Minutes or Consents Documentation of Organizational Meeting (MS Word)
Federal Tax ID Number Form (PDF)
Deluxe Package
£ 309.00
Renewal fees from £364
To register in Arkansas this package price includes (most popular for overseas residents):
Search name availability for your LLC in Arkansas
Includes one-time filing fee in Arkansas and our one-time service fee
Preparation and Filing of the Certificate of Formation
Formation within 24 hours of Receipt of Order with Payment
A Recorded Copy of the Certificate within 5-7 Business Days of Filing
Arkansas Resident Agent for 12 months
Registered Address in the State of Arkansas for 12 months
Nominee LLC Member (Manager) for 12 months
The following documents will be posted to you (Note: these documents are sent to you through TNT Express Mail Service, and are to be completed upon arrival):
Original Certificate of LLC Formation
20 page Arkansas LLC Operating Agreement signed by nominee
Minutes or Consents Documentation of Organizational Meeting signed by nominee
Pre-signed, undated resignation letter from Nominee Member
General Power of Attorney signed by Nominee
An indemnity Letter for General Power of Attorney
A nominee service agreement which provides for the indemnification of the nominees
Federal Tax ID Number Form (PDF)
Legal Requirements
Arkansas LLC subscribers may be residents outside the U.S.A.
A LLC may be organized by one person.
The organizer need not be a natural person, nor a member.
You must appoint a minimum of 1 member.
Members can be corporate bodies or private individuals.
A member can be of any nationality.
The owners are called members.
An LLC can have an unlimited number of members (owners).
While the Arkansas Act permits a Arkansas LLC to be managed by its members, it does not require members to be managers.
A limited liability company may be either member-managed or manager- managed.
The members direct the management of the LLC unless a manager is named.
Most states require that an LLC have a Registered Agent who maintains a registered office within the state of formation.
All LLCs incorporated in the State of Arkansas are required to file an Annual Franchise Tax Report and to pay a franchise tax.
The income of a limited liability company passes through to its members, who report the income on their personal tax returns.
LLCs are allowed to have subsidiaries without restriction.
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1. Minimum Number of Incorporators - One or more. 2. Eligibility Requirements - None. 3. Duties - Delivering articles of incorporation to the Secretary of State for filing. 4. Listing Requirements - The name and address of each incorporator. 5. Corporate Purpose: Arkansas allows a corporation to be formed for any lawful purpose(s). 6. Minimum Number of Directors - One or more. 7. Eligibility Requirements - The articles of incorporation or bylaws may list director qualifications. A director does not need to be a resident of this state or a shareholder of the corporation unless stated in the articles of incorporation or bylaws. 8. Listing Requirements - When incorporating in Arkansas, directors are not required to be listed in the Articles. Either the articles or the bylaws may specify the number of directors. 9. Officers are not required to be listed in the articles of incorporation. 10. The articles must list the number of shares the corporation is authorized to issue, including certain information on classes and the par value of each share.
DEAR VISITORS, If you want to become familiar with the description and the contents of Arkansas company formation packages, offered by our company and to find above, what kind of service is included in this or that Arkansas incorporation package, to get an idea about the price of annual renewal of the service, and about the general legal requirements to the company incorporation within foreign countries, please, select the package you need from the list, situated below the banner. The information in the banner will be renewed according to the package you've chosen.
Please note » The prices payable for the items that you order are clearly set out in the web site. There will be no contract of any kind between you and us unless and until we receive payment from you. We are not able to guarantee that any such filing will be acceptable to Secretary of State, nor are there any contractual obligation upon us to do so. If Secretary of State rejects incorporation or other electronic filing, we will credit your account with a full refund and the contract between us will be made void. Secretary of State does not offer a cancellation facility for the incorporation of companies or the electronic filing of documents. We will be unable to cancel any such submission on your behalf and will not refund any payment you have made. All prices shown at Coddan Web Site (www.uk-ltd-formation.co.uk) are in Great British pounds.
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Want to Incorporate in Arkansas? Coddan Offers Company Formations Service in Arkansas
You will find Arkansas a profitable place to do business, as do the homegrown Fortune 500 companies that are headquartered here: ALLTEL, Dillard's, Inc., Murphy Oil, Tyson Foods and Wal-Mart Stores. These companies are among the 75 Fortune 500 parent firms that have 195 facilities in Arkansas. Many Arkansas companies have made headlines recently: Acxiom Corp., Baldor Electric Co., and Wal-Mart were among Fortune's "100 Best Places to Work in America in 1999". ALLTEL was ranked as one of Business Week's "Info Tech 100," the best-performing technology companies in the U.S. And ALLTEL received the "Parents'Choice" award from Kids magazine for its family and child-care policies. J. B. Hunt Transport Services was listed in Computer World's Best Places to Work.
Forming a new LLC using our online limited liability questionnaire is a simple, complete and fast way to form a new LLC. Our online LLC formation services are designed for sole proprietors, do-it-yourself start-ups, small businesses, entrepreneurs, attorneys, accountants and others wishing to organize a California LLC, a Delaware LLC, a Florida LLC, a Nevada LLC, a New York LLC, or an Arkansas LLC. We offer you a complete package of limited liability company incorporation services similar to what you would obtain if you hired an attorney to incorporate your business, but at a fraction of the cost. Our LLC organization papers include everything you need to incorporate your new LLC properly. Our complete limited liability company package is personalized for your new company, unlike other do-it-yourself business incorporation papers that are not prepared specifically for your new company. Our LLC incorporation services include the following:
LLC Articles of Organization or LLC Certificate of Organization
Organizational Minutes
LLC Operating Agreement
Registered Agent for Service of Process
Business Name Availability
We offer you the option to incorporate a California LLC, incorporate a Delaware LLC, incorporate a Florida LLC, incorporate a New York LLC, incorporate a Nevada LLC, or incorporate an Arkansas LLC. In general, most people forming a new LLC find it advantageous to incorporate in the State in which the business is located. If the business is located in California, it is often best to incorporate your LLC in California. If the business is located in Florida, it is often best to incorporate in Florida, etc. However, there can be certain tax, privacy or liability protection benefits by incorporating in certain States, such as incorporating in Delaware or incorporating in Nevada, regardless of where the LLC is located. Our Delaware incorporation kits and Nevada incorporation kits can provide you with the ability to take advantage of those tax benefits, privacy protection benefits and liability protection benefits. If properly incorporated and maintained, all LLCs should provide liability protection for their members and managers.
Forms of Business Organizations in The State of Arkansas
There are four basic forms of business organizations in Arkansas: sole proprietorships, partnerships, corporations, and limited liability companies - the form you choose will affect your ability to control and profit from the business, your liability for lawsuits and the debts of the business, and the taxes you pay. The "right answer" for your business depends on your business goals and your personal style.
Arkansas LLC Formation
One or more persons may form a limited liability company by signing or causing to be signed Articles of Organization and delivering the signed articles to the Secretary State of Arkansas for filing. The person or persons who sign the Articles of Organization causing the formation of a limited liability company need not be members of the limited liability company at the time of formation or after formation has occurred. Arkansas LLC comes into existence when the executed Articles of Organization are filed. The Articles of Organization shall set forth:
Arkansas LLC' Articles of Organization must include: a name for the LLC. The address of the registered office and the name and business residence, or mailing address of the registered agent. The latest date on which the LLC is to dissolve, if specified. A statement that all or specified members are liable in their capacity as members for the LLC's obligations, or other liabilities, if that is the case. Any other provisions the members elect to include.
The name of each Arkansas limited liability company as set forth in its articles of organization must contain the words "Limited Liability Company" or "Limited Company" or the abbreviations "L.L.C.," "L.C.," "LLC," or "LC." The word "Limited" may be abbreviated as "Ltd." and the word "Company" may be abbreviated as "Co.". The name of a limited liability company which performs professional service shall in addition contain the words "Professional Limited Liability Company" or "Professional Limited Company" or the abbreviations "P.L.L.C.," "P.L.C.," "PLLC," "PLC," and the words "Limited" and "Company" may be abbreviated as "Ltd." or "Co." and may not contain the name of any person who is not a member, except that the name of a former member or member of a predecessor organization may continue to be included in the name.
Arkansas LLC Registered Agent & Registered Office
LLC shall continuously maintain in the State of Arkansas: a registered office that may, but need not, be the same as its place of business; and a registered agent for service of process on the limited liability company that is an individual resident of this state, a limited liability company, a foreign limited liability company authorized to transact business in this state, or a corporation formed under the laws of or authorized to transact business in this state. A copy of the Operating Agreement shall be maintained at the registered office at all times. Unless the registered agent signed the document making the appointment, the appointment of a registered agent or a successor registered agent on whom process may be served is not effective until the agent delivers a statement in writing to the Secretary of State accepting the appointment. A limited liability company may change its registered office or registered agent, or both, by delivering to the Secretary of State a statement setting forth:
A statement setting forth: the name of the limited liability company. The address of its current registered office. If the address of its registered office is to be changed, the address to which the registered office is to be changed. The name and address of its current registered agent. If its registered agent or the registered agent's address is to be changed, the name and address of its successor registered agent or the registered agent's new address.
The change of address of the registered office or registered agent is effective on delivery of the statement to the Secretary of State. The appointment of a new registered agent is effective on delivery of the statement to the Secretary of State and on receipt by the Secretary of State of evidence that the new registered agent has accepted appointment. A registered agent of a limited liability company may resign as registered agent by delivering a written notice of resignation, executed in duplicate, to the Secretary of State. The Secretary of State of Arkansas shall mail a copy of the notice to the limited liability company at its registered office. The appointment of the registered agent terminates thirty (30) days after receipt of the notice by the Secretary of State or on the appointment of a successor registered agent, whichever occurs first.
Description of service
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Basic Arkansas Corporation Formation Package - £94.00 All our Arkansas companies are general trading companies which include search name availability for your Arkansas Corporation. Preparation and filing of Certificate of Incorporation with state office. Our incorporation service and State filing fees. Certified Copy of the Certificate of Incorporation. Delivery Certified Copy of the Certificate of Incorporation is delivered as hard copy by post. The following documents will be delivered via E-Mail: a professionally prepared 20 page Arkansas Corporation By-laws ready-for-signature (Word. format). Minutes or Consents Documentation of Organizational Meeting.
Classic Arkansas Corporation Formation Package - £169.00 All our Arkansas companies are general trading companies which include search name availability for your Arkansas Corporation. Preparation and filing of Certificate of Incorporation with state office. Our incorporation service and State filing fees. Certified Copy of the Certificate of Incorporation. Arkansas Resident Agent for 12 months. Registered Address in the State of Arkansas for 12 months. Delivery Certified Copy of the Certificate of Incorporation is delivered as hard copy by post. The following documents will be delivered via E-Mail: a professionally-prepared 20 page Arkansas Corporation By-laws ready-for-signature (Word. format). Minutes or Consents Documentation of Organizational Meeting. Next Year Fees » £199.00 : Registered Address and Resident Agent Services, Annual Franchise Tax Report Preparation and Annual Franchise Tax Fee.
Deluxe Arkansas Corporation Formation Package - £309.00 All our Arkansas companies are general trading companies which include search name availability for your Arkansas Corporation. Preparation and filing of Certificate of Incorporation with state office. Our incorporation service and State filing fees. Certified Copy of the Certificate of Incorporation. Arkansas Resident Agent for 12 months. Registered Address in the State of Arkansas for 12 months. We provide a company nominee director service for 12 months. A professionally-prepared 20 page Arkansas Corporation By-laws signed by Nominee Director. Minutes or Consents Documentation of Organizational Meeting. Pre-signed, undated resignation letter from Director. General Power of Attorney. Indemnity Letter for General Power of Attorney. Agreement for the provision of nominee service and indemnification of nominees. Next Year Fees » £339.00 : Registered Address, Resident Agent, Nominee Director Services, Annual Franchise Tax Report Preparation Fee and Annual Franchise Tax Fee.
Basic Arkansas LLC Formation Package - £94.00 All our Arkansas LLCs are general trading companies which include search name availability for your Arkansas LLC. Preparation and filing of Certificate of Formation with state office. Our incorporation service and State filing fees. Certified Copy of the Certificate of Formation. Delivery Certified Copy of the Certificate of Formation is delivered as hard copy by post. The following documents will be delivered via E-Mail: a professionally-prepared 20 page Arkansas LLC Operating Agreement ready-for-signature (Word. format). Minutes or Consents Documentation of Organizational Meeting.
Classic Arkansas LLC Formation Package - £169.00 All our Arkansas LLCs are general trading companies which include search name availability for your Arkansas LLC. Preparation and filing of Certificate of Formation with state office. Our incorporation service and State filing fees. Certified Copy of the Certificate of Formation. Arkansas Resident Agent for 12 months. Registered Address in the State of Arkansas for 12 months. Delivery Certified Copy of the Certificate of Formation is delivered as hard copy by post. The following documents will be delivered via E-Mail: a professionally-prepared 20 page Arkansas LLC Operating Agreement ready-for-signature (Word. format). Minutes or Consents Documentation of Organizational Meeting. Next Year Fees » £199.00 : Registered Address and Resident Agent Services, Annual Franchise Tax Report Preparation and Annual Franchise Tax Fee.
Deluxe Arkansas LLC Formation Package - £309.00 All our Arkansas LLCs are general trading companies which include search name availability for your Arkansas LLC. Preparation and filing of Certificate of Formation with state office. Our incorporation service and State filing fees. Certified Copy of the Certificate of Formation. Arkansas Resident Agent for 12 months. Registered Address in the State of Arkansas for 12 months. One nominee LLC member for 12 months. Pre-signed, undated resignation letter from Nominee Member. General Power of Attorney signed by Member. Indemnity Letter for General Power of Attorney. Agreement for the provision of nominee service and indemnification of nominees. A professionally-prepared 20 page Arkansas LLC Operating Agreement (signed by nominee). Minutes or Consents Documentation of Organizational Meeting. Next Year Fees » £339.00 : Registered Address, Resident Agent, Nominee Member or Manager Services, Annual Franchise Tax Report Preparation Fee and Annual Franchise Tax Fee.
CYBERVISION AND HITECH MANAGEMENT LLC Managed by Operating Manager. Service included: Registered Office and Arkansas Registered Agent, Nominee Operating Manager, Nominee Member, Apostilled Certificate of Incorporation and EIN
15 November 2001
£2,600
GLOBAL ACCESS TRADING LLC Managed by Operating Manager. Service included: Registered Office and Arkansas Registered Agent, Nominee Operating Manager, Nominee Member, Apostilled Certificate of Incorporation
9 September 2003
£400
UNIVERSAL ACCENT LLC Managed by Operating Manager. Service included: Arkansas Registered Office and Registered Agent, Nominee Operating Manager, Nominee Member, Apostilled Certificate of Incorporation
9 September 2003
£400
INTERNATIONAL ASSISTANCE SERVICES LLC Managed by Operating Manager. Service included: Registered Office and Arkansas Registered Agent, Nominee Operating Manager, Nominee Member, Apostilled Certificate of Incorporation
9 September 2003
£400
BUSINESS ALLIANCE LLC Managed by Operating Manager. Service included: Arkansas Registered Office and Registered Agent, Nominee Operating Manager, Nominee Member, Apostilled Certificate of Incorporation
9 September 2003
£400
SPAINSMON ApS LLC Managed by Operating Manager. Service included: Registered Office and Arkansas Registered Agent, Nominee Operating Manager, Nominee Member, Apostilled Certificate of Incorporation
21 July 2003
£520
Arkansas LLC Share Capital
There is no minimum or maximum share capital and it can be issued in any currency. Furthermore, the initial capital can be in the form of cash or non-cash consideration. A limited liability company interest may be issued in exchange for property, services rendered, or a promissory note or other obligation to contribute cash or property or to perform services.
Arkansas LLC Members and Managers
Every member is an agent of the limited liability company for the purpose of its business or affairs, and the act of any member, including, but not limited to, the execution in the name of the limited liability company of any instrument, for apparently carrying on in the usual way the business or affairs of the limited liability company of which he or she is a member, binds the limited liability company, unless the member so acting has, in fact, no authority to act for the limited liability company in the particular matter, and the person with whom the member is dealing has knowledge of the fact that the member has no such authority. If the Articles of Organization provide that management of the limited liability company is vested in a manager or managers:
Management of the LLC is vested in a manager or managers: No member solely by reason of being a member is an agent of the limited liability company. Every manager is an agent of the limited liability company for the purpose of its business or affairs, and the act of any manager, including, but not limited to, the execution in the name of the limited liability company of any instrument, for apparently carrying on in the usual way the business or affairs of the limited liability company of which he is a manager binds the limited liability company, unless the manager so acting has, in fact, no authority to act for the limited liability company in the particular matter, and the person with whom the manager is dealing has knowledge of the fact that the manager has no such authority. An act of a manager or a member which is not apparently for the carrying on in the usual way the business or affairs of the limited liability company does not bind the limited liability company unless authorized in accordance with an operating agreement, at the time of the transaction or at any other time. No act of a manager or member in contravention of a restriction on authority shall bind the limited liability company to persons having knowledge of the restriction.
LLC May Qualify as Executor or Administrator
A limited liability company engaged in the practice of law, as a part of the practice of law, may act as an executor, trustee, or administrator of an estate, guardian for an infant, or in any other fiduciary capacity. Any member, employee of a member, manager, employee, or agent of a limited liability company engaged in the practice of law who is duly licensed as an attorney in the State of Arkansas may perform necessary fiduciary responsibilities on behalf of the limited liability company.
Duties of Managers and Members
A member or manager shall not be liable, responsible, or accountable in damages or otherwise to the limited liability company or to the members of the limited liability company for any action taken or failure to act on behalf of the limited liability company unless the act or omission constitutes gross negligence or wilful misconduct. Every member and manager must account to the limited liability company and hold as trustee for it any profit or benefit derived by that person without the consent of more than one-half (1/2) by number of the disinterested managers or members, or other persons participating in the management of the business or affairs of the limited liability company, from any transaction connected with the conduct or winding up of the limited liability company or any use by the member or manager of its property, including, but not limited to, confidential or proprietary information of the limited liability company or other matters entrusted to the person as a result of his or her status as manager or member. One who is a member of a limited liability company in which management is vested in managers and who is not a manager shall have no duties to the limited liability company or to the other members solely by reason of acting in the capacity of a member.
Arkansas LLC Taxation
In Arkansas every limited liability company (LLC) having two or more members must prepare a partnership income tax return. The income and expenses of every LLC having only one member must be reported on the member's individual income tax return. Accordingly, your LLC will not be taxed on its net income. Instead, members must include in their Arkansas taxable adjusted gross income their distributive share of LLC income. Personal income tax is computed at rates of 1 percent to 7 percent of taxable individual income in Arkansas.
Arkansas LLC Records and Information
Unless otherwise provided in writing in an operating agreement, a limited liability company shall keep at its principal place of business the following: a current and a past list, setting forth the full name and last known mailing address of each member and manager, if any, set forth in alphabetical order. A copy of the Articles of Organization and all amendments thereto, together with executed copies of any powers of attorney pursuant to which the Articles of Amendment have been executed. Copies of the limited liability company's federal, state, and local income tax returns and financial statements, if any, for the three (3) most recent years or, if those returns and statements were not prepared for any reason, copies of the information and statements provided to, or which should have been provided to, the members to enable them to prepare their federal, state, and local tax returns for the period. Copies of any effective written operating agreements, and all amendments thereto, and copies of any written Operating Agreements no longer in effect. A writing, if any, setting forth the amount of cash and a statement of the agreed value of other property or services contributed by each member and the times at which or events upon the happening of which any additional contributions are to be made by each member. A writing, if any, stating events upon the happening of which the limited liability company is to be dissolved and its affairs wound up. Other writings, if any, prepared pursuant to a requirement in an Operating Agreement.
Upon reasonable request, a member may, at the member's own expense, inspect and copy during ordinary business hours any limited liability company record, wherever the record is located. Members, if the management of the limited liability company is vested in the members, or managers, if management of the limited liability company is vested in managers, shall render, to the extent the circumstances render it just and reasonable, true and full information of all things affecting the members to any member and to the legal representative of any deceased member or of any member under legal disability. Failure of the limited liability company to keep or maintain any of the records or information required pursuant to this section shall not be grounds for imposing liability on any member or manager for the debts and obligations of the limited liability company.
Liability for LLC Contributions
A promise by a member to contribute to the limited liability company is not enforceable unless set forth in a writing signed by the member. Unless otherwise provided in an Operating Agreement, a member is obligated to the limited liability company to perform any enforceable promise to contribute cash or property or to perform services, even if the member is unable to perform because of death, disability, or other reason.
If a member does not make the required contribution of property or services, the member is obligated, at the option of the limited liability company, to contribute cash equal to that portion of value of the stated contribution that has not been made. Unless otherwise provided in an Operating Agreement, the obligation of a member to make a contribution may be compromised only with the unanimous consent of the members. Only a creditor of a limited liability company who extends credit in reliance on an obligation to contribute or otherwise acts in reliance on that obligation to contribute after the member signs a writing which reflects the obligation to contribute may enforce any obligation to contribute.
Arkansas Corporations
This is the most complex and expensive way to structure a business, but it also offers important protections for the owners. A corporation is a legal entity distinct from its owners. This ensures continuity and protects the assets of the owners (i.e. the shareholders) from the liabilities and debts of the corporation.
Corporation advantages: except where shareholders are professionals who are always responsible for their own negligence, the liability of corporate shareholders is limited to the amount of their investment. A corporation has advantages in raising capital because of greater access to investors. Ownership is transferable and inheritable - the corporation doesn't fold if its owners change or die.
Corporation disadvantages: Corporations are difficult and expensive to set up and dismantle. There are stricter legal rules than for other business structures. Power is limited by the Articles of Incorporation and Bylaws, and a vote of the shareholders may be required for various decisions. As a separate legal entity, a corporation must maintain its own set of accounting records and file its own income tax returns.
Number of Shareholders
The following identified as a shareholder in a corporation's current record of shareholders constitutes one shareholder: three or fewer co-owners; a corporation, partnership, trust, estate, or other entity; the trustees, guardians, custodians, or other fiduciaries of a single trust, estate, or account. Shareholdings registered in substantially similar names constitute one shareholder if it is reasonable to believe that the names represent the same person.
Arkansas Incorporators
One or more persons may act as the incorporator or incorporators of a corporation by delivering Articles of Incorporation to the Secretary of State for filing.
The Articles of Incorporation must set forth: a corporate name for the corporation. The number of shares the corporation is authorized to issue and, if such shares are to consist of one class only, the par value of each of such shares, or a statement that all of such shares are without par value; or, if such shares are to be divided into classes, the number of shares of each class, and a statement of the par value of the shares of each such class or that such shares are without par value. The street address of the corporation's initial registered office and the name of its initial registered agent at that office. The name and address of each incorporator; and the primary purpose or purposes for which the corporation is organized.
Arkansas Company Incorporation Process. Unless a delayed effective date is specified, the corporate existence begins when the Articles of Incorporation are filed. The Secretary of State's filing of the Articles of Incorporation is conclusive proof that the incorporators satisfied all conditions precedent to incorporation except in a proceeding by the state to cancel or revoke the incorporation or involuntarily dissolve the corporation.
After incorporation: if initial directors are named in the Articles of Incorporation, the initial directors shall hold an organizational meeting, at the call of a majority of the directors, to complete the organization of the corporation by appointing officers, adopting Bylaws, and carrying on any other business brought before the meeting. If initial directors are not named in the Articles, the incorporator or incorporators shall hold an organizational meeting at the call of a majority of the incorporators: to elect directors and complete the organization of the corporation; or to elect a board of directors who shall complete the organization of the corporation.
Action to be taken by incorporators at an organizational meeting may be taken without a meeting if the action taken is evidenced by one or more written consents describing the action taken and signed by each incorporator. An organizational meeting may be held in or out of the State of Arkansas.
Authorized Shares
The Articles of Incorporation must prescribe the classes of shares, the number of shares of each class that the corporation is authorized to issue, and a statement of the par value of the shares of each class or a statement that the shares of a class are to be without par value. If more than one class of shares is authorized, the Articles of Incorporation must prescribe a distinguishing designation for each class, and, prior to the issuance of shares of a class, the preferences, limitations, and relative rights of that class must be described in the Articles of Incorporation. The Articles of Incorporation must authorize one or more classes of shares that together have unlimited voting rights, and one or more classes of shares (which may be the same class or classes as those with voting rights) that together are entitled to receive the net assets of the corporation upon dissolution. The board of directors of an investment company may increase or decrease the aggregate number of shares of stock, or the number of shares of stock of any class, that the corporation has the authority to issue, unless a provision has been legally included in the Articles of Incorporation of the corporation after May 1, 1989, prohibiting an act by the board of directors to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class that the corporation has authority to issue.
Subscription for Shares Before Incorporation
A subscription for shares entered into before incorporation is irrevocable for six months unless the Subscription Agreement provides a longer or shorter period or all the subscribers agree to revocation. The board of directors may determine the payment terms of subscription for shares that were entered into before incorporation, unless the Subscription Agreement specifies them. A call for payment by the board of directors must be uniform so far as practicable as to all shares of the same class or series, unless the Subscription Agreement specifies otherwise. Shares issued pursuant to subscriptions entered into before incorporation are fully paid and nonassessable when the corporation receives the consideration specified in the Subscription Agreement. If a subscriber defaults in payment of money or property under a Subscription Agreement entered into before incorporation, the corporation may collect the amount owed as any other debt. Alternatively, unless the Subscription Agreement provides otherwise, the corporation may rescind the agreement and may sell the shares if the debt remains unpaid for more than 20 days after the corporation sends written demand for payment to the subscriber.
Liability of Shareholders
A purchaser from a corporation of its own shares is not liable to the corporation or its creditors with respect to the shares except to pay the full consideration, fixed as provided by law, for which the shares were issued or were to be issued. Unless otherwise provided in the Articles of Incorporation, a shareholder of a corporation is not personally liable for the acts or debts of the corporation except that he may become personally liable by reason of his own acts or conduct.
Annual Meeting of Shareholders
A corporation shall hold a meeting of shareholders annually at a time stated in or fixed in accordance with the Bylaws. Annual shareholders' meetings may be held in or out of this state at the place stated in or fixed in accordance with the Bylaws. If no place is stated in or fixed in accordance with the Bylaws, annual meetings shall be held at the corporation's principal office. The failure to hold an annual meeting at the time stated in or fixed in accordance with a corporation's Bylaws does not affect the validity of any corporate action. If the Articles of Incorporation or Bylaws of an investment company so provide, the corporation is not required to hold an annual meeting in any year in which no action is to be taken which requires a vote of shareholders under the Investment Company Act of 1940, unless a meeting is called by more than fifty percent (50%) of the holders of all classes of shares of the corporation or by more than fifty percent (50%) of the board of directors.
Shares Held by Nominees
A corporation may establish a procedure by which the beneficial owner of shares that are registered in the name of a nominee is recognized by the corporation as the shareholder. The extent of this recognition may be determined in the procedure. The procedure may set forth: The types of nominees to which it applies. The rights or privileges that the corporation recognizes in a beneficial owner. The manner in which the procedure is selected by the nominee. The information that must be provided when the procedure is selected. The period for which selection of the procedure is effective; and other aspects of the rights and duties created.
£ 94.00
To register in Arkansas this package price includes (most popular for USA residents):
Search name availability for your LLC in Arkansas
Arkansas Resident Agent for 12 months
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