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When forming an LLC, Delaware is often the popular choice because it is known for having the strongest corporate law structure.
Business owners from all around the world take advantage of the Delaware's benefits. It's possible to operate a Delaware company anywhere, which is why you can do business in Arkansas with a Delaware LLC.
When forming a business in Delaware, your company is considered domestic to Delaware and foreign to every other state. Generally, the next step is to register as a foreign entity in the state in which you are operating.
If you're planning on doing business in Arkansas with a Delaware LLC, certain steps will need to be taken. The process of registering your Delaware LLC as a foreign entity in Arkansas is called Foreign Qualification. This is how you obtain permission from Arkansas to operate there with a Delaware LLC.
Like all states, Arkansas has an application process and a state fee, and will also require additional documentation from Delaware. The additional documentation specifically required by Arkansas is a Delaware certificate of good standing.
The Certificate of Good Standing proves that your Delaware LLC has a legal existence, is up to date with all Delaware Franchise Taxes and has a current Registered Agent in Delaware. Typically, a Certificate of Good Standing will be accepted for up to 90 days from the date it is issued, but some legal transactions may require that you obtain the certificate on the same day as the filing.
As a Delaware Registered Agent, we would be happy to assist with your Arkansas Foreign Qualification. We will prepare the documentation, send it to you for signature, obtain the Certificate of Good Standing, file the prepared paperwork with Arkansas and even act as your Arkansas Registered Agent. The typical turnaround time is often about five business days.
If you are filing a company that happens to be in the medical professional service business, Arkansas will also require your certificate or card that was issued by the medical board. This will need to be sent by mail or fax before your filing is approved.
Once registered as a foreign entity in Arkansas, the state will have an annual reporting requirement. This annual report is due before May 1 each year. If we’re your Arkansas Registered Agent, we will notify you of this filing and help you file it in a timely manner.
If you would like us to file your Delaware LLC and file as a foreign entity in Arkansas for you, or if you have any additional questions, please call 1-800-345-2677, Ext. 6130.
Blog image courtesy of Stuart Seeger
THE AUTHOR OF THIS BLOG ARTICLE IS NOT A LAWYER AND HARVARD BUSINESS SERVICES, INC. IS NOT A LAW FIRM. THE ARTICLE ABOVE IS NOT INTENDED AS LEGAL ADVICE AND SHOULD NOT BE TAKEN AS LEGAL ADVICE. THIS SHORT ARTICLE IS STRICTLY TO MENTION SOME ASPECTS OF DELAWARE’S CORPORATION LAWS AND/OR LAWS RELATING TO OTHER FORMS OF ENTITIES WHICH YOU MAY NOT BE FAMILIAR WITH. WE RECOMMEND THAT YOU CONSULT WITH A LAWYER BEFORE FORMULATING A STRATEGY WHICH WILL BE SUITABLE FOR YOUR SPECIFIC CASE.