This Operating Agreement is used in the formation of any Limited Liability Company. You make changes to fit your needs and add description of your business. Approximately 10 pages. It allows for eventual adding of new Members to LLC.
Little Rock Arkansas Limited Liability Company LLC Operating Agreement
State:
Arkansas
City:
Little Rock
Control #:
AR-00LLC-1
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Arkansas Limited Liability Company LLC Operating Agreement?
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FAQ
Articles of Organization are also called a Certificate of Formation in some states. It is a document filed with the appropriate state when registering a limited liability company (LLC). An Operating Agreement is the document LLC members look to when they need to resolve issues or disputes within the company.
State Business Tax By default, LLCs themselves do not pay federal income taxes, only their members do. However, as mentioned above, Arkansas imposes an annual $150 franchise tax on LLCs for the privilege of doing business in the state.
It can secure your liability protection. This is crucial to understand, as it's the primary main reason that your single-member LLC needs an operating agreement. Even if an operating agreement isn't required in your state, running your company without an operating agreement could jeopardize your LLC status.
For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner, unless it files Form 8832 and elects to be treated as a corporation. However, for purposes of employment tax and certain excise taxes, an LLC with only one member is still considered a separate entity.
An operating agreement is a key document used by LLCs because it outlines the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners.
Arkansas LLC Organizers: An Arkansas limited liability company can be formed by one (1) or more individuals. Arkansas LLC Members: Arkansas LLCs require 1 or more members.
Most states do not require LLCs to have this document, so many LLCs choose not to draft one. While it may not be a requirement to have an operating agreement, it's actually in the best interest of an LLC to draft one. And by drafting it, I'm referring to creating a written operating agreement.
An LLC operating agreement is not required in Arkansas, but is highly advisable. This is an internal document that establishes how your LLC will be run. It sets out the rights and responsibilities of the members and managers, including how the LLC will be managed.
Updated July 29, 2022. An Arkansas LLC operating agreement outlines the internal day-to-day operations of a company and records each member's ownership interest. The agreement can include any rules the members agree upon such as management, capital contributions, and when distributions of the company are paid.
How much does it cost to form an LLC in Arkansas? The Arkansas Secretary of State charges a $45 fee to file the Articles of Organization online and $50 if filed by mail. You can reserve your LLC name with the Arkansas SOS for $25 if filed by mail or $22.50 if filed online.