Choosing the appropriate business structure is one of the first steps you should take if you intend to launch your own enterprise in Kentucky. For small business owners, creating a limited liability corporation (LLC) offers a variety of advantages, including personal liability protection, tax flexibility, and a lack of onerous record-keeping requirements. What you should know to form an LLC in Kentucky is as follows:
Choose a name for your LLC as the first step. To form an LLC, you must first decide on a name for your company. Your business name must be original and not in use by another Kentucky company. To check if your selected name is available, search the online database of the Kentucky Secretary of State. Once you’ve decided on a name, you must submit an Application for Reservation or Registration of Entity Name to the state in order to reserve it.
Step 2: Submit Articles of Incorporation The Kentucky Secretary of State’s office must receive the articles of organization as the following step. This is the legal document that establishes your LLC and it contains crucial details about your company, like its name, address, registered agent, and members. Articles of Organization can be submitted online or by mail.
Step 3: Acquire the necessary licenses and permits Depending on the type of business you operate, Kentucky may require you to obtain particular licenses and permissions. To find out the licenses and permissions you’ll require, consult the Kentucky One Stop Business Portal.
Step 4: Draft an operational contract An operating agreement for your LLC is a good idea even though it is not required by Kentucky law. This document, which covers your company’s financial and operational facts, can assist members avoid conflicts. An operating agreement can be drafted either on your own or with legal assistance. Kentucky’s Annual Business Reports
You must submit an annual report to the Kentucky Secretary of State’s office after your LLC is operational. The report, which includes details about your company such its name, address, and members, is due each year by June 30. A report’s five primary sections are as follows:
2. Principal office address – This is the physical address of the main office of your LLC. The name and address of the person or business in charge of receiving legal documents on behalf of your LLC are listed under “Registered Agent Information.”
5. Financial data – This contains the assets, liabilities, and gross receipts of your LLC from the previous year.
Kentucky Annual Report Filing Requirements
You must go to the Kentucky Secretary of State’s website and fill out the online form in order to submit your yearly report. The $15 filing fee can be paid online with a credit card, by check or money order, or by mailing it in. Finding an Organization’s Annual Report You can search the Kentucky Secretary of State’s online business database to find a company’s annual report. Simply type the firm name into the search bar and choose “Annual Reports” from the drop-down menu. A company’s annual report is also available upon written or in-person request.