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Arkansas Statutes, Title 4

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Arkansas/Statutes

← All Arkansas coverage

Title 4, Business and Commercial Law

88 chapters · 2,278 sections in this title.

All chapters in Title 42,278 Ch 27, Business Corporation Act of 1987186 Ch 33, The Arkansas Nonprofit Corporation A…160 Ch 9, Secured Transactions153 Ch 38, Uniform Limited Liability Company Act125 Ch 75, Unfair Practices121 Ch 47, Uniform Limited Partnership Act108 Ch 26, Business Corporations Generally106 Ch 2, Sales103 Ch 88, Deceptive Trade Practices97 Ch 28, Nonprofit Organizations92 Ch 46, Uniform Partnership Act70 Ch 3, Negotiable Instruments68 Ch 90, Automobiles55 Ch 8, Investment Securities52

125 sections·Filtered byTitle 4✕Ch 38✕

Ark. Code Ann. § 4-38-113 Reservation of name
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(a) A person may reserve the exclusive use of a name that complies with § 4-38-112 by delivering an application to the Secretary of State for filing. The application must state the name and address of the applicant and the name to be reserved. If the Secretary of State finds that…
Ark. Code Ann. § 4-38-114 Registration of name
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(a) A foreign limited liability company not registered to do business in this state under § 4-38-901 et seq. may register its name, or an alternate name adopted pursuant to § 4-38-906, if the name is distinguishable on the records of the Secretary of State from the names that are…
Ark. Code Ann. § 4-38-115 Registered agent
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(a) Each limited liability company and each registered foreign limited liability company shall designate and maintain a registered agent in this state in compliance with the Model Registered Agents Act, § 4-20-101 et seq. (b) The designation of a registered agent is an affirmatio…
Ark. Code Ann. § 4-38-116 Change of registered agent or address for registered agent by limited liability company

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(a) A limited liability company or registered foreign limited liability company may change its registered agent or the address of its registered agent as provided under § 4-20-108. (b) Any change by a noncommercial registered agent shall comply with § 4-20-109. (c) Any change by …

Ark. Code Ann. § 4-38-117 Resignation of registered agent

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(a) A registered agent may resign as an agent for a limited liability company or registered foreign limited liability company as directed under § 4-20-111. (b) A statement of resignation takes effect on the earlier of:(1) the 31st day after the day on which it is filed by the Sec…

Ark. Code Ann. § 4-38-118 Change of name or address by a registered agent

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(a) If a noncommercial registered agent changes its name, its address as currently in effect with respect to a represented entity pursuant to § 4-20-105(a), the agent shall file with the Secretary of State, with respect to each entity represented by the agent, a statement of chan…

Ark. Code Ann. § 4-38-119 Service of process, notice, or demand

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(a) A limited liability company or registered foreign limited liability company may be served with any process, notice, or demand required or permitted by law by serving its registered agent. (b) If a limited liability company or registered foreign limited liability company cease…

Ark. Code Ann. § 4-38-120 Delivery of record

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(a) Except as otherwise provided in this chapter, permissible means of delivery of a record include delivery by hand, mail, conventional commercial practice, and electronic transmission. (b) Delivery to the Secretary of State is effective only when a record is received by the Sec…

Ark. Code Ann. § 4-38-1201 Applicability — Definition

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(a) As used in this subchapter, “professional service” means a service that may be legally performed under a license or other legally mandated personal authorization, including without limitation services rendered by certified public accountants, architects, engineers, dentists, …

Ark. Code Ann. § 4-38-1202 Certification of registration

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(a) A limited liability company formed under this chapter and that will engage in the practice of medicine must obtain a certificate of registration from the Arkansas State Medical Board and must comply with the statutes of the Medical Corporation Act, § 4-29-301 et seq. (b) A li…

Ark. Code Ann. § 4-38-1203 Name — Professional limited liability company

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(a) The name of a limited liability company which performs a professional service shall contain the words “Professional Limited Liability Company” or “Professional Limited Company” or the abbreviations “P.L.L.C.”, “P.L.C.”, “PLLC”, “PLC”, and the words “Limited” and “Company” may…

Ark. Code Ann. § 4-38-121 Reservation of power to amend or repeal

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The General Assembly has power to amend or repeal all or part of this chapter at any time, and all limited liability companies and foreign limited liability companies subject to this chapter are governed by the amendment or repeal.

Ark. Code Ann. § 4-38-122 Use of fictitious names

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(a) A limited liability company, domestic or foreign, shall not conduct any business in this state under a fictitious name unless it first files with the Secretary of State a form supplied or approved by the Secretary of State giving the following information:(1) the fictitious n…

Ark. Code Ann. § 4-38-201 Formation of limited liability company; Certificate of organization

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(a) One or more persons may act as organizers to form a limited liability company by delivering to the Secretary of State for filing a certificate of organization. (b) A certificate of organization must state:(1) the name of the limited liability company, which must comply with §…

Ark. Code Ann. § 4-38-202 Amendment or restatement of certificate of organization

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(a) A certificate of organization may be amended or restated at any time. (b) To amend its certificate of organization, a limited liability company must deliver to the Secretary of State for filing an amendment stating:(1) the name of the company;(2) the date of filing of its ini…

Ark. Code Ann. § 4-38-203 Signing of records to be delivered for filing to Secretary of State

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(a) A record delivered to the Secretary of State for filing pursuant to this chapter must be signed as follows:(1) Except as otherwise provided in paragraphs (2) and (3), a record signed by a limited liability company must be signed by a person authorized by the company.(2) A com…

Ark. Code Ann. § 4-38-204 Signing and filing pursuant to judicial order

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(a) If a person required by this chapter to sign a record or deliver a record to the Secretary of State for filing under this chapter does not do so, any other person that is aggrieved may petition the circuit court to order:(1) the person to sign the record;(2) the person to del…

Ark. Code Ann. § 4-38-205 Liability for inaccurate information in filed record

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(a) If a record delivered to the Secretary of State for filing under this chapter and filed by the Secretary of State contains inaccurate information, a person that suffers loss by reliance on the information may recover damages for the loss from:(1) a person that signed the reco…

Ark. Code Ann. § 4-38-206 Filing requirements

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(a) To be filed by the Secretary of State pursuant to this chapter, a record must be received by the Secretary of State, comply with this chapter, and satisfy the following:(1) The filing of the record must be required or permitted by this chapter.(2) The record must be physicall…

Ark. Code Ann. § 4-38-207 Effective date and time

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(1) Except as otherwise provided in § 4-38-208 and subject to § 4-38-209(d), a record filed under this chapter is effective:(1) on the date and at the time of its filing by the Secretary of State, as provided in § 4-38-210(b);(2) on the date of filing and at the time specified in…

Ark. Code Ann. § 4-38-208 Withdrawal of filed record before effectiveness

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(a) Except as otherwise provided in §§ 4-38-1024, 4-38-1034, 4-38-1044, and 4-38-1054, a record delivered to the Secretary of State for filing may be withdrawn before it takes effect by delivering to the Secretary of State for filing a statement of withdrawal. (b) A statement of …

Ark. Code Ann. § 4-38-209 Correcting filed record

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(a) A person on whose behalf a filed record was delivered to the Secretary of State for filing may correct the record if:(1) the record at the time of filing was inaccurate;(2) the record was defectively signed; or(3) the electronic transmission of the record to the Secretary of …

Ark. Code Ann. § 4-38-210 Duty of Secretary of State to file — Review of refusal to file — Delivery of record by Secretary of State

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(a) The Secretary of State shall file a record delivered to the Secretary of State for filing which satisfies this chapter. The duty of the Secretary of State under this section is ministerial. (b) When the Secretary of State files a record, the Secretary of State shall record it…

Ark. Code Ann. § 4-38-211 Certificate of good standing or registration

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(a) On request of any person, the Secretary of State shall issue a certificate of good standing for a limited liability company or a certificate of registration for a registered foreign limited liability company. (b) A certificate under subsection (a) must state:(1) the limited l…

Ark. Code Ann. § 4-38-212 Annual report for Secretary of State

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(a) A limited liability company or registered foreign limited liability company shall deliver to the Secretary of State for filing an annual report that states:(1) the name of the company or foreign company;(2) the name and street and mailing addresses of its registered agent in …

Ark. Code Ann. § 4-38-301 No agency power of member as member

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(a) A member is not an agent of a limited liability company solely by reason of being a member. (b) A person's status as a member does not prevent or restrict law other than this chapter from imposing liability on a limited liability company because of the person's conduct.

Ark. Code Ann. § 4-38-302 Statement of limited liability company authority

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(a) A limited liability company may deliver to the Secretary of State for filing a statement of authority. The statement:(1) must include the name of the company and the name and street and mailing addresses of its registered agent;(2) with respect to any position that exists in …

Ark. Code Ann. § 4-38-303 Statement of denial

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(1) A person named in a filed statement of authority granting that person authority may deliver to the Secretary of State for filing a statement of denial that:(1) provides the name of the limited liability company and the caption of the statement of authority to which the statem…

Ark. Code Ann. § 4-38-304 Liability of members and managers

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(a) A debt, obligation, or other liability of a limited liability company is solely the debt, obligation, or other liability of the company. A member or manager is not personally liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other…

Ark. Code Ann. § 4-38-401 Becoming member

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(a) If a limited liability company is to have only one member upon formation, the person becomes a member as agreed by that person and the organizer of the company. That person and the organizer may be, but need not be, different persons. If different, the organizer acts on behal…

Ark. Code Ann. § 4-38-402 Form of contribution

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A contribution may consist of property transferred to, services performed for, or another benefit provided to the limited liability company or an agreement to transfer property to, perform services for, or provide another benefit to the company.

Ark. Code Ann. § 4-38-403 Liability for contributions

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(a) A person's obligation to make a contribution to a limited liability company is not excused by the person's death, disability, termination, or other inability to perform personally. (b) If a person does not fulfill an obligation to make a contribution other than money, the per…

Ark. Code Ann. § 4-38-404 Sharing of and right to distributions before dissolution

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(a) Any distribution made by a limited liability company before its dissolution and winding up must be in equal shares among members and persons dissociated as members, except to the extent necessary to comply with a transfer effective under § 4-38-502 or charging order in effect…

Ark. Code Ann. § 4-38-405 Limitations on distributions

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(a) A limited liability company may not make a distribution, including a distribution under § 4-38-707, if after the distribution:(1) the company would not be able to pay its debts as they become due in the ordinary course of the company's activities and affairs; or(2) the compan…

Ark. Code Ann. § 4-38-406 Liability for improper distributions

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(a) Except as otherwise provided in subsection (b), if a member of a member-managed limited liability company or manager of a manager-managed limited liability company consents to a distribution made in violation of § 4-38-405 and in consenting to the distribution fails to comply…

Ark. Code Ann. § 4-38-407 Management of limited liability company

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(a) A limited liability company is a member-managed limited liability company unless the operating agreement:(1) expressly provides that:(A) the company is or will be “manager-managed”;(B) the company is or will be “managed by managers”; or(C) management of the company is or will…

Ark. Code Ann. § 4-38-408 Reimbursement — Indemnification — Advancement — Insurance

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(a) A limited liability company shall reimburse a member of a member-managed company or the manager of a manager-managed company for any payment made by the member or manager in the course of the member's or manager's activities on behalf of the company, if the member or manager …

Ark. Code Ann. § 4-38-409 Standards of conduct for members and managers

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(a) A member of a member-managed limited liability company owes to the company and, subject to § 4-38-801, the other members the duties of loyalty and care stated in subsections (b) and (c). (b) The fiduciary duty of loyalty of a member in a member-managed limited liability compa…

Ark. Code Ann. § 4-38-410 Rights to information of member, manager, and person dissociated as member

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(a) In a member-managed limited liability company, the following rules apply:(1) On reasonable notice, a member may inspect and copy during regular business hours, at a reasonable location specified by the company, any record maintained by the company regarding the company's acti…

Ark. Code Ann. § 4-38-501 Nature of transferrable interest

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A transferable interest is personal property.

Ark. Code Ann. § 4-38-502 Transfer of transferable interest

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(a) A transfer, in whole or in part, of a transferable interest:(1) is permissible;(2) does not by itself cause a person's dissociation as a member or a dissolution and winding up of the limited liability company's activities and affairs; and(3) subject to § 4-38-504, does not en…

Ark. Code Ann. § 4-38-503 Charging order

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(a) On application to a court of competent jurisdiction by a judgment creditor of a member, transferee, or any other owner of a membership interest in a limited liability company, a court having jurisdiction may charge the membership interest of the judgment debtor with payment o…

Ark. Code Ann. § 4-38-504 Power of legal representative of deceased member

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(1) If a member dies, the deceased member's legal representative may exercise:(1) the rights of a transferee provided in § 4-38-502(c); and(2) for the purposes of settling the estate, the rights the deceased member had under § 4-38-410. (1) the rights of a transferee provided in …

Ark. Code Ann. § 4-38-601 Power to dissociate as member — Wrongful dissociation

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(a) A person has the power to dissociate as a member at any time, rightfully or wrongfully, by withdrawing as a member by express will under § 4-38-602(1). (b) A person's dissociation as a member is wrongful only if the dissociation:(1) is in breach of an express provision of the…

Ark. Code Ann. § 4-38-602 Events causing dissociation

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(1) A person is dissociated as a member when:(1) the limited liability company knows or has notice of the person's express will to withdraw as a member, but, if the person has specified a withdrawal date later than the date the company knew or had notice, on that later date;(2) a…

Ark. Code Ann. § 4-38-603 Effect of dissociation

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(a) If a person is dissociated as a member:(1) the person's right to participate as a member in the management and conduct of the limited liability company's activities and affairs terminates;(2) the person's duties and obligations under § 4-38-409 as a member end with regard to …

Ark. Code Ann. § 4-38-701 Events causing dissolution

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(a) A limited liability company is dissolved, and its activities and affairs must be wound up, upon the occurrence of any of the following:(1) an event or circumstance that the operating agreement states causes dissolution;(2) the affirmative vote or consent of all the members;(3…

Ark. Code Ann. § 4-38-702 Winding up

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(a) A dissolved limited liability company shall wind up its activities and affairs and, except as otherwise provided in § 4-38-703, the company continues after dissolution only for the purpose of winding up. (b) In winding up its activities and affairs, a limited liability compan…

Ark. Code Ann. § 4-38-703 Rescinding dissolution

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(a) A limited liability company may rescind its dissolution within 120 days after the election to dissolve unless:(1) termination has become effective;(2) a court has entered an order dissolving the limited liability company; or(3) the Secretary of State has dissolved the limited…

Ark. Code Ann. § 4-38-704 Known claims against dissolved limited liability company

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(a) Except as otherwise provided in subsection (d), a dissolved limited liability company may give notice of a known claim under subsection (b), which has the effect provided in subsection (c). (b) A dissolved limited liability company may in a record notify its known claimants o…