How To Get A Kentucky Business License Quickly
If you will be forming a business in the near future, you will likely need a business license to conduct business in the state of Kentucky. Regardless of the city, you are in, you will need to have the proper licensing to sell the products or services that you are offering. You may also want to consider protecting yourself, and all of your personal assets, by forming an LLC in Kentucky which can be quite helpful. If you would like to set up your business this year, and you need a business license to do so, here are the steps that you should take in order to complete this task.
How To Get A Kentucky Business License
In the state of Kentucky, depending upon the business that you are creating, there is no particular statewide mandate for how or what the business license will be. Of course, you will need to have a permit, or perhaps a special license to do business, and in some cases, you may have to have more than one of those licenses because of the type of products or services that you offer.
How Much Does It Cost To Register A Business In Kentucky?
Registering a business is a little bit different. There is a mandatory fee of $40 if you were to set up an LLC. If you are setting up a corporation, that would be $50, and the prices for partnerships and sole proprietorships would be somewhat similar. You will also need to have a bank account set up, but that is separate from what you must do to register the business. You will also need a bank account, and if you are filing an LLC, you must also file that paperwork with the Secretary of State.
How To Set Up An LLC In Kentucky
Setting up an LLC is relatively simple to do. There are only a few forms that you will have to fill out. For example, you do have to apply for your EIN number whether you are the sole owner of the company or if you’re going to have employees. Corporate bylaws need to be filled out and also finalized, and organizational meetings must be held regularly. In regard to the papers that you will need to file with the state, this will include the Operating Agreement, the Articles of Organization, and tax forms that are applicable.
Is This Something That Everyone Can Do?
Although the paperwork is fairly straightforward, it is somewhat comprehensive if you have never done this before. Most people do not simply set up LLCs in their spare time. The paperwork needs to have no mistakes, and it should be submitted in a timely manner, and this is often difficult for people to do that are working or who really don’t know where to go to get this done. That’s why it’s important to work with a business that can provide you with this type of service. They can handle the creation of your Operating Agreement, your Articles of Organization, and any other paperwork that will be necessary to complete this process. They can also provide advice on how to choose the name of your business, and other things that are related to the formation of a limited liability company.
How Long Does It Take To Complete This Process?
Completing this process is straightforward, in regard to the paperwork, but submitting this might take a while. In most cases, these papers will not be looked at and finalize by the Secretary of State for several weeks, sometimes up to five weeks, depending upon the influx of LLCs that are being filed. One way to avoid the wait time is to work with a business that does this regularly. They will know exactly where to go, and they will ensure that your paperwork is mistake-free. That’s why it sometimes pays to work with companies that have formed limited liability companies if you want to create one in the up-and-coming weeks.
Filing a business license in Kentucky is a very simple process. Once you have the proper business license papers filled out, and they are submitted, you will be done. However, if you are serious about doing business in Kentucky, and you want to protect yourself and your personal assets, is highly recommended that you form an LLC as soon as possible. From one perspective, you may want to wait if you are simply doing a sole proprietorship or partnership which is less complex to manage. However, if you want the ultimate amount of protection, and you want to pay a reasonable fee, consider starting a limited liability company instead. Simply find a business that specializes in the creation of LLCs and they can get all of this done for you for a reasonable cost in a minimal amount of time.