If you’re starting a business in Kentucky and want full control over business decisions and finances, start a single-member LLC.
By operating as a single-member LLC, you’ll have full control over your company. As a bonus, you’ll be protecting yourself and your business from the risks that come with other forms of business ownership in Kentucky.
Forming a single-member LLC is a straightforward process. However, like the success you envision for your startup, there’s more than one way to go about it. Here are three ways you can register as an LLC in Kentucky. However, first, let’s talk about what a single-member LLC is.
What Is a Single-member LLC?
A single-member LLC is a business structure designed to protect its owner (or member) from business liabilities. As the name suggests, single-member LLCs have one owner, otherwise called the member.
By registering your business as a single-member LLC, you’ll have full reign over your business. Most importantly, you can profit from your business and enjoy the protections an LLC provides. You will also enjoy the tax benefits not available to C-corporations in Kentucky.
Option 1: DIY Registration in Kentucky
One way to register your single-member LLC is doing it yourself. Begin by coming up with a unique name and checking whether you can use it. You can do this via the U.S. Small Business Administration’s website.
Once you’ve determined what to name your company, register it with the Kentucky Secretary of State’s office. Registration is online and costs roughly $40.
After registering with the Kentucky Secretary of State, you’ll need to have your employer ID number and bank accounts in order. Between the two, prioritize getting your employer ID number (EIN) first. You can apply for one online when you visit the Internal Revenue Service’s site.
Once you have your EIN, you will need it to open a bank account for your business. Opt for a business bank account so that your business’s money is separate from your personal funds.
Option 2: Let Us Do the Filing for You
A DIY LLC registration is fine. However, if you’re looking for someone who can do the filing for you, look no further. For just $197 and the $40 registration fee in Kentucky, we will do your filing for you.
At Drafted Legal, we’ll supply you with easy-to-fill templates and forms for your LLC registration. All you need to do is get our LLC registration kit and send it back to us when you’re done. Our LLC registration template contains every necessary form, including articles of organization and your company’s operating agreement.
In just seven business days, you’ll have a single-member LLC with your name on it. As a bonus, we will throw in an informative and helpful best practices video covering how to quickly get an EIN and open a business bank account.
Option 3: Register Your LLC in Kentucky Through an Attorney
Doing this is a lot like option two. However, you will get personalized legal advice. The down side is that lawyers will charge you thousands of dollars in professional fees. For this reason, we only recommend this option if you have a hefty budget to work with as you start your business in Kentucky.
Register Your Single-member LLC in Kentucky With Ease
At Drafted Legal, we take the complex process of LLC registration and simplify it. We’re here to help you get your single-member LLC off the ground in just a matter of days. As a bonus, you get your LLC registered at a fraction of the cost of using an attorney.
Make single-member LLC Kentucky registration easier for yourself with our LLC registration bundle.