Kentucky

Kentucky state government is made up of three branches: Executive, Judicial and Legislative:

• The legislative branch:The first branch of government in Kentucky's government is called the legislative department. This is the lawmaking body of Kentucky, Kentucky calls its legislature the Kentucky General Assembly, and like Congress, it's bicameral or divided into two houses. The upper house is the Senate, with 38 legislators, while the lower house is the House of Representatives, with 100 legislators.
• The executive branch The Executive Branch of government administers the laws and programs enacted by the General Assembly. As chief administrator of Kentucky, the Governor ensures that state government provides needed services to the citizens of the Commonwealth at minimum cost to the taxpayer.
• The judicial branch The Judicial Branch of government interprets the laws of the Commonwealth and administers equal justice for all persons who become involved in the Kentucky court system through due process of law, in support of the Kentucky Constitution. The Kentucky court system is a four-tiered system of adjudication including a Supreme Court, Court of Appeals, Circuit Court, and District Court.

Kentucky's economy—based on manufacturing, trade, mining, agriculture, and tourism and other services—varies by region.

The Bluegrass is an affluent region with a large number of manufacturers and numerous amenities. The Pennyrile is likewise diversified and prosperous, but economic conditions in the Western Coalfield and the Mountain regions fluctuate with the demand for coal.

The Purchase relies extensively on agriculture, and periods of drought or depressed crop prices sometimes bring hardship to the region. Although manufacturing is the greatest income producer for the state, eastern Kentucky has little manufacturing activity, and a few other areas have none at all.

Currency:

United States Dollar (USD)

Exchange Control:

Kentucky does not separately impose exchange control or currency regulations.

Financial services industry:

The financial services industry has become a key component of Kentucky's economic strength and growth. The state has been home to many banks and financial services companies for years due to tax regulation on interest rates.

The business laws of Kentucky are familiar to many lawyers both in the United States and internationally. Kentucky has a common law system.

Type of Company/Corporation:

One IBC supply incorporation in Kentucky service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.

Business Restriction:

The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.

Company Name Restriction:

The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";

• May contain the name of a member or manager;
• Must be such as to distinguish it upon the records in the office of the Secretary of State from the name on such records of any corporation, partnership, limited partnership, statutory trust or limited liability company reserved, registered, formed or organized under the laws of the State of New Hampshire or qualified to do business.
• May contain the following words: "Company," "Association," "Club," "Foundation," "Fund," "Institute," "Society," "Union," "Syndicate," "Limited" or "Trust" (or abbreviations of like import)

Company Information privacy:

No public register of company officers.

Just 4 simple steps are given to start a business in Kentucky:

• Step 1: Select basic Resident/Founder nationality information and other additional services that you want (if any).
• Step 2: Register or log in and fill in the company names and director/ shareholder(s) and fill in the billing address and special request (if any).
• Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal, or Wire Transfer).
• Step 4: You will receive soft copies of necessary documents including Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in Kentucky is ready to do business. You can bring the documents in the company kit to open a corporate bank account or we can help you with our long experience of Banking support service.

* These documents required to incorporate a company in Kentucky:

• Passport of each shareholder/beneficial owner and director;
• Proof of residential address of each director and shareholder (Must be in English or certified translation version);
• The proposed company names;
• The issued share capital and par value of shares.

Read more:

How to start a business in Kentucky, USA

Share Capital:

There is no minimum or a maximum number of authorized shares since Kentucky incorporation fees are not based on the share structure.

Director:

Only one director required

Shareholder:

Minimum number of shareholders is one

Kentucky company taxation:

Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.

• Us Federal Taxation: US Limited Liability companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return.
• State Taxation: US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return

Financial statement:

There is generally no requirement to file financial statements with the state of formation unless the corporation owns assets within that state or has conducted business within that state.

Local Agent:

Kentucky law requires that every business have a Registered Agent in the State of Kentucky who may be either an individual resident or business that is authorised to do business in the State of Kentucky.

Double Taxation Agreements:

Kentucky, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimised by providing credits against Kentucky taxation for taxes paid in other states.

In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business.

License Fee & Levy:

The Kentucky Franchise Tax Board requires all new LLC companies, S-Corporations, C-Corporations that is incorporated, registered or doing business in Kentucky must pay the $800 minimum franchise tax

Read more:

• Kentucky trademark
• Kentucky business license

Payment, Company return due date:

All LLC companies, corporations are required to update their records, either annually or biannually, based on the year of registration and pay yearly $800 minimum franchise tax.

Corporations:

A Statement of Information must be filed with the Kentucky Secretary of State within 90 days after filing the Articles of Incorporation and each year thereafter during the applicable filing period. The applicable filing period is the calendar month in which the Articles of Incorporation were filed and the immediately preceding five calendar months

Most corporations must pay a minimum tax of $800 to the Kentucky Franchise Tax Board each year. Kentucky Corporation Franchise or Income Tax Return is due on the 15th day of the 4th month after the close of the corporation's tax year. Kentucky S Corporation Franchise or Income Tax Return is due on the 15th day of the 3rd month after the close of the corporation's tax year.

Limited Liability Company

Limited liability companies must file a complete Statement of Information within the first 90 days of registering with the SOS, and every 2 years thereafter before the end of the calendar month of the original registration date.

Once your limited liability company is registered with the SOS it is an active business. You are required to pay the minimum annual tax of $800 and file a tax return with FTB for each taxable year even if you are not conducting business or have no income. You have until the 15th day of the 4th month from the date you file with the SOS to pay your first-year annual tax.