Forming the entity is the easy part
An LLC or another structure, set up correctly, with the filings actually made with the Secretary of State. That part is straightforward. What follows it is where the value is.
The operating agreement is the one people skip
Arkansas does not require you to have one. That is exactly why it is worth understanding what happens if you do not, because the law then supplies the answers, and they are rarely the ones the owners had in mind.
Without an agreement, the business is run by its members, and each member has equal management rights regardless of what they put in. Ordinary decisions go by majority. Anything outside the ordinary course of business, and any change to the agreement itself, needs the unanimous consent of every member. And distributions default to equal shares per member, not in proportion to what each person contributed.
Put concretely: if you put in ninety per cent of the money and your partner put in ten, the default is that you split the money fifty fifty, and your partner can block anything out of the ordinary course. Nobody agrees to that on purpose. People just never write it down.
There is also no right to demand a distribution along the way. The company has to decide to make one.
Contracts
Customer agreements, supplier terms, leases, and the ones somebody else has drafted and put in front of you. Review before signature is the cheapest legal work you will ever buy.
Two friends starting a business
They do not expect to need any of this, and usually they are right for a while. The agreement exists for the version of them that is not getting along, or for the version where one of them wants out, or dies, or gets divorced. It is much easier to write while everyone is still friendly.