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Understand the specifics of opening a business in Kentucky

On Behalf of | Jun 2, 2020 | business formation & planning |

Opening a business in Kentucky involves more than just finding a location and opening your doors. There are several things that you must do if you’re going to start a company in this state. Understanding each step is beneficial and can help to ensure that you don’t miss anything.

The first things you need to do are name your business and determine what type of company it will be. There are several structures you can choose from, including a limited liability company, various partnerships and corporations. Your business formation attorney can help you to determine which options might be best for your needs.

Once you know that information, you can register your company with the Kentucky Department of Revenue and the Secretary of State. You may also have paperwork to fill out with local authorities, including the city and county in which you’ll do business. You can find out what licenses and permits you will need to obtain as well.

As you’re getting the documentation together to operate your company, don’t forget about the tax numbers you’ll need. At a minimum, you may need to have an Employer Identification Number (EIN) from the federal government. The Internal Revenue Service (IRS) handles this, and it can be done online. Certain businesses may need state and local tax documents, so your attorney can help you with this.

Most companies doing business in Kentucky will need to have unemployment and workers’ compensation insurance. These policies help protect your workers and your business so don’t try to skimp on coverage. You may need other types of insurance as well. A business insurance agent can advise you on these matters.

Setting up the legal aspects of your company allows it to start on a firm foundation. You’ll be able to count on the protections afforded to it by following each step..