Ark. Code Ann. § 15-4-1204

Any five (5) or more qualified natural persons who shall be bona fide residents of the same county or region in this state to be served by the proposed company and who desire to associate themselves for the purpose of establishing and operating a company may subscribe, acknowledge, and file with the Bank Commissioner for preliminary approval proposed articles of incorporation in the case of a corporation and articles of organization and an operating agreement in the case of a limited liability company, in duplicate, as authorized by § 15-4-1211.