SB513

Senate Bill 513 amends Arkansas law regarding annual disclosure and reporting requirements for various business entities, including nonprofit corporations, limited liability partnerships, and limited partnerships. The bill standardizes the annual reporting deadline to August 1 for these entities. It establishes a uniform process for the Secretary of State to declare an entity's status as 'not current' if it fails to file an annual disclosure statement by January 31. Additionally, the bill defines procedures for the reinstatement of an entity's authority to transact business, requiring the filing of delinquent statements for up to four prior years. It sets a five-year limit for seeking reinstatement, after which an entity will be statutorily dissolved. Finally, the bill provides that upon such dissolution, the entity's name becomes immediately available for use by other parties.