The Secretary of State is a member of the state government who is chosen to oversee the conduct of elections in Kentucky. This person is also in charge of keeping official records, registering corporations and nonprofit organizations, administering oaths of office, and preserving official records. Michael G. Adams, who was chosen as Secretary of State in 2019, is the official at the moment.
In Kentucky, forming an LLC is a rather simple procedure. The first step is picking a name for your company that is not currently in use. To check if your selected name is available, consult the Secretary of State’s business database. The Secretary of State’s office must then receive your completed Articles of Organization, along with the filing fee. A registered agent must be chosen so that they can accept legal documents on your behalf. Either a person or a business can provide this. Anyone living in Kentucky who is at least 18 years old and is a resident is eligible to serve as a registered agent. However, given they will be in charge of receiving legal notices and other crucial documents on your company’s behalf, it is crucial to pick someone dependable and trustworthy.
While creating an LLC has many advantages, there are certain drawbacks to take into account. The expense of creating and keeping the LLC is one of its key disadvantages. You might have to pay for legal counsel or other expert services in addition to the filing fee. Additionally, state and municipal governments may impose additional taxes and charges on LLCs.
It’s crucial to set aside money from your profits as a lone owner for taxes. A decent general rule of thumb is to set away at least 25% of your earnings for federal and state taxes. The actual amount will depend on your income and other circumstances. If you want to make sure that you are calculating and paying your taxes correctly, it is a good idea to speak with a tax expert.
In conclusion, the Secretary of State in Kentucky is in charge of overseeing a number of crucial state government operations, such as the management of elections and business registration. In order to form an LLC in Kentucky, you must submit your Articles of Organization and choose a registered agent. Any resident of the state who is older than 18 and is of legal age may act as a registered agent. While creating an LLC has many advantages, it’s vital to weigh the expenses and drawbacks as well. Staying in line with state and federal tax rules as a lone proprietor requires you to set away a percentage of your profits for taxes.