Filing A Kentucky Corporation
Many new business owners could find value in electing to file as a Kentucky Corporation. That’s because a Corporation provides numerous tax benefits. It also grants instant credibility to first-time owners, helping them gain respect from customers and clients. When filing as a Kentucky Corporation, prospective owners should make sure they meet all administrative requirements.
Steps When Filing
Choose A Name
The first thing that those looking to form a business must do is choose a name for their entity. The state of Kentucky requires all business names to include an indicator in their name. In this case, owners will want to add something like, “Corporation,” “Incorporated,” “Company,” “Limited,” or an abbreviation of those terms, like “Inc.” Additionally, Kentucky does not allow two business entities to share a name. Owners will need to make sure that the name they choose is unique to their business. They can do so on the DoMyLLC Name Availability Check Page.
Choose An Agent For Service Of Process
After choosing a name, owners will need to select a registered agent. The registered agent is responsible for accepting legal correspondence on behalf of the company. This makes them an integral part of the company’s operations. Because the registered agent position is so vital, many companies elect to hire a professional third-party company, such as DoMyLLC, to serve in the role.
File Articles Of Incorporation & Pay Filing Fees
Once owners have secured a name and registered agent, they can file the Articles of Incorporation with the Secretary of State’s office. The fee associated with this form depends on the number of shares the company plans to issue. The minimum filing fee is $50. Information that owners will need to provide on this form includes:
- The name of the Corporation
- The number of shares the Corporation is authorized to issue
- Name and address of the registered agent
- The mailing address of the corporation’s principal office
- Name and mailing address of incorporators
- Effective date
- County in which the business operates
- Whether the company is smaller or larger than 50 employees
- Information about the business ownership and industry
- Signatures of incorporators and registered agents
File Initial Report
The Kentucky Corporation is not required to file an Initial Report. However, Initial Reports are something they’ll want to consider if expanding across state lines in the future.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After filing the Articles of Incorporation, the organization should hold its initial corporate meeting. Those who filed Articles of Incorporation are responsible for overseeing the meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records. Directors will serve on the board until the next annual meeting of the shareholders, where they will be up for re-election.
Once the board is in place, directors can elect officers and define their roles. They must also draft corporate bylaws. Bylaws are an internal operating manual and a matter of corporate compliance, as the Corporation cannot exist or operate until the board has adopted them. Although private, many banks and insurers require proof of bylaws before entering into business with a Corporation.
The Kentucky Corporation should also issue stock at the initial corporate meeting. The board of directors is responsible for issuing stock throughout the life cycle of the Corporation. The amount that they can issue is defined in the Articles of Incorporation. The board of directors should also make sure that they begin keeping a stock ledger. The ledger is vital for protecting the corporate veil and providing transparency to future investors.
Obtain Employer Identification Number
The IRS will provide an Employer Identification Numbers to the Kentucky Corporation upon request. The number allows the organization to file taxes, hire employees, and open a business banking account.
File Kentucky Required Annual Reports
The state of Kentucky requires the Corporation to file an Annual Report by June 30 each year. There is a $15 fee to do so. Learn more at our Kentucky Annual Report page.
In addition to Annual Reports, a Kentucky Corporation will also need to file state and federal taxes each year, along with ensuring all licenses and permits are kept up to date.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we work with business owners so that they can dedicate themselves entirely to the operations of their company. We specialize in streamlining the administrative process. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Kentucky’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
No matter if you’re just getting started with the process of creating a business or are looking for help with regulatory maintenance, we are here for you.