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Written by : Renita Paugsch
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hello my beautiful people issue girl kg and I am back yet again with another video today I'm going to be dropping this gym on what's needed in order for you to start your very own business and one of the things that's needed is you have to file your business with the state that you live in as well as apply for your employee identification number but with that being said we're gonna get straight into the video and I'm going to explain to you how it's done so if you were to go to Google and just say put in how to file an LLC and whatever state you live in and I currently reside in the state of Arkansas you'll notice that you have all of these different third-party websites that will literally charge you one two three hundred dollars for something that would cost you about fifteen I don't know about you but I like to save money so I just wanted to do all that because they will try to get your money if you let them and so I do not have to go do a party to open a business you can do it yourself so since I currently reside in the state of Arkansas what I did was I just go to Arkansas dot-gov is there and bring you to this website and make sure when you're going to these different websites that you pay attention to the suffix at the end of the website that is very important so you're going to scroll down to business and Arkansas it's like to bring me to this screen this is starting a new business you want to click here on this hyperlink that says the Arkansas Secretary of State and it's going to redirect you to another page you want to click on oops you want to click up at the top where it says business God says over the top Arkansas Secretary of State John Thurston and the pre I'm sorry the sub fix at the end says go if you want to scroll down you can read all of this information entry to discussion basically what it's saying is due to the coronavirus any inquiry is that you may have have to be submitted via phone by calling this phone number or emailing you're not able to just walk down to the Capitol and go in and ask any question that you have okay so you're gonna go down to where it says form and penis and depending on what type of business you're opening best describes what kind of form that you're gonna be filling out you have to open up corporations or S corporation partnership sole proprietorships but for the sake of this video I'm going to be showing you all how to open an LLC I believe it's the most common for small business owners you have any questions about the different types or you're not sure which type it is that you're trying to open but you can click on these people yes and it'll give you more information that you may have you could always research so you choose one is better for you so you click on LLC and scroll down you see where it says article of organizations for a domestic limited liability company or LLC and domestic means that it only operates in the state of Arkansas it gives you the option to do it online or submit a PDF it is five dollars more if you want to print it out and send in a money order for payment so we're going to click here online it's going to redirect me to yet another screen and it says domestic for property and domestic for non property I believe either for opening charities don't hold me on that we're looking for domestic LLC you click on start form and it brings you to this screen as filing at it's already pre-selected if you know specifically that you need to file a different act you do have the option of changing this I don't know what this means so I'm not gonna get into it but the one that I'm looking for is pre-selected and then you're going to continue scrolling and they ask you to enter in your business name when you enter in the business name basically what it's saying here in this here in the small print is that you need to put the words LLC so say if you were to open up dogs and puppies it just has to have LLC at the end notice how company name has an asterisk where his manager statement is there is no ash-tree meaning this is required in order to complete the form whereas this is optional as we continue to scroll don't let any of this like information that is asking you to it's enter confuse you because depending on how many people are help you operate your business or solely if it's just you you're literally just re-entering in your information multiple times so since I'm the only one that is in my business I'm the only employee I'm the boss and the employee I would enter in my information here with asking for principal information it says you can either enter your entity name which means the name of your business or your first name but you do not need to put both and then I asked me for an address if you're using your home address which I did that's perfectly fine or you have a business office you can enter it in here I don't have one as a yes I just put up my home address and asked you for the registered agent you can read what this means it's just basically like if they have to send important documents who is going to so I put my information here again if there are different officers who help you run the business you would put in their information and then click save officer and it'll let you enter in more than one the submitter information where I enter in yet again my information and I would just like to say as a disclosure make sure you need to make sure the whole form is filled out correct but especially here where it's asking you for your phone number and your email address because they are gonna email you the certificate and I would suggest strongly that you put in your business email address so that you have a specific place or your business information versus your personal information then as we continue to scroll it asked for the angular report contact information if you have a bookkeeper or a accountant this would be where you entering their information but yet again since I'm the only one I put in my information and then like if I need to go to someone personally and have them follow my business taxes for me I can and then it's gonna ask you to sign and agree the date is already selected today's date and then you put it out here understand and make sure that it's legit because you don't want to be fine or ended up in prison so you sign and you hit submit and then it's gonna redirect you to a page where you can submit your payment be a credit card or debit card and so once you complete that I believe they quote three to five business days for you to receive the certificate I received mine the very next day I did it on a Friday and then I received it only Tuesday you see where it says articles of organization rich girl vibe loc this was filed in this office on this state we have his John Thurston's name and signature and so after you've done that the next thing you're gonna do need to do is file for an employee identification number or a EIN number and that's what you need if you're interested in opening up a bank account a business bank account or save you wholesale like clothes or something like that when you go to certain websites they will request that you put i
Thanks for your comment Bennie Iredale, have a nice day.
- Renita Paugsch, Staff Member
are you wondering how to start an llc in arkansas today you will learn about the most common ways to start your business including the correct forms you'll need how to register your llc critical naming requirements and all other vital tips and tricks then as a bonus later on in the video i will reveal to you a trustworthy registered agent who will help set up your llc for free so make sure to stick with me until the end the state of arkansas like other states has several specific llc requirements there are three main ways you can start an llc in arkansas first is the diy or do-it-yourself process where you mostly depend on arkansas state's website the second way is hiring a professional service that practically offers more efficiency and security in the process of creating your llc while the third one is hiring an attorney we will skip the attorney hiring portion because that's expensive and most business owners won't need that service first let's take a look at the steps required for starting an llc on your own step one name your business before anything else you will have to think of the llc's legal business name each llc in arkansas must have a distinct llc name that is not currently in use you must include the terms limited liability company or an abbreviation such as llc you cannot include phrases such as a corporation which would lead people to believe you are a different business organization knowing if your business name is taken or not is very easy just go to google and type in the words business entity records arkansas secretary of state and click the first search result i also have the link in the description below for your convenience it will lead you to a landing page of business entity records in arkansas scroll down a little and you will see some search options which make checking the availability of your business name easier generally you can click the first option entity name and type in your business name for example i am typing a very common business name here flower shop which will give you a list of existing business names a unique business name will say no matches found just like this random name i typed in keep in mind that the division of revenue doesn't check names for trademark compliance it's ultimately up to you and your business attorney to ensure that your llc's name doesn't infringe on any other company's rights step two arkansas requires llc to have a registered agent an agent has a physical address a po box is not allowed and is available during business hours this agent will serve as the llc's primary point of contact for receiving key legal papers tax warnings summons subpoenas and so on you can register yourself or someone in your company but i highly recommend getting a professional registered agent as they have more knowledge by protecting your company in cases of possible cracks while i agree that family members or friends are reliable enough to be trusted as your llc's agent you are more comfortable sleeping at night knowing that your agent is professional and trained to manage legal documents to avoid problems concerning court schedules filing reports with the secretary of state etc besides hiring a professional registered agent is not expensive in fact there are companies that offer a free registered agent as part of your package when you form your llc through them inc file is a company i recommend which has this free service inc file offers a free registered agent on your first year of signing up for their service during that free year you can already take advantage of a professional and trained agent to receive legal documents on your behalf a dashboard where you can always access the correspondence that your agent has received as well as email notifications and automatic forwarding whenever your registered agent receives documents step 3 filing the arkansas llc certificate of formation after that you must file the certificate of formation with the arkansas secretary of state's business entities division and the office of the judge of probate to officially incorporate a domestic arkansas limited liability company the arkansas state filing cost for llcs is 45 to 50 for both domestic llcs and 270 to 300 dollars for foreign llcs basically a domestic llc means that you are already a resident of arkansas and you want to build a business in arkansas foreign llc on the other hand is for people living outside arkansas but wanting to start a business or a franchise of their business in arkansas with that said most businesses would be applying for a domestic llc you can file the certificate of formation online or by mailing it to the secretary of state expect the llc certification process to take approximately two weeks this is three to four days for the judge of probate and 10 days for the secretary of state step 4 prepare an operating agreement now an operating agreement is a good idea to have in place with the other members if your llc has more than one member although a limited liability company operating agreement is not necessary for arkansas your operating agreement should clarify how your company or business will handle big picture issues such as allocating earnings and losses and dissolving the company your operating agreement should also cover the transfer of membership interest profits or losses and distributions initial investments decision making powers voting rights and management and lastly dissolving the business step 5 pay annual state tax obligations all llcs and foreign llcs must pay a minimum 150 tax to the arkansas secretary of state each year annual franchise tax reports must also be filed with the arkansas secretary of state you can file the annual franchise tax report online or download a report form from the arkansas secretary of state website the franchise tax report including the 150 tax payment is due each year by may 1st there are penalties for late reports step 5 obtain an ein an ein or employer identification number is a federal tax id issued by the irs your ein is used by them to readily identify your firm and tax filings all arkansas firms pay a business privilege tax and the state requires you to have an ein to file you may also be required to provide your ein when opening a bank account or applying for municipal permits or licenses obtaining an ein is a slightly longer process compared to their previous steps i'm sure you know anything to do with the irs is confusing first you have to have complete knowledge of your llc such as your company information managing member information business address business information company details and even critical information regarding vehicular assets and federal excise taxes this is another reason why getting a professional registered agent is way more convenient as they can do this for you as part of their service now let's talk about the second option to form an llc and that is hiring a professional formation service professional formation services do all the steps you should be doing on your own from filing necessary forms to acting as your registered agent you usually have to allocate a specific budget for this option as
Thanks PurNannavagU your participation is very much appreciated
- Renita Paugsch
About the author
I've studied solid geometry at Hamilton College in Clinton and I am an expert in molecular pathology. I usually feel confused. My previous job was ushers and lobby attendants I held this position for 31 years, I love talking about croquet and observing silence. Huge fan of Don Lemon I practice ice hockey and collect jersey cards.
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