Arkansas Business Facts
Arkansas is one of the fastest growing states in America. Since 2013, the unemployment rate in Arkansas has declined to 6%. Small businesses dominate the state’s economy. These businesses employ nearly half of the private workforce in Arkansas.
Major Companies Headquartered in Arkansas
Arkansas is the headquarters of many major companies including Walmart, Tyson Brand, Dillard’s, J.B. Hunt Transport Services, and ArcBest.
Arkansas is an ideal state for startups. Arkansas startup organizations are actively involved in fostering a supportive network, forming an environment where people are encouraged to pursue their ventures.
There are 3 basic options: a Corporation, LLC or DBA. Click here to learn more about business entities.
Choosing a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the less times you have to do that the better). In Step 3 we’ll show you how to search for the name in Arkansas, but we highly recommend you do the following before searching Arkansas state databases:
Note: Familiarize yourself with the Arkansas naming guidelines. LLC entity names need to contain the words Limited Liability Company or the abbreviation LLC, and certain words are restricted or prohibited.
Restrictions on Arkansas Business Name & Business Purpose
Each state has its own requirements for registering a business. Now that you’ve chosen a business structure and selected your business name, here are the requirements to register your business in Arkansas.
How to form an LLC in Arkansas
How to Incorporate in Arkansas
Note: When registering a new company the Secretary of State can take several weeks to file the paperwork. You can expedite the process by hand delivering the documents directly to them or one of their field offices and paying an additional fee.
TIP: Check ourorder form to see how long Arkansas is currently taking to process regular and expedited orders.
How to File a DBA in Arkansas
Considerations when registering a Arkansas business
Ready to register a business in Arkansas?
Your EIN is like your Social Security Number for your company. It’s required for Corporations and LLC’s and optional for DBA’s (if you don’t have any employees, then it’s required). However, if you are a DBA and don’t obtain an EIN you will be forced to use your Social Security Number on many documents so it’s typically recommended you obtain the EIN to prevent identity theft.
You can read more about corporate tax laws in Arkansas on the Arkansas Department of Revenue Taxation Division site.
To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork b) your EIN c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).
Top 5 Major Banks in Arkansas
TIP: Our business formation service includes a free banking resolution for your use.
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
TIP: We work with a company that can obtain and prepare business licenses and permits for you. Click here to learn more.
DBA: Your Fictitious Business Name should be valid for 5 years (unless you change company name or other information listed on the FBN) at which point you’ll need to renew it with the county.
LLC: Arkansas corporations are required to file a Periodic Report with the Arkansas Secretary of State each year on or before May 1, in addition to general taxation. Information on your business’s taxes can be found here.
Corporation: Business in Arkansas should file a report annually with the Secretary of State of Arkansas on or before May 1. LLCs and Corporations will pay a filing cost of $155.
Arkansas Secretary of State
Business and Commercial Services (for Corporation and LLC filings)
1401 W. Capitol Avenue,
Suite 250, Little Rock, AR 72201
Arkansas Taxation Departments
Arkansas Labor and Employment Departments
Arkansas Startup Resources
1. Small Business Administration (SBA) Arkansas District Offices
3. Arkansas Legal Statutes
5. Operation JumpStart
6. Angel.co Arkansas Startups
7. Arkansas Business News
8. Arkansas Economic Development Commission
9. Arkansas Small Business and Technology Development Center (ASBTDC)
10. Arkansas Green Energy Network (AGEN)
Wow loved it thankyou! I dreaded making this for a month thinking it would be a hassle. It wasn't thanks to you guys!
Excellent in all aspects. Perfect for new business owners with limited resources but wants to start it off right.