Jun
09

Legal Concerns In Starting Your Own Business In Kentucky

Kentucky businessSo you’ve decided to start your own business, but what kind of legal issues do you need to settle before you open your doors?

1. Decide on the entity.

Among the types are sole proprietorship, partnership, corporation, limited liability partnership (LLP) or limited liability company (LLC).  There are advantages and disadvantages to each, with different regulations and legal responsibilities.  The two primary issues to be addressed are liability and taxes.  Do some research on your own to determine which entity is best for you.  Create a list of legal questions that you can ask your lawyer.

2. Get the right license.

Kentucky doesn’t offer a general business license.  However, there are over 400 of different licenses and permits available, covering a wide range of various business activities.  Also, you may have to fulfill specific requirements at the state and local levels.  Finally, consider the various environmental permits and licenses that you may need.

3. Build up to par.

If you plan to construct a building or to renovate an existing one, you will be required to adhere to Kentucky’s building codes.  These codes can change yearly, so be sure to carefully check that your building is up to code, even if its recently been renovated.  There are also zoning restrictions, which might prevent you from building in certain areas of the city or county.  This is especially recommend if you plan to operate your business from your home.

4. Identify tax obligations

Your business may need an Employer Identification Number from the Internal Revenue Service.  For this, you can apply online or call the IRS directly.  You may also be required to register with the Kentucky State Department of Revenue and your local city or county offices.  As the business owner, it is important that you understand your tax obligations at the local, state and federal level.

 

Each of these legal requirements should be addressed before you open your doors for business.  Consulting your local business entity lawyer can provide you with specific information and guidance to get your business up and running!

 

Look for a law firm that specializes in small business, partnership and corporate litigation. A law firm with a wide range of business expertise can help you carefully plan your decisions, advise you in choosing the right entity for your venture and help you in obtaining the right leasing and licensing.

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