Fee for Filing:
The filing fee is the first expense you’ll have to pay when incorporating an LLC in Kentucky. The filing fee is $50 as of 2021. When you file your articles of organization with the Kentucky Secretary of State, you must pay this charge. Online or mail-in filing is an option. Fee for Annual Reports: Kentucky mandates that LLCs submit an annual report by June 30 of each year. An annual report filing fee is $15. There is an extra $15 late fee if you file after the deadline. It’s crucial to keep in mind that you have to submit an annual report even if your LLC didn’t do any business that year. A letter of good standing is required. A letter of good standing is proof that your LLC is registered with the state of Kentucky and in good standing, according to the document. By contacting the Kentucky Secretary of State’s office, you can get a letter confirming your good standing. The cost of this service is $5. A certificate of existence is another document that attests to the fact that your LLC is in good standing with the Commonwealth of Kentucky. When doing business with other organizations, such banks or government bodies, this document is frequently necessary. In Kentucky, a certificate of existence costs $5 as well. Although not directly related to LLC fees, it’s crucial to comprehend the distinction between a CBI and an EIN. The Kentucky Secretary of State’s office issues a CBI (Central Business Identifier) that is used to identify your LLC in the Commonwealth of Kentucky. The IRS issues your LLC with an EIN (Employer Identification Number), which is used to identify your LLC for tax purposes. There are two different numbers here.
Account number for Kentucky LLET:
Finally, if your LLC will be making sales of products or services in Kentucky, you will require a Kentucky LLET (Limited Liability Entity Tax) account number. In order to pay state sales tax, use this number. Online registration is free for a Kentucky LLET account number.
In conclusion, compared to other states, Kentucky has comparatively inexpensive startup and ongoing costs for LLCs. The yearly report price is $15, and the filing charge is $50. A letter of good standing or a certificate of existence may also be required; these cost $5 apiece. Any entrepreneur intending to launch a firm in the Bluegrass State should be aware of the expenses related to forming and maintaining an LLC in Kentucky.