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Arkansas LLC Operating Agreement Forms

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The Arkansas LLC operating agreement is a legal document which offers benefits to the member(s), most importantly, it separates and protects all of the members personal property. The document also offers tax advantages to the business and its contributing members.

Although Arkansas has no filing requirement for the document, the Secretary of State demands that companies file an annual franchise report, due by May 1st of each year following the initial formation. The cost shall be $150.00 annually and, if paid online, there will be a $5.00 online filing fee.

The members of any sized business, whether it’s a single or multi-member organization, must carefully review all aspects of the document. The members may feel it is necessary to contract the services of a reputable attorney, if they find that the information in the document isn’t completely clear. This document shall not require notarization.

Definition – 

Laws – 

Table of Contents

Types

Multi-Member – To be used by entities who will share a partnership (member management) with multiple contributing members. The document will list all members and provide in writing an outline of agreement between the members as to procedures and policies of the company’s daily operations.

Single-Member – The document would be used only by a single owner or sole proprietor of a business. The document would offer protections that are vital to a business that is run primarily by the owner of the business. The document outlines policies and procedures just as any business would and offers the same protections and tax advantages.

How to Form an LLC in Arkansas

It is of the utmost importance that you check the availability of your business name before proceeding to file with the Arkansas Secretary of State. By performing a search of their , you can make certain that your desired operating name is indeed available for use and not currently registered by another business. Be sure that the name includes the words Limited Liability Company, or an accepted abbreviation (LLC, L.L.C.).

Step 1 – Articles of Organization/Certificate of Registration

Choose the type of LLC that you would like to create; Domestic or Foreign. The Arkansas Secretary of State allows both Foreign and Domestic applications to be submitted Online and by Adobe PDF format.

  • Domestic – Articles of Organization
    •  – scroll down and select Articles of Organization for Domestic LLC – LL-01
    • Adobe PDF
  • Foreign – Certificate of Registration
    • – scroll down and select App. for Certificate of Registration of For. LLC – FL-01
    • Adobe PDF

Step 2 – Filing Fee

Applicants will be required to supply a filing fee upon submission of their registration documents. The fees for each LLC type are:

  • Domestic
    • Online – $45
    • Adobe PDF – $50
  • *Foreign
    • Online – $270
    • Adobe PDF – $300

*A Certificate of Good Standing or like document issued from the initial jurisdiction of formation is required for all foreign applications.

Those filing via Adobe PDF must attach to their filings a check made payable to the Arkansas Secretary of State. All articles must then be sent by mail to the below address.

Business and Commercial Services, 1401 W. Capital, Suite 250, Little Rock, AR 72201

Step 3 – Operating Agreement

An operating agreement is a document used to legally define the rights and responsibilities of the Managing Member(s). The agreement states clearly the financial structure of the business as well as the capital contributions invested by those involved. There is no legal obligation to draft this document though it is highly advisable as it may be of great use in the event of future legal disputes.

Step 4 – Employer Identification Number (EIN)

The Employer Identification Number (EIN) is what the IRS uses to identify businesses for tax purposes, much like a Social Security Number. It allows the LLC to perform financial transactions legally using the company name. Acquiring an EIN will be necessary to hire employees, register for bank accounts, apply for credit cards, and the like. It can be applied for directly on the  or by mail using PDF Form SS-4.

How to Write

Step 1 – Once the document has been downloaded, establish the document by entering the name of the company at the top of the document.

Step 2  The Agreement –

      • Date the commencement of the document in dd/mm/yy format
      • Select the type of document by checking the applicable box
      • Enter the required information:
        • Single-Member – The name of the company
        • The state in which the document is established (Arkansas)
        • Submit the owner’s name
        • Enter the address where the company shall do business
        • OR
        • Multi-Member – Enter the full names of all members
        • Submit all members’ addresses

Step 3  Name and Principal Place of Business – Read all sections, completing also any required information.

      • Submit the name of the company
      • Enter the address of the principal place of business

Formation – Submit the following:

      • The date in which the company was formed in dd/mm/yy format
      • Read the remainder of the paragraph
      • Purpose
      • Term

Step 4  Member Capital Contributions – Select and check one option.

      • Enter the name of each member
      • Submit each member’s capital contribution
      • Carefully read the remaining two paragraphs

Step 5  Distributions – All members must read this section (entering additional information as required).

      • Check the applicable box
      • Submit each member’s name
      • Submit the member’s Percentage of Interest
      • Carefully review the next five (5) paragraphs

Step 6  Books, Records and Tax Returns –

      • Begin this section by checking the appropriate box and read the information pertaining to the company’s fiscal year
      • If Multi-Member – All members must read carefully, the following five (5) paragraphs
      • Bank Accounts – Review the paragraph

Step 7  Management of the Company – Select the applicable box.

      • Single-Member – Enter the owner’s name
      • Multi-Member – Read the information provided
      • Enter a limit of monies that may be used for any pay out activities as listed in the agreement
      • Enter a limit for lending
      • Enter the maximum for improvements, etc.
      • Enter the maximum allowable for legal settlements, claims, demands or debt

Meeting of Members – Multi-Members Only.

      • Enter the date in which the annual meetings shall take place
      • Read all of the remaining information in this section

Assignment of Interests – Multi-Member Only – Check the box.

      • All members must read this section in its entirety

Ownership of Company – Single-Member Only – Check the box.

      • The owner must review all of the information in this section

Right of First Refusal – Multi-Member Only – Check the box.

      • All members must read and understand all of the information in this section

Admission of New Members – Multi-Member Only – Check the box.

      • All members must read and agree to all of the information in this section

Withdrawal Events – Multi-Member Only – Check the box.

      • Members must read all of the information available in this section (to include the six (6) sub-statements)

Step 8  Dissolution and Liquidation – Check the applicable box.

      • Members must review all of the information in their appropriate section

Step 9  Representation of Members – Check the box if Multi-Member.

      • Carefully review the entire section

Step 10  Certificates Evidencing Membership – Multi-Member Only.

      • The State of Arkansas requires that all contributing members must evidence their membership by receipt of a Certificate of Membership in the name of each member, respectively
      • By completion of this document, each member must receive and maintain a copy of this document which shall serve, also, as a Certificate of Membership
      • Enter the following to effect the document for all parties:
      • Submit the name of the company
      • Provide an effective date in the lines provided in dd/mm/yy format

Step 11  Notices – The following shall apply to Multi-Member organizations only – Check the box next to each.

      • Notices
      • Arbitration
      • Amendments

Step 12 – Indemnification – Single-Member only.

      • Review the entire section, be certain that the member is in complete understanding, prior to providing signature at the end of the document

Step 13  Miscellaneous –

      • All members, Multi and/or Single-Members, must read this final, entire section

Step 14  Signatures –

      • Enter the date in which the document is being executed in dd/mm/yy format
      • Enter the name of the company
      • Enter the representative of the company who is witnessing signature to the document
      • All members must provide signatures


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