This due diligence form is used to summarize data for each LLC associated with the company in business transactions.
Arkansas Limited Liability Company Data Summary
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US-DD0707
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FAQ
Arkansas state law requires all Corporations, LLCs, Banks, and Insurance Companies registered in Arkansas to pay an annual franchise tax. Failure to pay can result in the imposition of additional fees, penalties and interest, or even revocation of the authorization to do business.
Arkansas LLC Franchise Tax is a privilege tax. Meaning, it's a flat-rate tax of $150 per year for the privilege to do business in the state. The purpose of the tax is to generate revenue for the State of Arkansas.
The State of Arkansas requires you to file an annual franchise tax report for your LLC. The report is associated with the state's franchise tax that applies to most LLCs. The tax, payable to the Secretary of State, is $150.
LLCs give business owners significantly greater federal income tax flexibility than a sole proprietorship, partnership and other popular forms of business organization.
If you don't pay your Arkansas Franchise Tax for three years, your LLC will enter revoked status.
Like S corporations, standard LLCs are pass-through entities and are not required to pay income tax to either the federal government or the State of Arkansas. Instead, income from the business is distributed to individual LLC members, who then pay federal and state taxes on the amount distributed to them.
Pass-Through Taxation One of the biggest tax advantages of a limited liability company is the ability to avoid double taxation. The Internal Revenue Service (IRS) considers LLCs as pass-through entities. Unlike C-Corporations, LLC owners don't have to pay corporate federal income taxes.
An LLC is typically treated as a pass-through entity for federal income tax purposes. This means that the LLC itself doesn't pay taxes on business income. The members of the LLC pay taxes on their share of the LLC's profits.
LLC member taxes are based on their share of the income of the business for the year. No matter how much or how little LLC members take out of the business for personal use, they are taxed on the full amount of the annual net income of that business.
