Determine if Your Company Needs a Certificate of Authority in Step 1 Verify if a Certificate of Authority is required for your company before you start the application procedure. You will require a Certificate of Authority in Kentucky if your company is registered in another state but intends to conduct business there.
Select a registered agent in Step 2 A registered agent is a person or corporation chosen to accept legal paperwork on your company’s behalf. Your registered agent must reside at an actual street address in Kentucky. You have the option of acting as your own registered agent or working with a reputable registered agent firm.
Step 3: Submit an Application
You must submit an Application for Authority to the Secretary of State’s office in order to receive a Certificate of Authority in the Commonwealth of Kentucky. The application can be submitted online or by mail. Basic information about your company, like your name, address, and registered agent, must be provided on the application.
Pay the filing fee in Step 4 A Kentucky Certificate of Authority must be filed for a charge of $90. The Kentucky State Treasurer should be made the beneficiary of any checks or money orders used to pay the fee.
Which is preferable, an LLC or a sole proprietorship? When launching a business, it’s crucial to decide whether to operate as a sole proprietorship or an LLC. Unlike a single proprietorship, an LLC protects business owners from unlimited liability. This means that if you run your firm as an LLC, your personal assets are safeguarded in the event of legal action. Nevertheless, establishing an LLC involves more paperwork and costs than doing business as a sole proprietorship.
How Do You Start a Business in Kentucky? You must do the following fundamental actions in order to launch your own business in Kentucky: * Select a company name and register it with the state * Determine your business structure (LLC, sole proprietorship, etc.) * Register for federal and state taxes * Develop a business plan and secure funding * Open a business bank account * What Is the Cost to Register Your Business in Kentucky? Depending on the kind of business you’re creating and the licenses and permissions needed, the cost to register your business in Kentucky varies. A Certificate of Authority must be filed for $90. The cost of registering your company name, acquiring licenses and permits, and paying state and federal taxes could all be additional expenses.
Do I Have to File a Tax Return for My LLC? Yes, the IRS requires all LLCs to file tax returns. However, how your LLC is established will determine how it is taxed. An LLC has the option of being taxed as a partnership, S company, C corporation, or sole proprietorship. To choose the best structure for your company, you should speak with a tax expert because each form has different tax ramifications.