It might be challenging to decide to shut down a company, but if you’ve made the decision to dissolve your corporation in Arkansas, you must take the right measures in order to do so legally and without incurring any penalties. The following information can help you dissolve a corporation in Arkansas.
Articles of Dissolution must be filed with the Secretary of State of Arkansas as the initial step in dissolving your Arkansas corporation. The filing fee is $50, and you can do it online or by mail. The corporation’s name, incorporation date, and cause of dissolution should all be listed in the Articles of Dissolution. Before submitting the Articles of Dissolution, make sure to receive a tax clearance certificate from the Arkansas Department of Finance and Administration.
You must inform all creditors, stockholders, and other organizations that the corporation is dissolving after filing the Articles of Dissolution. You can accomplish this by posting a notice in a neighborhood newspaper or delivering a written notification via certified mail. The date of dissolution, the cause of dissolution, and the deadline for creditors to file claims should all be included in the notice.
Step 3: Removing Licenses, Registrations, and Permits Once the Articles of Dissolution have been submitted, all licenses, registrations, and permissions related to your corporation must be cancelled. This covers all licenses and permits, both municipal and state, as well as any federal registrations. Along with closing any business bank accounts, you should also cancel any business insurance coverage.
Although operating agreements are not required for corporations in Arkansas, it is still a good idea to have one. An operating agreement is a legal document that spells out the policies and procedures of your company, including the roles and responsibilities of the owners and managers, the allocation of profits and losses, and the management of the company.
By submitting the Articles of Incorporation to the Arkansas Secretary of State, you can directly incorporate your company there. The filing fee is $50, and you can do it online or by mail. The name of the corporation, its mission, the number of authorized shares, and the name and address of the registered agent should all be listed in the articles of incorporation.
You must submit the Articles of Organization to the Arkansas Secretary of State in order to register a business there. Limited liability companies (LLCs), partnerships, and other entities are covered by this. The filing fee is $50, and you can do it online or by mail. The name of the company, its goals, and the names and addresses of the registered agent should all be listed in the articles of incorporation.
Online, by mail, or by fax, you can apply for an Employer Identification Number (EIN) for your Arkansas company. The Internal Revenue Service (IRS) issues firms with the EIN, a special identification number, for tax-related purposes. If you want to create a company bank account, file tax returns, or have workers, you must obtain an EIN. Applying for an EIN doesn’t cost anything.
In order to conduct business in Arkansas, a corporation, limited liability company (LLC), limited partnership (LP), limited liability partnership (LLP), or any foreign entity must register with the state’s secretary of state.
Yes, the state of Arkansas has a Secretary of State in charge of corporation and business filings. All corporate records and paperwork, including those pertaining to dissolving a corporation in Arkansas, must be processed and maintained by the Secretary of State’s office.