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Form a Business

Definitions.

Ark. Code Ann. § 23-51-1202
in effect
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As used in this subchapter: (1) "Family member" means an individual who is related within the fourth degree of affinity or consanguinity to an individual or individuals who control a private trust company or that is controlled by one (1) or more trusts or charitable organizations established by the individual or individuals; and (2) "Transact business with the general public" means any sales, solicitations, arrangements, agreements, or transactions to provide trust or other business services, whether or not for a fee, commission, or any other type of remuneration, with any client that is not a family member or a sole proprietorship, partnership, joint venture, association, trust, estate, business trust, or other company that is not one hundred percent (100%) owned by one (1) or more family members.
Source: Arkansas General Assembly, Acts of 2021-2026 (arkleg.state.ar.us)URL: https://arkleg.state.ar.us/Acts/FTPDocument?path=%2FACTS%2F2025R%2FPublic%2F&file=237.pdf&ddBienniumSession=2025%2F2025RFetched: 11/8/2026

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