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Kentucky located in the East Central United States of America, It is bordered by Tennessee to the south, West Virginia, Virginia to the east, Illinois to the west, Ohio and Indiana to the west and north, Ohio to the north. Kentucky is the 37th largest state in terms of total area, the 36th largest in land area, and ranks 26th in population. Frankfort is the capital city and top other cities are Louisville, Lexington, Bowling Green, Owensboro and Covington.
Officially known as the Commonwealth of Kentucky, the state is deeply rooted in culture and tradition, including the popularity of its bluegrass music. Kentucky's GSP in 2019 reached $189.4bn, with growth of 1.0% over the five years to 2019. Kentucky's GSP growth ranks 42 out of all 50 US states. It is a common indicator used to track the health of an economy.
Kentucky covers 39,728 square miles, with a 2019 estimated population of 4.5 million – with 1,8 million people living in rural areas, population growth rate of 0.47%, which ranks 34th among the US states.
87.6% of Kentucky's population is white, 8.4% is African-American, 1.6% is Asian, 0.3% is American Indian or Alaska Native, 0.1% is Native Hawaiian or Other Pacific Islander, and 3.8% is of Hispanic or Latino origin.
English is the official and the most widely spoken language in Kentucky. Kentucky also has the fourth highest percentage of English speakers in the United States. As in many other states, they also have a quite small Spanish – speaking population.
Kentucky state government is made up of three branches: Executive, Judicial and Legislative:
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.
United States Dollar (USD)
Kentucky does not separately impose exchange control or currency regulations.
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.
One IBC supply incorporation in Kentucky service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.
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.
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";
No public register of company officers.
Just 4 simple steps are given to start a business in Kentucky:
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How to start a business in Kentucky, USA
There is no minimum or a maximum number of authorized shares since Kentucky incorporation fees are not based on the share structure.
Only one director required
Minimum number of shareholders is one
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.
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.
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.
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.
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
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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.
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 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.