On this page, you’ll learn about the following:
Kentucky Registered Agent Requirements
There are certain requirements to fill the role of a Kentucky registered agent:
- The nominee must be more than 18 years old.
- The individual must have a legal, physical address in the state where the LLC will operate.
- The individual must be physically present during normal working hours.
How to Choose a Registered Agent?
When you file your Certification of Formation in Kentucky, you must nominate a registered agent. You can either appoint an in-house registered agent (yourself or any LLC member) or outsource a Kentucky registered agent service.
You can elect your registered agent online through the Kentucky Secretary of State website.
Hiring an Inhouse Registered Agent
When hiring an in-house registered agent, make sure the individual is over 18 of age and lives in Kentucky.
Can I be my own registered agent?
Yes, you can be your own registered agent. So long as you meet the basic requirements for a registered agent, then you can take on this role for your LLC.
Outsourcing a Registered Agent
You may, instead, get professional registered agent services. Doing so ensures that you will have the best individual to represent your business. Here are three of the best LLC services on our list that will provide you with registered agents to ease your worries.
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Note that availing of the services of professional registered agents would be your best option since you are guaranteed that whoever is handling your legal affairs knows their stuff well. You will enjoy peace of mind and focus only on running your business, as the ‘professionals’ take care of all legal matters.
What to Consider When Choosing a Registered Agent
Here are some factors to consider when choosing a registered agent.
- Service Fee: Since most states require formal businesses to have registered agents, selecting the best-registered agent is critical. Hiring a registered agent service typically costs between $50 and $300 annually. When you consider how much time it will save you, this is a small price to pay.
- Tenure in Business of Registered Agent: You want the registered agent to have established and time-tested procedures for handling documents that are received.
- State Jurisdiction Limitation: If your company expands to another state, you should use the same registered agent in all states to reduce the administrative burden of dealing with multiple registered agent service providers.
- Offer Monitoring and Follow-up Services: You want to receive up-to-date information and alerts from your registered agent as soon as possible so that you are aware of the various statutes, rules, and regulations that apply to your company.
Maryland Business Laws for Registered Agents to Note
Registered Agents are responsible to handle the business laws related to your LLC and other legal issues related to your Kentucky LLC. Every state has its own business laws. Kentucky is no exception. It has its own set of standard business laws to regulate businesses in the State. Here are some of the important business laws every business should follow in Kentucky.
- Kentucky Antitrust Laws: Antitrust laws regulate and prevent anti-competitive practices in any open market by levying heavy penalties and punishment against such activities. These laws counter the formation of cartels, monopolies, or any barrier created for new entrants in the market. The Kentucky Antitrust laws prohibit any agreement, contract, or combination in form of trust or conspiracy in restraint of trade or commerce, such as price-fixing, scheme of merger executed to reduce competition in the market, and any unfair methods of competition.
The time limit to put forth such claims is 5 years. The State allows the filing of private lawsuits and a successful plaintiff to recover attorney’s fees as well.
- Kentucky Interest Rates laws: All states in the United States have an Interest law for businesses. Normally, the general interest rate guidelines are less than the legal threshold of interest rate. Kentucky has laws to limit the interest rates and significantly high interest rates are considered unlawful and open to criminal prosecution. In general, the maximum legal rate in Kentucky is 8%. Even if the parties decide the rate on the basis of the contract, the maximum legal rate cannot be more than 4% above the discount rate of the Federal Reserve Bank or 19%, whichever is less for an amount of $15000. The interest rate on judgements is 12%.
The penalty for usury permits forfeiture of entire interest on the debt amount, the borrower may recover twice the amount of interest paid by them. The statute of limitations bars the filing of suit up to 2 years from the time the usurious transaction was executed.
- Kentucky Deceptive Trade Practices Laws: The State of Kentucky aims to protect its residents from unfair business practices. Such practices mislead the consumers into investing in invaluable market products by selling them with twisted statements and lies such as false advertising. The laws specifically prohibit false advertising and odometer tampering.
The remedies for such acts include injunction, restraining order, attorney’s fees, guilty of misdemeanour, fine from $100 to $500, imprisonment up to 12 months, or both. In case of odometer tampering, the license of the offender may be revoked and civil penalties to be levied up to $5000 for every violation.
The Registered Agents are the people who act as points of contact between your business and the State Authorities. They assist your business in ensuring compliance with all regulations and codes of the State. Hiring a registered agent in Kentucky will help you handle your business in a smooth and legally compliant manner.
How to Remove a Registered Agent for LLC in Kentucky
How to remove the Registered Agent from your Kentucky LLC is as simple as filing a form. You can fill out the change form online, print it out, and mail it. You can use an online editor to correct any typos and then send it off. You can publish your new agent’s contact information as often as you want. The US Legal Forms website provides access to over 85,000 state-specific forms.
Your limited liability company has to designate a registered agent. The registered agent can be a family member, accountant, or attorney, or a business address. This address must be a physical address in Kentucky. It cannot be a PO Box. The registered agent is responsible for receiving service of process, which means legal documents or lawsuits delivered to the office. However, you can choose another agent if you’re not happy with your current agent.
Changing your registered agent may involve a lot of paperwork, which can add extra hassle to your business. Using a service to do this for you will save you time and hassle. You can even find a registered agent in Kentucky through online search engines. Make sure that the company is registered with the state’s Department of Business Regulations. Once you’ve done this, you can change your agent.
All corporations and limited liability companies doing business in Kentucky are required by state law to appoint a Kentucky registered agent. Kentucky registered agents provide a reliable way for the Secretary of State and state courts to contact a corporation or LLC.
A registered agent is simply a person or entity appointed to accept service of process and official mail on your company’s behalf who lives in the state of service and is over 18.
If you intend to be your own registered agent, you may be forced to use your home address (especially if you run a home-based or web-based business), making the address public.