What is Kentucky LLC Dissolution? |
|
A Kentucky LLC is created when the KY Secretary of State approves the Articles of Organization.
A record of the Kentucky LLC is added to the list of LLCs which have officially registered with
the Kentucky Secretary of State.
Once a LLC is registered with the Kentucky Secretary of State, that LLC immediately has both reporting and tax
obligations which incur penalties if the obligations are not met by the required deadlines.
more...
|
less...
A Kentucky LLC is created when the KY Secretary of State approves the Articles of Organization.
A record of the Kentucky LLC is added to the list of LLCs which have officially registered with
the Kentucky Secretary of State.
Once a LLC is registered with the Kentucky Secretary of State, that LLC immediately has both reporting and tax
obligations which incur penalties if the obligations are not met by the required deadlines.
If you've registered a Kentucky LLC with the Kentucky Secretary of State and want to cease business activities
you have to let the KY Secretary of State know that you intend to close your company.
Only after the KY Secretary of State has made sure that all of the obligations of the Kentucky LLC have been fulfilled will
the Secretary of State approve of the closure of the company.
When the Kentucky Secretary of State approves the closing of a KY LLC, that Kentucky LLC is said to be
Dissolved.
The process of Dissolving a Kentucky LLC is called Kentucky LLC Dissolution.
|
Why do I need to Dissolve a Kentucky LLC? |
As soon as a Kentucky LLC is registered with the KY Secretary of State, that LLC is responsible for
recurring obligations of the Kentucky Secretary of State and the Kentucky Department of Revenue.
If the Kentucky LLC does not file reports or pay taxes then that KY Limited Liability Company could be responsible for
penalties which go up as time goes by.
Unless you Dissolve your Kentucky LLC with the Kentucky Secretary of State that KY Limited Liability Company will be responsible for
all recurring fees and penalties.
|
What do I have to do to Dissolve a Kentucky LLC? |
|
Kentucky LLC Dissolution is one part of a larger process commonly called the "Winding Up" process.
more...
|
less...
Kentucky LLC Dissolution is one part of a larger process commonly called the "Winding Up" process.
There are things you need to do before you can request approval of LLC Dissolution from the Kentucky Secretary of State;
and things that you have to do after the KY Secretary of State has approved Dissolution of the Kentucky LLC.
What you have to do both before and after the Kentucky LLC is Dissolved largely depends on if the Kentucky LLC has commenced business
and how many assets, debts and liabilities, if any, that the KY Limited Liabilty Company has.
If the Kentucky LLC has not commenced business then the KY Limited Liability Company Dissolution process is easier.
|
What do I have to do before I Dissolve a Kentucky LLC? |
Things you need to do before you Dissolve a Kentucky LLC.
1. Hold a Members meeting and record a resolution to Dissolve the Kentucky LLC
2. File all required Annual Reports with the Kentucky Secretary of State
3. Clear up any business debt
4. Pay all taxes and administrative fees owed by the Kentucky LLC
more...
|
less...
|
|
1. Hold a Members meeting and record a resolution to Dissolve the Kentucky LLC
|
If the Kentucky LLC has any Members then a meeting should be held and a vote to Dissolve the Kentucky Limited Liability Company taken.
Minutes of the meeting should be recorded and retained in the business records.
If the Kentucky LLC does not have any Members then the Organizer(s) have to apply for Dissolution of the Kentucky LLC.
- We can transcribe and compile minutes or approvals into a form that is legally recognized by the Kentucky Secretary of State.
|
|
2. File all required Annual Reports with the Kentucky Secretary of State
|
The Kentucky Secretary of State will not approve the Dissolution of a KY LLC until all required
reports have been filed.
- We can file any required Annual Report with the KY Secretary of State.
|
|
3. Clear up any business debts
|
|
All creditors of a Kentucky LLC should be given notice of the pending LLC Dissolution.
Each creditor should be given a mailing address to which they may submit claims as well as a deadline by which claims may
be submitted.
|
|
4. Pay all taxes and administrative fees owed by the Kentucky LLC
|
|
The Kentucky Secretary of State will definitely not approve the Dissolution of a Kentucky LLC until all
outstanding taxes and applicable registration and administrative fees have been paid.
|
less...
|
|
What do I have to do after I Dissolve a Kentucky LLC? |
Things you have to do after you Incorporate in Kentucky.
1. Distribute all remaining assets of the Kentucky LLC
2. Close all business bank accounts of the Kentucky LLC
3. Cancel all local business licenses and permits
4. File Form 966 with the IRS
5. Cancel the IRS account associated with the KY LLC's Federal Tax ID (EIN)
more...
|
less...
|
|
1. Distribute all remaining assets of the Kentucky LLC
|
|
If the Kentucky LLC has any remaining assets, these may be divided according to the Members' ownership interests
in the KY Limited Liability Company.
All distributions to LLC Members must be reported to the IRS.
|
|
2. Close all business bank accounts of the Kentucky LLC
|
|
If there are any business accounts that have been opened for the Kentucky LLC then those accounts must be closed.
If Company Business accounts are left open there may be liability and obligations of the Dissolved Kentucky LLC which could
lead to legal problems down the line.
|
|
3. Cancel all local business licenses and permits of the KY LLC
|
|
If the Kentucky LLC has obtained any state, regional, county or city business licenses or permits, each
of those must be cancelled to avoid any reporting or fiscal obligations of the Kentucky LLC.
This includes business registration licenses as well as reseller permits.
|
|
4. File IRS Form 966
|
Most Dissolved Kentucky LLCs must file IRS Form 966 with the US Internal Revenue Service.
If a Kentucky LLC is required to file IRS Form 966, the filing is required within 30 days after the final Dissolution
plan is approved.
Filing IRS Form 966 lets the Federal Government know that the Kentucky LLC has been legally Dissolved
so that it may take the appropriate actions.
- We can prepare IRS Form 966 for you to file.
|
|
5. Cancel the IRS account associated with the KY LLC's Federal Tax ID (EIN)
|
A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the Kentucky LLC.
Once the IRS links an EIN to a Kentucky LLC, that EIN stays with the Kentucky LLC even after the Company has been Dissolved by the
Kentucky Secretary of State.
When the IRS processes the final tax return for the Kentucky LLC, they automatically make the EIN inactive.
However, the account associated with the EIN is not automatically closed.
Closing the account associated with the EIN lessens the likelihood of any problems with the EIN account, or with the IRS, in the future.
If you should decide to revivie the Kentucky LLC down the line then the IRS will reactivate the old EIN for your new Business.
Before a Kentucky LLC can close an EIN account, it must be in Good Standing with the IRS.
The Kentucky LLC must have filed all required tax returns and paid any applicable fees and penalties due to the IRS.
The Kentucky LLC cannot close its EIN account until the IRS has received payment for any tax amounts the Company may owe.
- We can prepare the formal documents which you can sign and submit to the IRS in order to close the account
associated with your EIN.
|
|
How long does it take to Dissolve a Kentucky LLC? |
The time it takes to Dissolve a Kentucky LLC varies depending on how long it takes to complete the actions that are
required in each specific case - holding meetings, closing accounts, distributing assets, etc.
Once the initial actions are completed, the Kentucky Secretary of State usually takes around 3-5 business days to process the Articles of Dissolution.
more...
|
less...
|
The time it takes to Dissolve a Kentucky LLC varies depending on how long it takes to complete the actions that are
required in each specific case - holding meetings, closing accounts, distributing assets, etc.
Once the initial actions are completed, the Kentucky Secretary of State usually takes around 3-5 business days to process the Articles of Dissolution.
Processing times for Kentucky LLC Dissolution filings vary depending on the work load of the
Secretary of State's staff.
We've found that normal processing of Kentucky Dissolution filings takes the state around 3-5 business days.
PLEASE NOTE: WE CANNOT GUARANTEE KENTUCKY SECRETARY OF STATE PROCESSING TIMES.
We are dependent on, and have no control over, the staff and systems of the Kentucky Secretary of State .
In our experience 3-5 business days is the time it usually takes the Kentucky
Secretary of State to process a Kentucky Dissolution filing.
We get your Kentucky LLC Dissolution filing to the KY Secretary of State ASAP.
Once it is at the state we have no control over the Kentucky Dissolution approval process.
|
|
How much does it cost to Dissolve a LLC in Kentucky? |
The total cost to Dissolve a Kentucky LLC varies depending on exactly what is required for each specific
KY Dissolution.
We charge $224.00 plus any state fees for our Kentucky LLC Dissolution services. This includes:
- Same day processing
- Transcribe minutes of Members meeting which proposes Dissolution
- Prepare and file Articles of Dissolution with the Kentucky Secretary of State
- Prepare US IRS Form 966 for you to sign and file
- Prepare documents to cancel Federal EIN account
- Certified copy of Dissolution filing from KY Secretary of State
- Priority Mail Delivery of all documents
- Unlimited Customer Support
We also offer these Kentucky LLC Dissolution services separately as explained on the right side of this web page.
|
What do I have to do if I want to Dissolve a Foreign LLC that is tied to a KY Domestic LLC? |
|
If there are Foreign LLCs in states other than Kentucky that are tied to the Domestic Kentucky LLC then
each of those Foreign LLCs must be Dissolved before the Kentucky LLC is legally Dissolved.
|
How long before someone can use my LLC name in Kentucky after I Dissolve? |
|
A Kentucky LLC company name becomes available for anyone to use when the KY Limited Liability Company is Dissolved by the Kentucky Secretary of State.
There are no LLC company name protections in Kentucky once a Kentucky LLC has been Dissolved by the Kentucky Secretary of State.
|
Do I have to publish a Notice of Dissolution of the Kentucky LLC? |
There are no state of Kentucky requirements for the publication of a Notice of Dissolution of a Kentucky LLC.
While the Kentucky Secretary of State does not legally require the publication of a Notice of Dissolution of a Kentucky LLC, publication is
a good way to notify anyone who might have a claim against the Kentucky LLC.
Evidence of publication might prove useful down the line if someone makes a claim against the KY Limited Liability Company after
the Kentucky LLC has been dissolved.
|