AR SB4

Corrects unintended timing issue with Acts 2021, No. 1041 by treating the repeal of the Small Business Entity Tax Pass Through Act as effective September 1, 2021, rather than 90 days after April 28, 2021.

Preserves the continued existence and limited liability status of all LLCs formed or registered before September 1, 2021, ensuring uninterrupted operation under the Uniform Limited Liability Company Act without requiring reregistration.

Ratifies all actions taken by LLCs between July 27, 2021, and September 1, 2021, that would have been authorized under the repealed Small Business Entity Tax Pass Through Act, protecting the validity of contracts, property transactions, bonds, and member liability protections.

Amends Arkansas Code § 4-38-110 to clarify that the Uniform Limited Liability Company Act applies to all LLCs formed before September 1, 2021, with articles of organization deemed equivalent to certificates of organization.

Declares an emergency to prevent negative impacts on public peace, health, and safety by ensuring the efficient and valid conduct of business for existing and newly formed LLCs during the transition period.