How do I set up an LLC in Kentucky?
Starting an LLC in Kentucky is easy, just follow these simple steps:
- STEP 1: Name your Kentucky LLC. …
- STEP 2: Choose a Registered Agent in Kentucky. …
- STEP 3: File Your Kentucky LLC Articles of Organization. …
- STEP 4: Create Your Kentucky LLC Operating Agreement. …
- STEP 5: Get an EIN.
How long does it take to get LLC in KY?
How long will it take to form my Kentucky LLC? If you order the Basic or Standard package, we will file your paperwork with the Kentucky Secretary of State within four to five business days and you’ll receive your completed LLC documents one to two weeks later.
Can I set up an LLC on my own?
If money’s tight, or you don’t want to use a company formation service, we’ve got good news for you — you can form an LLC yourself. Although you’ll still need to pay your state filing fees (they’re unavoidable!), you can save on the costs of having your LLC filed through a professional incorporation business.
Is an LLC easy to start?
An LLC is a popular and flexible business option that works well for many small business owners. In most states, LLCs are relatively easy to set up and maintain. However, it’s important to fill out the paperwork properly and have an operating agreement that defines the members’ rights and responsibilities.
How much does an LLC cost in Kentucky?
How much does it cost to form an LLC in Kentucky? The Kentucky Secretary of State charges $40 to file the Articles of Organization. You can reserve your LLC name with the Kentucky Secretary of State for $15.
Does Kentucky require a business license?
Kentucky does not have a statewide business license that applies to all businesses, but certain types of businesses are required to have a special license or permit to legally operate their business. In some cases, more than one license may be required.
How do I get a tax ID number in Kentucky?
To obtain an EIN number immediately, apply online (available for most businesses) or call the IRS at (800) 829-4933. Before you call, it is highly recommended that you first review IRS Form SS-4 and Form SS-4 Instructions so you will be prepared to answer the questions that the IRS will ask about your business.
What are the benefits of becoming an LLC?
Advantages of an LLC
- Run Your Own Show. Entrepreneurs are self-starters who prefer to chart their own courses. …
- Limit Your Personal Liability. …
- Avoid Double Taxation and Pass-Through Deduction. …
- Less Administrative Hassles and Paperwork. …
- Flexibility in Sharing Profits.
Is an S Corp better than an LLC?
If there will be multiple people involved in running the company, an S corp would be better than an LLC since there would be oversight via the board of directors. Also, members can be employees, and an S corp allows the members to receive cash dividends from company profits, which can be a great employee perk.
How do I start a small LLC?
Steps to Form an LLC
- Choose a name for your LLC.
- File Articles of Organization.
- Choose a registered agent.
- Decide on member vs. manager management.
- Create an LLC operating agreement.
- Comply with other tax and regulatory requirements.
- File annual reports.
- Out of state LLC registration.
What is the downside to an LLC?
Profits subject to social security and medicare taxes. In some circumstances, owners of an LLC may end up paying more taxes than owners of a corporation. Salaries and profits of an LLC are subject to self-employment taxes, currently equal to a combined 15.3%.
What if my LLC made no money?
LLCs that have become inactive or have no income may still be mandated to file a federal income tax return. Filing requirements will depend on how the LLC is taxed. An LLC may be taxed as a corporation or partnership, or it may be totally disregarded as an entity with no requirement to file.
Is an LLC a tax shelter?
The Corporation or LLC which elects to be taxed as a Corporation can be a tax shelter because the tax on its taxable income is limited to 21%. … The accumulated after tax profits can be used to pay off corporate debt or for working capital to operate or grow the business instead of opening a Line of Credit loan.