In Kentucky you can form an limited liability company.
A hybrid business structure is a limited-liability company that shares the same characteristics as a corporation.It allows its owners to insulate themselves from personal liability for business debts, does not require the payment of separate business taxes, and is subject to less regulations and restrictions than other businesses.The process of establishing such a company in Kentucky is easy.
Step 1: The Articles of Organization form should be obtained.
After the owners complete and file their Articles of Organization with the Office of the Secretary of State, a limited liability company is formed in Kentucky.An Articles of Organization form can be found on the Office of the Secretary of State website.There are two pages in the form.The first is where you will fill out the necessary information and then file.There are instructions for completing the form in the second.Before filling out the form, make sure to read through the instructions.
Step 2: Pick a name for your entity.
One of the most important things to do during this process is to choose a name for your company.The name of your company must only use English letters or Arabic numerals.The name has to include the words "limited liability company," or the abbreviations "LLC" or "LC."The name of your limited company must be distinguishable from any name currently reserved or registered with the Office of the Secretary of State, and from that of any state or federal agency.
Step 3: You should check to see if your name is available.
If your name is acceptable under state law, you should submit the Articles of Organization.You can either contact the Office of the Secretary of State at (502) 564-3490 or conduct an online search for business names that are already registered with the office.You can reserve a name for a period of 120 days by filing an optional form and paying a filing fee.If your first choice is unavailable, try to have a few alternate names for your company.You might want to check to make sure the relevant URL is available so your online presence will have an appropriate domain name.
Step 4: The initial registered office and registered agent are indicated.
State law requires you to have a registered office and an agent in Kentucky in case of legal action against you.The physical business address of your registered agent must be located at the registered office in Kentucky.You need to provide the full street address for your office.There is a P.O.The box is not enough.To transact business in Kentucky, your registered agent must be a resident.The registered agent may not be your limited liability company.Your registered agent must either sign the Articles of Organization in the space provided on the bottom of the form or give his or her written consent to act on your behalf.
Step 5: Indicate the mailing address of the initial principal office.
The mailing address of your initial principal office must be provided in the Articles of Organization in order to receive official correspondence from the Secretary of State.The office can be found in or out of Kentucky.
Step 6: If your company will be a member managed or manager managed, you have to make a decision.
A member of an limited liability company is either an investor or an owner.Each member is given equal rights in deciding how the business will be run.Several from the members' number are elected to be responsible for the company's business affairs.The appropriate box on the form should be checked once you have decided how your company will be managed.
Step 7: If you prefer, enter a delayed effective date.
If you fill in the space provided with a delayed effective date/time, you will be able to delay the effective dates of your Articles of Organization.The time cannot be before the application is filed.The time cannot be later than 90 days after the date of filing.The application will be effective if you leave this blank.
Step 8: The Articles of Organization must be signed by the organizers.
Along with the appropriate signatures, include each individual's name, title, and address.The form should be dated as well.
Step 9: The articles of organization should be filed by you.
You can file the form by mailing it to the address listed in the instructions section, which is near the bottom of the second page.You can file online.You have to pay a filing fee.
Step 10: An operating agreement should be drafted for your company.
Before you start doing business, there are a number of other steps you should take.An operating agreement is the first of these.The document will govern how the company will be run.The operating agreement should outline things like the roles of each member, voting rights, how new members will be added or removed, and how profits and losses can be allocated.You don't have to file this agreement with the state, but you should keep it on file with your registered agent.
Step 11: You need an Employer Identification Number from the IRS.
If your company has more than one member, you will need this number to open a bank account, hire employees, and pay federal and state taxes.You can apply for this number online, by calling the IRS, or by completing and mailing a form to the address listed on the form.Make sure your Articles of Organization have been approved before applying for an Employer Identification Number.
Step 12: You can open a bank account at work.
You will want your company to have its own bank account, separate from the bank accounts of its members.Depending on the requirements of the individual banks, you may need a copy of its Articles of Organization and an Employer Identification Number.
Step 13: Obtain permits and licenses for your business.
You will need to get licenses or permits from the county or city clerk's office if you want to conduct your business in that jurisdiction.To find out what additional licenses/permits your company will need, contact these offices.In order to legally conduct business in the city of Bowling Green, you will have to apply for a business license and pay a fee.If your limited liability company will engage in any business that is regulated by Kentucky's Office of Occupations & Professions, you should check their website for licensing requirements.
Step 14: The appropriate agencies to file with are the federal, state and local.
Depending on the business purpose of your limited liability company and the jurisdiction in which you organize, you may have to file additional forms with certain governmental agencies.It is best to ask an attorney or accountant for assistance in this matter because each industry is regulated differently.You can consult the U.S. Small Business Administration's website or contact your local Chamber of Commerce.
Step 15: Register with Kentucky's Department of Revenue.
State law requires your company to register with the Kentucky Department of Revenue.You can do it online.You can fill out and mail Form 10A 100 to the Kentucky Department of Revenue.Box 299 is located at Station 20 in Frankfort, Kentucky.Before filling out the form by hand, be sure to read the attached instructions thoroughly.
Step 16: You should file the annual report for your company.
State law requires every limited liability company in Kentucky to submit an Annual Report to the Office of the Secretary of State every year in order to keep their information current.You must pay a filing fee if you want to submit this report.By returning the annual report postcard you receive at the principal office address in January is one of the ways you can submit this report.You can file online.You can return your annual report to the Office of the Secretary of State by mail or in person.