Business Formation Attorneys in Kansas
Overland Park-Based Firm Serving Clients in Kansas & Missouri
Are you looking into forming a business? Knowing exactly where to begin, what steps to take, and how to navigate state and federal business laws can be extraordinarily difficult without professional support. At Gates Shields Ferguson Swall Hammond P.A., our business formation lawyers have centuries of combined experience and know exactly what legal protections your business will need.
We can address your concerns, answer your questions, and help ensure your company has the highest possible chance of long-term success.
How to Start a Business in Kansas
When you decide to start a business, your process may differ from that of another prospective business owner. You will need to make a series of decisions that will affect your rights, responsibilities, liabilities, and growth potential.
Here is a guide for forming a business in Kansas:
- Complete comprehensive market research. This is one of the most powerful ways you can determine the viability of your prospective business model. Proper market research can tell you what potential customer base you may have, whether or not you’ll have competition in your area, and how to develop and maintain a competitive advantage.
- Create a business plan. Your business plan is not just a roadmap to guide your decisions—it outlines essential data and predictions you can use to convince others to either work with you or invest in your business.
- Set up funding. Your thorough, detailed business plan will help you determine how much funding you will need to start your business. If you don’t have this money, you may be able to crowdsource it, obtain it from investors, secure a small business loan, or find a lender.
- Select your location. Whether you open a brick-and-mortar location or operate your business entirely online, this decision will influence your tax obligations, the legal regulations you’ll need to follow, and how you will earn revenue.
- Determine your optimal business structure. This can be one of the most challenging decisions you will make as a prospective business owner. You will need a structure that provides legal protections, limits liability, and maximizes your profit. You may choose from a corporation, limited liability company/partnership, limited or general partnership, or sole proprietorship.
- Choose and register your business name. You will need to choose a name that is not only unique but also represents your brand and purpose. You can then legally protect this business name and register it with the federal and/or state government.
- Apply for federal and state tax IDs. Your federal tax ID is also called your Employer Identification Number (EIN). Like most states, Kansas requires businesses to obtain a state tax ID in addition to an EIN. These numbers are like Social Security numbers for your business, and you use them to pay business taxes.
- Obtain requisite permits and licenses. The permits and licenses you will need to operate your business while complying with local, state, and federal regulations will depend on your business structure, industry, location, and more. This can be one of the most difficult elements of business formation to navigate.
- Open a bank account for your business. A business checking account accomplishes more than simply separating your finances from your business finances—it helps you comply with legal regulations, limit liability, and provide certain benefits for both your customers and your employees.
With help from our dedicated business formation attorneys, you can make the best possible decisions throughout this extensive process. We can help you understand the legal and financial implications of each option to ensure you have what you need to make fully informed decisions.
How to Form an LLC in Kansas
A limited liability company (LLC) is one of the most common types of business structures in Kansas. It combines the limited liability of corporations with the flexibility and tax benefits of general partnerships. Limited liability simply means you, the owner of the LLC, are not personally liable for your business’s liabilities, such as debt. Other members can manage the business as well without becoming personally liable.
To form an LLC in Kansas, you will need to complete the above checklist AND:
- Register with the Secretary of State (and that of other states, if applicable)
- Select and register your resident agent (i.e. individual or entity who accepts legal papers on behalf of your LLC; you cannot be your own resident agent)
- File Kansas Limited Liability Articles of Organization with the Secretary of State, either online or by mail (documenting your LLC’s name and address, your resident agent’s name and address, closing month of your LLC’s tax year, and signature)
- Create an operating agreement (not required in Kansas but highly recommended; allows you more control over operations and less liability)
Once you form your LLC, you will need to file annual reports with the Secretary of State. This report is always due on the 15th day of the 4th month after the end of your LLC’s tax year (usually April 15th).
A Note About Kansas Business Registration
Not every type of business requires registration, and the registration process differs depending on business structure. For example, Kansas law does not require you to register your business if it is a sole proprietorship or general partnership.
Additionally, Kansas neither requires nor permits filing/registering fictitious names or DBAs (“Doing Business As”). For case-specific information about your Kansas business registration requirements, turn to Gates Shields Ferguson Swall Hammond P.A.
Our Experienced Overland Park Business Formation Lawyers Can Help
Any new business owner will have a host of questions and concerns about their business formation process. While the internet may be able to answer general questions, it can never replace the experience, insight, and personalized support of a seasoned legal team. At Gates Shields Ferguson Swall Hammond P.A., our lawyers have more than 260 years of combined legal experience. Let us put this experience to work for the future of your business.
Experienced & Knowledgeable
Not only does our team have over 260 years of combined legal experience, but we are always continuing to learn and staying current with developments in the law and the industries we serve.
Results Driven & Focused
We carefully plan for each legal matter to develop a personalized strategy for achieving a great result. Careful planning is the first step in achieving great results, and your results are our first priority.
Client Focused & Personable
We take our clients needs very seriously. We want our clients not only to feel like they have a trusted legal advisor but also that they are part of the strong Gates Shields family.
Empathic & Understanding
We care about our clients. That is why we take the time to listen and communicate so we can truly understand your unique situation, make you feel comfortable with the process, and develop the best course of action.