We understand! Starting a business can be an overwhelming process for anyone. There is a lot that goes into developing an idea for your business and building the foundation to start. We are here to help guide you through those first steps of starting your new business and getting you to that opening date!
Check out the Kentucky One Stop Portal and New Business Check List before moving to the steps below: https://onestop.ky.gov/SiteCollectionDocuments/OneStopChecklist.pdf
FIRST STEP – Select your business name. You will definitely want to choose a business name that reflects your product. Once you have a name picked out, you will need to register your business name at the State Level. You can do that here: Start My Business (ky.gov) You can also search Kentucky Business One Stop to make sure that your business name is not already in use.
SECOND STEP – Get a detailed business plan together, this helps define your business. We recommend reaching out to the Small Business Development Center in Elizabethtown, KY to receive knowledge on putting together a business plan. They will provide coaches to get you through the process. You can find them here: Elizabethtown – Kentucky SBDC
THIRD STEP – Secure financing. Applying for a small business loan is one of the most common ways to get funding. Whether you need financing to get your new business up and running, some extra funds to expand your operations, or an influx of money to boost your cash flow, a small business loan can serve as an excellent option for entrepreneurs. We recommend reaching out to our local banks for further lending information. We can even recommend one that may suit your needs better!
Before submitting your final application (whether it’s online or in-person), double check that you have all the right documents in hand.
- Personal and business income tax returns
- Photo ID (i.e., your driver’s license or passport)
- Balance sheet/income statement for your business
- Net operating income (since some lenders look for a total income that’s at least 1.25 times greater than your total expenses)
- Personal and business bank statements
- Articles of incorporation/sole proprietorship documents
- Business licenses
- Commercial leases
- Financial projections for new or young businesses
- Credit history with up-to-date credit score
- Detailed business plan
- Collateral and accompanying documents (i.e., deed to your home or ownership docs for equipment)
- Personal debt-to-credit ratio
- Statement specifying how you plan to use the loan funds
FOURTH STEP – Request your business license. For City of Leitchfield Business License, contact Kayla Milliner at firstname.lastname@example.org or 270.259.4034 – For County Business License, contact DeeDee Whitley at Grayson County Fiscal Court 270.259.3159.
FIFTH STEP – Get your tax registration requirements. You will have FEDERAL, STATE, and LOCAL taxes to pay.
- FEDERAL TAX – Begin this section by understanding federal tax requirements. If you did not obtain a federal Employer Identification Number (EIN) from the Internal Revenue Service (IRS) during the One Stop registration process in step 2 above, you may need to do that now before proceeding.
- STATE TAX – Depending on your industry and business type there may be additional state tax requirements for your business.
- LOCAL TAX – Many cities and counties require a local business license and/or impose an occupational tax or other type of tax on individuals and firms conducting business within their jurisdiction. To learn about your requirements in this area, please contact Leitchfield City Hall at 270.259.4034 for City Tax information including the occupational tax information. For County Tax, please contact