You might be asking if, as a lone proprietor, your business need a DBA (Doing Business As). In most instances, the answer is yes. In order to conduct business under a name other than your own, you can utilize a DBA, which is a legal name. A trade name or fictional name are other names for it.
You do not require a DBA if you are conducting business under your legal name. However, you must register a DBA with your state if you wish to use a business name that differs from your legal name. By doing this, you’ll be able to open a business bank account, take payments under your company name, and market your company using the DBA name.
The procedure for registering a DBA in Arkansas is not too difficult. To ensure that the name you want to use is available, you must contact the county clerk. After making sure the name is available, you can submit a DBA registration form to the Secretary of State’s office in Arkansas. In Arkansas, a DBA must be filed for $25.
There are a few actions you must do in order to dissolve your small business if you are closing it in Arkansas. Any business licenses and permits you have obtained from the state or municipal government must be canceled first. A final tax return must be submitted to the Arkansas Department of Finance and Administration as well. Finally, you must submit articles of dissolution to the Secretary of State’s office in Arkansas.
Depending on your sort of business and the city or county where you are located, the price of an Arkansas business license varies. To find out the precise price of a business license in your area, contact your local government.
You must submit a request to the Arkansas Secretary of State’s office to get a certificate of good standing there. This certification will attest to the fact that your company is in good standing with the government. In Arkansas, a certificate of good standing costs $10.
While creating an LLC (Limited Liability Company) has many benefits, there are a few drawbacks to take into account. An LLC might be more expensive to start up and maintain than other business arrangements, which is one of its main drawbacks. Additionally, compared to partnerships or sole proprietorships, LLCs are subject to more rules and formalities.
In conclusion, creating a DBA is crucial if you are a lone proprietor and wish to conduct business using a name other than your own. Make sure you have taken all the essential measures to properly dissolve your company before terminating your small business in Arkansas. Depending on your sort of business and region, Arkansas has different business license fees. Send a request to the Arkansas Secretary of State’s office for a certificate of good standing. Finally, while LLCs have many benefits, there are also extra expenses and restrictions to take into account.