To start an LLC in Arkansas:
- Name your LLC.
- Assign a registered agent.
- File a Certificate of Formation.
- Create an operating agreement.
An Arkansas LLC operating agreement outlines ownership structure and other matters.
If operating in multiple states, register your Arkansas LLC there too. To apply for an Arkansas sales tax number, contact the appropriate department. You can register online or by mail. After registering, submit sales tax returns periodically.
A foreign LLC can register in Arkansas to conduct business by filing paperwork with the Secretary of State online or as a PDF.
To close an LLC in Arkansas, first pay off all taxes and fines owed. Close tax accounts by filing a final return.
Our LLC Service Guide for Entrepreneurs provides information on forming and managing an LLC.
Sec. 958 Provisions and Consequences:
With the repeal of Section 958(b)(4), newly created controlled foreign corporations (CFCs) have new reporting obligations:
- File Forms 1099 for payments to US persons.
- Backup withhold on income for payees without a US TIN.
Sec. 958 provides constructive ownership rules for foreign entities ownership. Recent changes have shifted the importance of the hierarchical structure.
The 1987 Act allows flexible corporate characteristics and mandates the election of restrictive characteristics, differing from the prescriptive nature of the 1965 Act.
The proposed regulations aim to address unintended consequences of the repeal of Sec. 958(b)(4), attempting to restore the pre-change operations.
Certificate of Authority According to Act 958 of 1987:
Application for Certificate of Authority as per Act 958 of 1987 requires the following information:
1a. The name of the corporation.
1b. Fictitious name to be used in Arkansas.
Violating the Wingo Act:
The penalty for violating the Wingo Act includes an injunction on the company’s activities in Arkansas.
Amendments and Governance under Act 958 of 1987:
The Certificate of Authority should be amended to reflect the governance by the 1987 Act as amended, effective upon filing this Amendment.
Forming a Foreign LLC:
To form a foreign LLC, submit the "Certificate of Authority" application (F-01 form) as required by Act 958 of 1987.
Popular Names of Laws:
Popular names for laws often do not appear in the US Code, despite their common use.
Computer Security Act of 1987:
The Computer Security Act of 1987, a federal law, necessitated the creation of computer security plans and training for systems handling sensitive information.