re-election.
Once the board is in place, they can take draft corporate bylaws, elect officers, and define the role of each member of the company. Corporate bylaws are an integral compliance document. Although they are private, they serve as an internal operating manual for the company. A Corporation cannot legally conduct business until the board has approved the bylaws. Additionally, many insurers and banks require the company to provide proof of bylaws before working with a Corporation.
An Arkansas Corporation is also required to issue stock to shareholders and maintain records in a stock ledger. They can begin doing so when they hold their initial corporate meeting. The board of directors must give their approval to issue stock. The amount of stock they can issue is defined in the Articles of Incorporation. Keeping thorough records is essential, as a ledger will protect the corporate veil and provide clarity to future investors.
Obtain Employer Identification Number
New business owners will also want to take the time to obtain an Employer Identification Number from the Internal Revenue Service. They can use this number to open a business banking account and file taxes. The number is also needed if the Corporation wishes to hire employees.
File State Required Franchise Tax & Annual Reports
Before May 1 each calendar year, business owners are responsible for filing a Franchise Tax & Annual Report for their company. This document serves to update the Secretary of State’s office on any structural changes that may have occurred to the business. To learn more about filing this document, check out the DoMyLLC Arkansas Annual Report page. There is a $150 fee to do so.
File Arkansas Required Annual Reports
Arkansas requires a Corporation to file an Annual Report each year. This form, known as the Annual Corporation Franchise Tax Report, is due by May 1 each year. The minimum filing fee is $150. Corporation members can learn more at our Arkansas Annual Report page.
In addition to filing the Franchise Tax form each year, business owners have other regulatory requirements they must meet if they wish to remain in business. This includes submitting state and federal taxes as well as renewing all licenses and permits.
How DoMyLLC Can Assist With Streamlining The Process
If you’re looking to form an Arkansas Corporation, you shouldn’t have to worry constantly about meeting administrative requirements. Fortunately, we help streamline the process. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Arkansas’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
Interested in learning more about how DoMyLLC can help your business thrive? Contact us today!