Business Registration Requirements in Arkansas
A completed application and a fifty dollar ($50) non-refundable fee is required to register new businesses. It will take eight to ten working days to process the application.
Applying for a Federal Tax ID (EIN) in Arkansas
The Ozark Mountains provide the perfect backdrop to get your start as a self-employed business owner. If you have recently entered into a new partnership, formed a business or LLC, or want to establish a business line of credit through a bank in Arkansas, you need an EIN, or Federal Tax ID.
Once the federal government issues you a tax identification number, you will have to get a state Tax Id Number from Arkansas as well. If you use a name other than your own personal name to operate a business, you are legally required to file a DBA Certificate. A corporation or LLC is probably the best and cheapest insurance for you and your new small business if you want to limit your civil, tax, and personal liability.
In Arkansas, you will also likely need an Arkansas State Tax ID for paying business taxes, state income tax and/or sales tax on items you sell. Arkansas collects a 6.5% state sales tax rate on the purchase of all vehicles. For specific detail on tax-related transactions, refer to the Arkansas State Website.
Applying for an EIN in Arkansas requires basic information about your business such as your address and business structure.
Business Licensing and EIN Costs
The cost of your business licensing in Arkansas will vary based on the nature of your business. Before you formalize your business structure, you should put a business plan together.
An EIN is free of charge, regardless of which state your business is in. If you apply online, the EIN is typically issued immediately upon completion. Applications through fax might take up to four business days, while mailed-in forms can require 4-5 weeks.
An EIN is a nine-digit number assigned to a business by the Internal Revenue Service. It is used to identify the business for tax purposes and to facilitate the filing of taxes.
To apply for an EIN, use the fax number 1-855-641-6935 or 304-707-9471 to send the relevant form to the IRS. It typically takes about five minutes to complete the application process and obtain an EIN.