How to Open a Small Business in Kentucky

Open a small business in Kentucky with proper planning and the appropriate registration forms.

Opening a small business is a daunting task that can lead to financial independence, and even wealth, if executed properly. More importantly, starting a small business puts you on track to work for yourself at your own pace. Complete Kentucky's required registration forms and plan thoroughly so your new small business can have the best chance to thrive from the very beginning.

Things You'll Need

• Kentucky small business registration forms

Instructions

1. Write a business plan to display that you know the important aspects of your intended industry and have assessed your new company's likely trajectory. Get advice from local established business owners. Your business plan is an important organizational tool, but also can be required as you apply for funding. Visit the Small Business Administration website for tips on writing a good business plan.

2. Choose a location for your Kentucky small business. You will need an address to register your business. Use a home address to start if your small business does not have office space or a storefront immediately. Think about a customer-friendly location if your business requires a physical exchange of goods or services.

3. Pursue grants and loans if your Kentucky small business does not already have enough start-up money. Contact your county's Chamber of Commerce for grant and loan opportunities. Polish up your business plan for potential lenders and benefactors.

4. Decide on a name for your Kentucky small business. Check the Kentucky Secretary of State Business Filings web page for the availability of your desired company name.

5. Determine a legal structure for your company. Decide whether your Kentucky small business will be a corporation, limited liability company (LLC) or partnership. Complete the appropriate New Business Formation sheet, which you can acquire or submit online from the Kentucky Secretary of State Business Filings website.

6. Wait for your business to receive its Employer Identification Number (EIN) in the mail or through email. Your EIN as serves as tax identification. Register with the Kentucky Department of Revenue for payment of business taxes.

7. Obtain any other necessary licenses or permits for your Kentucky small business. Consult the United States Business website for a licenses and permits utility if you do not know which ones apply to your new company. Have an attorney specializing in corporate law review your licensing, environmental and employment restrictions if possible, as Kentucky's are particularly stringent.

References

• Business.gov: Starting a Business in Kentucky

Resources

• Small Business Administration: Write a Business Plan
• Kentucky Secretary of State: Business Filings
• Business.gov: Business Licenses and Permits