Members/Shareholders: Identifying the individuals or entities participating in the LLC as members or shareholders and defining their respective ownership percentages or shares. S Corp Election: Specifying that the LLC has elected to be treated as an S Corporation for federal tax purposes, providing the necessary resolutions and forms. Name and Purpose: Clearly stating the name of the LLC, its primary purpose, and any secondary objectives it may have. The Arkansas LLC operating agreement for an S Corp typically includes several key provisions, such as: 1. This agreement helps establish the structure and rules under which the LLC operates, ensuring a clear understanding among the members or shareholders. This operating agreement may be established either before or after the filing of the articles of organization and may be either oral or in writing in many states.Īn Arkansas LLC operating agreement for an S Corp is a legal document that outlines the management, operation, and decision-making processes of an Arkansas limited liability company (LLC) that has elected to be treated as an S Corporation for tax purposes. To validly complete the formation of the LLC, members must enter into an Operating Agreement.
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