Forming an LLC in Kansas has become more popular over the years. Unlike a sole proprietorship or corporation in which the business owner is held personally responsible for lawsuits against the company, the LLC is simply a separate legal entity, shielding the business owner of assets. The Kansas LLC business entity is an increasingly popular business entity option for all businesses starting in Kansas. The most common type of LLC in Kansas is the basic. This is an 'organic' LLC, meaning that it operates in the state laws without any additional requirements or fees. Other types of LLCs are available, but they do come with added responsibilities.
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A limited liability corporation (LLC), also known as a C-corporation, is formed by a 'c' shareholder (owners) who own stock in the LLC. Unlike a sole proprietorship, there is no limit on the number of shareholders or owners. This allows the LLC to have higher capitalization than for sole proprietorships. However, there is also a limit on the amount of taxes that can be levied against the LLC. This means that in Kansas, an LLC may be taxed much like a sole proprietor.
Limited Liability Companies do not pay taxes until the company has been active for six months. This means that during the six month period, no payment or disbursements have been made. During the tax closing month, all payments should be made by the third month. After the tax closing month, all LLCs become liable for income taxes, regardless of whether they have already paid their income tax liability.
How To Form An LLC In Kansas - Tax Information
All LLCs are required to have a board of directors and voting members. There are some exceptions to these general requirements, such as for businesses that are exempt from the state taxation laws. In order for an LLC to legally become registered with the secretary of state, all of the following requirements must be met: The LLC must be a member of the Oklahoma Society of Certified Public Accountants (OSCCA). In addition, the CPA must be licensed with the secretary of state.
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Once all of these requirements have been met, an LLC can file its Articles of Organization with the secretary of state. This is when an LLC becomes 'registered'. Once filed, an LLC owner need not appear at the office of the secretary of state to start conducting business. Instead, an individual, or the resident agent of the LLC, will serve as the secretary state's registered agent. The registered agent will also serve as the LLC's agent for all matters within the state.
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There are many other requirements to becoming registered as an LLC. After it has been filed with the secretary of state, an LLC must file a certification of exemption. This is used to show that the LLC was exempt from paying some type of income tax. Most people do not file an income tax with their state unless they have some type of liability protection. If the filing party has no liability protection and fails to pay the income tax in a timely manner, they can lose their exemption to the state.
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One important thing to remember about filing an LLC in Kansas is that it will be treated as a C corporation or a partnership for tax purposes. Because an LLC has different tax classification as one of these two types of corporations, it is crucial that each member of the LLC understand what tax class they fall into. It is also important for each member to provide the state with their employer identification number if they would like to be considered a sole proprietor for federal income tax purposes. Also, all members of the LLC must file an article of incorporation with the IRS.
All of these requirements must be met before an LLC can start operating. If one cannot meet all of these requirements after filing, then they should look into filing an unregistration prior to beginning operations. Unregistration will result in penalties and the dissolution of the LLC. If an individual cannot comply with the operating agreement, how to start an LLC in Kansas will still be completely possible, but this process can take longer and cost more money.
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