Does Kentucky have a franchise tax?

Kentucky does not impose a corporate franchise tax, but it does impose a limited liability entity tax pursuant to KRS 141.0401 on every non-exempt corporation and limited liability pass-through entity doing business in Kentucky on all Kentucky gross receipts or Kentucky gross profits.

How do I start an LLC in Kentucky?

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 do I get a Kentucky LLET number?

Can I get a Kentucky account number for a client? 200bThe best way to access company account numbers is via Kentucky One Stop Business Portal. Another way would be if the interested party is listed on form 20A100 (Power of Attorney/Declaration of Representative) on file with the Department of Revenue.

How much does a 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.

Professional Corporation Package for Kentucky

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Description

This Professional Corporations Package contains all forms and directions for filing needed in order to incorporate a Professional Corporation in your particular state. The forms included are as follows: articles on incorporation, by-laws, any other forms needed for creation and maintenance of the corporation.

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How To Fill Out Professional Corporation Package For Kentucky?

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FAQ

Kentucky's limited liability entity tax applies to traditional corporations, S corporations, LLCs, limited partnerships (LPs), and limited liability partnerships (LLPs). The tax is based on a business's annual gross receipts. For businesses with gross receipts less than $3 million, there is a minimum LLET of $175.

The LLET is a tax on the Kentucky gross receipts or gross profits (i.e., gross receipts less cost of goods sold, as that term is statutorily defined) from the sale of tangible property of each non-exempt corporation and limited liability tax pass-through entity (LLPTE), such as a limited liability company (LLC),

What are pass-through businesses? Most US businesses are not subject to the corporate income tax; rather, their profits flow through to owners or members and are taxed under the individual income tax. Pass-through businesses include sole proprietorships, partnerships, limited liability companies, and S-corporations.

Professional corporations or professional service corporation (abbreviated as PC or PSC) are those corporate entities for which many corporation statutes make special provision, regulating the use of the corporate form by licensed professionals such as attorneys, architects, engineers, public accountants and physicians

A disregarded entity refers to a business entity with one owner that is not recognized for tax purposes as an entity separate from its owner. A single-member LLC ( SMLLC), for example, is considered to be a disregarded entity.As the result of being disregarded, the SMLLC does not file a separate tax return.