Steps to Forming an Arkansas Corporation
Information We Need From You to Start Your Corporation
1: Select a Name: The name must contain the words Corporation, Incorporated, Company, Limited, or the abbreviation Corp., Inc., Co., or Ltd.
2: Authorize Shares: Owners are known as shareholders because they own shares of stock in the company. Arkansas requires you to authorize an initial number of shares of stock. Most corporations authorize a number of shares that can be easily divided (100, for example) and then issue those shares to owners at the first shareholders meeting. If you are the sole owner, generally you would issue yourself 51% of the shares and hold 49% to issue to future business partners.
Arkansas requires you to identify the class of stock, the series (if any), and the par value. Most corporations authorize only common stock, which designates ownership and voting rights. The par value of a stock is not its actual value. It is simply the lowest price for which the stock can be sold.
3: Choose Management: A corporation is owned by its shareholders. The shareholders must designate the initial Directors. Directors set corporate policy, hire and fire, establish salaries and bonuses, and appoint the corporate officers (President, Treasurer, Secretary). If you are the sole shareholder, you would generally appoint yourself the sole Director and take on the jobs of all the officers.
4: Remaining Info Needed to File:
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Nature of corporation: the lawful purpose of your business (a coffee shop’s purpose, for example, may be: to prepare and serve coffee and food to the public). A general business clause is appropriate here.
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Registered Agent: a registered agent must have a physical street address within Arkansas. This is known as a registered office (no PO boxes). When you file with Speedy, we include one free year of Arkansas registered agent service by Northwest Registered Agent. This free service keeps your private home and office addresses off the public record and meets the registered agent, mailing and principal office requirements.
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Steps to Forming an Arkansas LLC
Information We Need From You to Start Your LLC
1: Select a Name: The name of your company must contain either Limited Liability Company, Limited Company or one of the following abbreviations: L.L.C., L.C., LLC, or LC. The word “Limited” may be abbreviated as Ltd. The word “Company” may be abbreviated as Co. To see if your company name is available, you can do an Arkansas business name search.
2: Membership: The owners of your LLC are known as members. There is no stock to issue with an LLC, so members are simply assigned an ownership percentage, usually based upon how much they have contributed to the company.
3: Choose Management: Most LLCs are managed by their members, who set all company policy, make financial decisions, and oversee the daily business operations. You can, however, appoint a manager to run your LLC. This person can be a member or an outside party.
4: Remaining Info Needed to File:
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Management: you must designate if the company is managed by its members or a manager(s).
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Registered Agent: legal registered agents must maintain a physical street address within the state. This is known as a registered office (cannot be a PO box). Speedy filings come with one free year of registered agent service from Northwest Registered Agent. This free service will keep your home and office addresses off of public records and fulfill all registered agent, mailing and principal office requirements.
Form Your LLC Here Online
Testimonials
“If I had known becoming an LLC was this easy, I wouldn’t have put it off for so long. Thanks so much for the wonderful service.” – Sal R., Conway, Arkansas
“When you guys named yourself Speedy Incorporation, you weren’t kidding! Thanks for answering my questions and getting everything done as fast as you did.” – Harold A., Warren, Arkansas
“Heck of a service you have here. I wasn’t sure making my business an LLC was going to be worth the hassle. I had no idea that with your company, there wouldn’t be one.” – Helen H., Jonesboro, Arkansas
