Owning a Business
Running a business can be extremely rewarding and complicated at the same time. We’ve compiled the top resources that can help you start, run, and manage your business.
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Starting a New Business
So you’ve got an idea and you need to know how to get started? The Arkansas Secretary of State has a great site that will walk you through a few simple questions and will produce a customized business action plan for you.
Pro Tip: Get a customized plan to start your new business from Dream It Do It Arkansas
Existing Business Owners
If you already own a business here are a few things you might need to be aware of.
Existing businesses are required to pay franchise taxes annually. They are due each year before May 1st. The Secretary of State Business and Commercial Services division handles new and existing business filings and franchise taxes.
Federal Employer Identification Number
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Generally, businesses need an EIN and you may apply for an EIN online. This is a free service offered by the Internal Revenue Service and you can get your EIN immediately.
Stay protected! As a business owner, you’ll want to consider obtaining business insurance to protect your business and yourself. Though business insurance is an added expense, in many cases it is also tax deductible. There are many different types of insurance and the level of coverage needed can depend on many aspects of your business.
Go to the Small Business Administration website for more information:
Workers Compensation Insurance (WCI)
In most states, even if you don’t need it, you must fill out WCI forms anyway. If your business doesn’t fall into the category that requires this insurance, you must still file a form saying that you do not provide WCI. So, be aware that you may need to file forms anyway, even if you don’t need the insurance in Arkansas.
Go to the Arkansas Workers’ Compensation Commission website for more information: