SECRETARY DANIELS ANNOUNCES NEW LAWS FOR ARKANSAS BUSINESSES
Wednesday, Apr 11, 2007
Contact: Natasha Naragon
(501) 683-1441
(LITTLE ROCK, ARK.)—Arkansas Secretary of State Charlie Daniels today announced new laws affecting Arkansas businesses. The acts were part of Secretary Daniels’s legislative package relating to the office’s Business and Commercial Services (BCS) Division.
The legislation seeks to improve the accuracy of BCS’s records on Arkansas businesses and obtain information on the state’s non-profit corporations.
“Arkansas has a great heritage of entrepreneurs, from Sam Walton to J.B. Hunt,” said Secretary Daniels. “I want to do all I can to make doing business in Arkansas easier. These new laws will reduce fees on businesses and improve the state’s records on those entities.”
Act 646 (HB 2500), sponsored by Representative Lance Reynolds and Senator Steve Faris, eliminates the filing fee for business entities (such as corporations and limited liability companies) to change their registered agent and registered office information. The purpose of this law is to encourage businesses to keep their records up-to-date with the Secretary of State’s office. Current fees for changing registered agent or office information range from $15.00 to $25.00. This law will take effect on July 1, 2007.
Act 569 (HB 2702), sponsored by Representative Rick Saunders and Senator Terry Smith, will require all non-profit corporations to file an annual report with the Secretary of State’s office. The report will include the non-profit’s name, jurisdiction, registered agent information, office address, principal officers, and director information. Currently, only certain cooperatives and associations are required to file annual reports. The report will be due on August 1st annually, starting in 2008.
