Arkansas Agreement of Shareholders of a Close Corporation with Management by Shareholders

State:
Multi-State
Control #:
US-0178BG
Format:
Word; 
Rich Text
Instant download

Description

A close corporation is a corporation that is exempt from a number of the formal rules usually governing corporations, because of the small number of shareholders it has. The specifics vary by state, but usually a close corporation must not be publicly traded, and must have fewer than a set number of shareholders (usually 35 or so). A close corporation can generally be run directly by the shareholders (without a formal board of directors and without a formal annual meeting).
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FAQ

In Arkansas, you can establish a sole proprietorship without filing any legal documents with the Arkansas state government.

As a minority shareholder in a corporation or member of a limited liability company, you have rights: Right to information. A reasonable expectation of lifetime employment. Right to an active say in the management of your company.

Arkansas-founded Walmart took the top spot on this year's list as the largest company in the United States. The Bentonville retailer has maintained the no. 1 spot on the Fortune 500 list since 2013.

In the modern publicly held corporation, ownership and control are separated. The shareholders ?own? the company through their ownership of its stock, but power to manage is vested in the directors.

Business corporations, nonprofit corporations, professional corporations, limited partnerships, limited liability partnerships and limited liability companies are formed in Arkansas by filing with the Business Services Division of the Office of Secretary of State.

Limited Liability Company Must file Articles of Organization with the Arkansas Secretary of State. Allow members to manage a company themselves or to elect managers.

Yes, you can be your own registered agent in Arkansas. With that said, however, after considering the registered agent requirements most business owners elect to hire a registered agent service instead.

Here's an overview of the key steps you'll need to take to start your own business in Arkansas. Choose a Business Idea. ... Decide on a Legal Structure. ... Choose a Name. ... Create Your Business Entity. ... Apply for Arkansas Licenses and Permits. ... Pick a Business Location and Check Zoning. ... File and Report Taxes. ... Obtain Insurance.

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Arkansas Agreement of Shareholders of a Close Corporation with Management by Shareholders