Arkansas LLC Operating Agreement
The Arkansas LLC Operating Agreement is the core document that is referred to when issues concerning an Arkansas limited liability company (“LLC”) need to be resolved.
The LLC Operating Agreement is the most important document for your Arkansas LLC.
In the case of a single member LLC, without the formality of an LLC Operating Agreement, the LLC can closely resemble a sole proprietorship, which does not limit your personal liability for business debts of the LLC.
With respect to a multi-member LLC, the LLC Operating Agreement reflects the agreement among the members with respect to the affairs and management of the LLC and governs the relationship amongst the members of the LLC. By having an LLC Operating Agreement, the members will be provided with a clear set of rules that all members have agreed upon greatly reducing the likelihood of disagreement between them in the future. A LLC Operating Agreement will also greatly reduce financial and management misunderstandings, and make sure your business is governed by your own rules -- not default rules created by the state of Arkansas.
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The LLC Operating Agreement does not have to be filed with any state agency. All states, including the state of Arkansas will enforce valid operating agreements entered into among LLC members. The Operating Agreement will only be enforced against the persons who are parties to the agreement. Therefore, it is extremely important that all members of an LLC sign the Operating Agreement.
Your Arkansas Limited Liability Company
LLC Filing Office
Arkansas Secretary of State
Corporations Division
State Capital
Little Rock, AR 72201-1094
888-233-0325
www.sosweb.state.ar.us/corp_ucc_business.html
Check Name Availability
Entity or Franchise Level Tax
Arkansas does not require partnerships, LLCs taxable as partnerships, or disregarded single-member LLCs to pay a general net worth tax or a tax based on net income. However, Arkansas requires LLCs to pay an annual privilege tax to the secretary of state, regardless of the LLC’s income tax classification. LLCs pay only a $150 minimum tax.
State LLC Act
The Arkansas LLC Act (called the Small Business Entity Tax Pass Through Act) is contained in Title 4, Subtitle 3, Chapter 32
The Arkansas LLC Act
Important Statutory Rules
LLC Management
An LLC is managed by its members unless the Articles of Organization states that the LLC is to be managed by one or more managers.
Admission of Members
Unless the Operating Agreement states otherwise, a new member is admitted by the written consent of all the members.
Amending the Operating Agreement
Unless the Operating Agreement states otherwise, the Operating Agreement must be amended by the written consent of all the members.
Dissolution
A vote of all members is required to voluntarily dissolve the LLC.
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