Kentucky Restated Limited Liability Company Agreement of LLC
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How to fill out Restated Limited Liability Company Agreement Of LLC?
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FAQ
Reinstating a Kentucky LLC requires requesting a reinstatement packet for your entity from the Secretary of State's website, and filing a Certificate of Restoration, and all annual reports.
Per KY Rev State § 275.003, Kentucky LLCs are not required to have an operating agreement. However, drafting a comprehensive operating agreement is crucial for many aspects of your business.
KY Form 725, Single Member LLC Individually Owned Income and LLET Return, can be produced and e-filed through Drake Tax. To generate KY Form 725, first complete the federal data entry screens, as applicable. Then, on each income source that corresponds to a KY LLC, enter an LLC#.
Sole proprietorships and pass-through entities are exempt from state corporate income taxes. Instead, owners pay state individual income taxes on their share of earnings from the business, regardless of whether the income is used for personal use or reinvested in the business.
The Kentucky Limited Liability Entity Tax (KY LLET) serves the same purpose. The tax is calculated using the lesser of $0.095/$100 of Kentucky gross receipts or $0.75/$100 of Kentucky gross profits. Regardless of which calculation method is used, business owners are required to pay a minimum Kentucky LLET of $175.
What are the requirements to form an LLC in Kentucky? You must file articles of organization, appoint a registered agent, and pay a filing fee of $40 (or $60 for expedited service). An operating agreement is recommended but not required.
A single member LLC is required by law to file a Kentucky Single Member LLC Individually Owned Income and LLET Return (Form 725) or; if eligible, a Kentucky Single Member LLC Individually Owned LLET Return (Form 725-EZ). Forms and instructions are available at all Kentucky Taxpayer Service Centers (see page 17).
Kentucky Adjusted Gross Income and Filing Status: Single, under age 65 AND KAGI is greater than $2,980. Single, age 65 or older OR blind AND KAGI is greater than $3,870. Single, age 65 AND blind AND KAGI is greater than $4,760.