The Differences Between LLC and LLE

Business structures such as a Limited Liability Company (LLC) and a Limited Liability Entity (LLE) are frequently confused with one another. Both offer their owners limited liability protection, which means they are not held personally liable for the debts and liabilities of the company. There are some distinctions between the two, though.

In Kentucky, a company entity known as an LLE is created especially for professionals in the fields of law, medicine, and accounting. It provides limited liability protection comparable to an LLC, but it also has some additional criteria, such as the requirement that a licensed professional be the majority owner. An LLC, on the other hand, offers greater flexibility and can be applied by a variety of companies, including those that offer professional services.

There is no such thing as an LLE in Indiana. Instead, companies can opt to set up a corporation or an LLC. Both provide limited liability protection, but companies must adhere to more formal rules including holding regular shareholder meetings and having a board of directors. LLCs, on the other hand, have less formal obligations and more flexibility.

You must submit an Annual Report to the Kentucky Secretary of State in order to receive a certificate of good standing. This report, which must be submitted annually, contains details on the ownership, management, and financial standing of the organization. A certificate of good standing, which attests that the business is current with its filings and is permitted to conduct business in the state, will be issued by the Secretary of State once the report has been submitted and all fees have been paid. How Do I Obtain an Indiana Certificate of Existence?

You must submit a Business Entity Report to the Secretary of State’s office in Indiana in order to get a certificate of existence for your organization. This report, which is to be submitted every two years, contains details on the ownership, management, and financial standing of the organization. The Secretary of State will issue a certificate of existence after the report has been submitted and all costs have been paid, attesting to the company’s compliance with state filing requirements and its legitimacy to conduct business there. How Can I Obtain a Sales and Use Tax Permit in Kentucky?

You must register with the Kentucky Department of Revenue in order to receive a sales and use tax permit for the state of Kentucky. This can be done by mail or online. Once you have registered, a permit allowing you to gather and send sales tax to the state will be sent to you.

Yes, you can use the EIN Assistant service provided by the IRS to seek up an EIN number online. Using this tool, you can look up an EIN number by the name of the business or the name and social security number of the person who is responsible. To utilize this tool, you will nevertheless need the name of the business and other identifying details.