A fantastic idea is not enough to launch a business. Legal papers and proper registration are also necessary. An LLC, or limited liability company, is one common type of corporate structure. An LLC allows the owners flexibility in management and less personal liability. If you’re thinking about creating an LLC in Kansas, you might be curious about the price.
In Kansas, forming an LLC costs $160. When submitting the articles of organization, the Kansas Secretary of State’s office must be paid this fee. In addition, there is an additional $35 option cost for expedited processing, which results in the formation of the LLC in just 24 hours. The state also mandates the filing of yearly reports, which are subject to a $55 filing charge.
By submitting the Articles of Organization via the Kansas Secretary of State’s website, it is possible to create an LLC in Kansas fully online. To make sure all requirements are met, it is advised to speak with a lawyer or a formation service.
The Kansas Secretary of State’s office normally requires 3-5 business days to accept and file the LLC after receiving the Articles of Organization. The formation of the LLC will happen within 24 hours if accelerated processing is chosen.
Yes, taxes must be paid by LLCs in Kansas. LLCs are not subject to federal taxation, nevertheless. Instead, the LLC’s profits and losses are transferred to its owners and recorded on their personal tax returns. Kansas additionally levies a 7.5% state tax on net income for LLCs.
Employer Identification Numbers, or EINs, are special numbers given to businesses by the IRS to help them be identified for tax purposes. You can submit an online application via the IRS website to get an EIN for your LLC in Kansas. An EIN can be obtained for free.
The individual requirements and objectives of the business owner will determine whether to form an LLC or a sole proprietorship. The simplest and most affordable business structure is a sole proprietorship, however this has no liability protection. An LLC, on the other hand, provides less personal liability and more management flexibility. A lawyer or accountant should be consulted to help you choose the right structure for your company.
In conclusion, it costs $160 and takes 3-5 business days to create an LLC in Kansas. LLCs must file annual reports and are subject to state taxes in Kansas. An EIN can be acquired for nothing and online on the IRS website. The particular requirements and objectives of the firm must be taken into account while choosing between an LLC and a Sole Proprietorship.