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What are the three main advantages of the LLC?

Structuring your business as an LLC offers a number of advantages. Limited liability. Members aren't personally liable for actions of the company. ... Management flexibility. ... Easy startup and upkeep. ... Limited liability has limits. ... Self-employment tax. ... Consequences of member turnover.

What are the requirements for an LLC in Kansas?

How to Start an LLC in Kansas Choose a Name for Your LLC. ... Appoint a Resident Agent. ... File Articles of Organization. ... Prepare an Operating Agreement. ... Obtain an EIN. ... File Annual Reports.

How do I get an EIN number for an LLC in Kansas?

The online application process only takes about 5 minutes to file the EIN online and the number will be ready in seconds. If applying online isn't an option, you can also complete an EIN application by mail or fax by sending Form SS-4 to the IRS fax number 855-641-6935.

Does an LLC need an EIN in Kansas?

An EIN is required for LLCs that will have employees. Additionally, most banks require an EIN in order to open a business bank account. State tax identification number. Kansas does not require a state tax identification number.

What is the main disadvantage of an LLC?

Disadvantages of creating an LLC Cost: An LLC usually costs more to form and maintain than a sole proprietorship or general partnership. States charge an initial formation fee. Many states also impose ongoing fees, such as annual report and/or franchise tax fees. Check with your Secretary of State's office.

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