EVERYTHING YOU NEED TO KNOW TO START AN LLC IN KENTUCKY THIS 2023
You Can Start an LLC in Kentucky in 5 Steps:
Forming an LLC in Kentucky is a relatively simple process that can be completed in just a few steps.
- NAMING YOUR BUSINESS
Choose a business name that is not already taken and is compliant with the state’s naming requirements. This means avoiding using certain words (like ‘bank’ or ‘insurance’) or names that could be confused with existing businesses. You can check if your desired name is available by searching the Kentucky Secretary of State website.
- FILE ARTICLES OF ORGANIZATION
Once you have chosen a suitable business name, you must file Articles of Organization with the Secretary of State office online or by mail. This document includes information about your LLC such as its purpose, registered agent information, management structure, and more.
- CREATE OPERATING AGREEMENT
An operating agreement outlines the rights and responsibilities of each member of the LLC, how profits and losses will be distributed among members, and other important details about how the company will operate on a day-to-day basis. It is recommended that this document be created as soon as possible after forming your LLC.
- OBTAIN BUSINESS LICENSE AND PERMITS
Depending on what type of business you are running and where it is located, there may be additional licenses or permits required for operation within Kentucky’s boundaries. Make sure to look into this before beginning operations so that you don’t run into any legal trouble down the line!
- REGISTER FOR TAXES
Lastly, all businesses operating within Kentucky are required to register for taxes with both the IRS and Department of Revenue (DOR). This includes registering for an Employer Identification Number (EIN), obtaining sales tax permits, etc., depending on whether or not your business will be making taxable sales within Kentucky or hiring employees who reside there.
By following these simple steps, you have successfully formed your Kentucky LLC. Congratulations!
Now that your LLC is up and running, there are a few key things to keep in mind in order to maintain compliance and avoid any penalties. First, be sure to keep detailed records of all business transactions, including any expenses or revenue. This will not only help you stay organized, but it will also come in handy come tax time. Second, be sure to file your annual report with the Kentucky Secretary of State’s office. This report must be filed by June 1st and includes information such as the names and addresses of your LLC’s members and managers. Lastly, don’t forget to stay current on your annual registration fee, which is due on October 1st. By following these simple steps, you can ensure that your Kentucky LLC remains in good standing.