The story
The studio was formed on November 18, 1996, as a split from Studio Kikan to operate the company's hentai brands. Studio Kikan was already producing hentai under its own name and the pseudonyms Triple X and Dandelion. When Arms was founded, the company took over all hentai-oriented works but continued using the Triple X and Dandelion brand names, as well as creating its own Garyuu Studio, until about 2002.
The animator and character designer Rin Shin is the chief animation director for several productions by Arms which tend to have an above-average amount of fan service, for example the Ikki Tousen and Queen's Blade series. She also developed the character designs for I"s Pure.
After its founding, ARMS was, at first, a producer of hentai (most notably its productions with Green Bunny), but ceased productions of erotica in the mid-2000s with the growing popularity of their televised works.
The studio recorded sales of ¥390 million in the fiscal year ending June 2009, during the success of its Ikki Tousen productions. Sales fell to approximately ¥260 million by the fiscal year ending June 2011, and the studio subsequently increasingly focused on production work for other animation studios.
Common Sense era
The company officially changed its name from Arms to Common Sense (株式会社コモンセンス) on August 31, 2017, but maintained the Arms label as a trade name.
On May 31, 2020, Common Sense decided dissolving the company following a shareholder meeting, with Tokyo district court accepting notice of liquidation filed on July 22, 2020.
From Wikipedia’s article on Arms (company), shared under CC BY-SA 4.0.4