You might need to get a Kentucky Limited Liability Entity Tax (LLET) number if you own a business in that state. Businesses operating in Kentucky that have chosen to be taxed as limited liability entities, such as an LLC or partnership, are required to get this special identification number. We’ll outline a step-by-step process for locating your Kentucky LLET number in this article.
Your LLET number must be entered on any Kentucky tax returns that you have already submitted. In the return’s upper right-hand corner, search for an eight-digit number marked “LLET #.” You can ask the Kentucky Department of Revenue for a copy of your return if you can’t find it.
Your business formation documents, such as your articles of organization or partnership agreement, may also include your LLET number. Usually, these papers are submitted to the Kentucky Secretary of State’s office. You can ask the Secretary of State’s office for a copy of your paperwork if you can’t find them.
You can ask for assistance from the Kentucky Department of Revenue if you’re still having trouble finding your LLET number. You can reach them at 502-564-4581, their toll-free number, or online at revenue.ky.gov. To prove your identity, be prepared to give your company name, address, and tax identification number.
How much time does it take to obtain a DBA? You might need to apply for a “Doing Business As” (DBA) name if you want to run your business under a name other than your legal one. Obtaining a DBA in Kentucky is a straightforward procedure that can be finished in a few days to a few weeks, depending on the county clerk’s office’s processing schedule.
The drawbacks of a DBA
While operating your business under a DBA can be a cost-effective and effective option, there are a few potential drawbacks to take into account. A DBA does not provide any liability protection for your own assets, which is a significant drawback. A DBA can also not be accepted in every state, which might restrict your capacity to grow your firm outside of Kentucky.
A separate bank account for your DBA is not legally required, although it is typically advised for accounting and tax reasons. This enables you to maintain financial separation between your personal and commercial affairs, making it simpler to keep track of earnings and expenditures and submit proper tax returns.
You must submit an amendment to the Kentucky Secretary of State’s office if you need to revise your articles of incorporation there. You can do this via mail or online. You’ll have to give details regarding the alterations, including the new name of your company or the appointment of new directors or officers. Depending on the changes being made, the amendment may be subject to a filing charge. Your articles of incorporation will be amended to reflect the modifications after the revision has been submitted and approved.
Finally, locating your Kentucky LLET number is a simple operation that can be carried out by looking up your tax return or business records, contacting the Kentucky Department of Revenue for assistance, or both. Additionally, it’s crucial to examine the benefits and drawbacks of registering a DBA, and you should think about opening a separate bank account for accounting needs. Finally, follow the correct processes and submit an amendment to the Kentucky Secretary of State’s office if you need to change your articles of incorporation.
You can ask for a copy of your Kentucky articles of organization at the Kentucky Secretary of State’s office. On their website, you can either download a request form or make an online request. The copy may be charged, and processing normally takes a few business days.