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Once the document is signed by the members of the limited liability company, it acts as an official contract binding them to its terms.
Kentucky Revised Statutes § 275.003: In Kentucky, an Operating Agreement is not a legal requirement to form an LLC. However, having one provides clarity to member responsibilities, business operations, and mitigates potential business disputes.
Kentucky LLC Cost. To start an LLC in Kentucky, the state fee is $40 to file your LLC Articles of Organization online or in-person. Along with the fee you'll pay to the Secretary of State, you'll also have to pay $15 every year when you file your annual report.
While most states don't require LLCs to have operating agreements, it's always a good idea to create one to ensure your business is well administered and protected from risk.
Name Your Kentucky LLC. Find a Kentucky Registered Agent. File Articles of Organization. Learn More About Online LLC Formation Services. Create an Operating Agreement. Register With the Necessary Tax Authorities. Fulfill Your Ongoing Obligations.
By having those rules and following them, LLCs operate more efficiently." Common provisions in an LLC agreement include a statement of intent, a business purpose, the time period during which it will operate, how it will be taxed, new LLC member admissions, and member capital contributions.