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Involuntary/Administrative Dissolution ? The Secretary of State may administratively dissolve a business entity for non-compliance with various Kentucky business laws. An administratively dissolved business may not carry on any business except that necessary to wind up its affairs and liquidate its assets. KRS 14A.
??Most businesses, except sole proprietorships, are required to file an annual report with the Office of the Secretary of State. All businesses which are required to file an annual report receive an annual report postcard annually in January.
Entities that are "inactive" are either in "good standing" or "bad standing." If an entity has "inactive status and bad standing," either the entity did not file an annual report for the year, or the registered agent has resigned and a new agent has not been appointed.
How to Incorporate in Kentucky. To start a corporation in Kentucky, you'll need to do three things: appoint a registered agent, choose a name for your business, and file Articles of Incorporation with the Secretary of State. You can file this document online or by mail. The articles cost a minimum of $50 to file.
After dissolution, a corporation is generally expected to pay all its existing debts and then liquidate its remaining assets to its shareholders. This sometimes becomes difficult, however, where there are unknown claims that may exist against the corporation.
How to Dissolve an LLC in Kentucky in 7 Steps Review Your LLC's Operating Agreement. ... Vote to Dissolve an LLC. ... File Articles of Dissolution. ... Notify Tax Agencies and Pay Remaining Taxes. ... Inform Creditors and Settle Existing Debt. ... Wind Up Other Business Affairs. ... Distribute Remaining Assets.
If your Kentucky LLC was administratively dissolved by the Kentucky Secretary of State (SOS), you can reinstate at any time. You just have to complete and submit the Reinstatement Application.
??A Letter of Good Standing for reinstatement purposes can be obtained by contacting the Secretary of State's Office. In order to reinstate, the business entity should: Print the Reinstatement Application via the Organization Search page of the Office of the Secretary of State website.