Forming an LLC is only the beginning of your business paperwork. As your company grows, you may add members, revise agreements or make new financial contributions.
Under KRS 275.185, Kentucky LLCs must maintain certain documents at their principal office or another location named in a written operating agreement. Keeping this information current can make it easier to answer questions about ownership, contributions and company decisions when they arise.
Kentucky law requires these five categories:
1. Member and manager information
Maintain both the latest and earlier lists of members and managers, including each person’s full name and most recent mailing address.
2. Formation documents
Save the company’s original formation filing and any later changes to it. If someone used a power of attorney to sign an amendment, keep that document as well.
3. Tax and financial records
For the three most recent years, save the company’s local, state and federal income tax filings along with any financial statements that were prepared. If either was not created, keep the information members received, or were supposed to receive, so they could prepare those tax filings.
4. Operating agreements
Save the agreement that governs the LLC, later revisions and any earlier versions the company replaced.
5. Contribution and dissolution records
Unless your operating agreement already includes this information, keep written details about member contributions and the values members agreed on, any required future contributions, events that trigger dissolution, meaning the closing of the LLC, and other writings the agreement requires.
Keep company records current as the business changes
Documents can become outdated when you add members, revise an operating agreement or change contribution terms. Reviewing them when changes happen can help keep company information consistent and easier to use later. If you are unsure what your LLC must retain or whether your operating agreement affects these requirements, an attorney knowledgeable in Kentucky business law can help you identify which documents apply to your LLC.