This bill amends various sections of the Arkansas Code to establish a clear process for the removal and availability of names associated with dissolved corporations and limited liability companies (LLCs). Specifically, it mandates that the Secretary of State must remove the name of a dissolved corporation or LLC within three years of its dissolution. Once removed, the name becomes available for use by another corporation or LLC formed under the relevant chapters of the Arkansas Code. This provision aims to streamline the process of name availability and prevent confusion regarding the use of names that were previously registered.

Additionally, the bill includes amendments to existing legal language regarding the use of fictitious names for dissolved entities. It clarifies the obligations of corporations and LLCs to file cancellations of their names and outlines the authority of the Secretary of State to cancel names if necessary. The changes enhance the regulatory framework governing corporate names, ensuring that names of dissolved entities do not remain in use indefinitely and are accessible for new businesses.

Statutes affected:
HB 1209: 4-26-405(e), 4-26-406, 4-27-401, 4-27-404(d), 4-38-112, 4-38-122