Interested in starting a business in Flemingsburg? In order to conduct business within the City limits, all business owners must pay an annual business license fee of $75.00 due in January. New business owners must submit an application for a business license. The fee for new businesses is prorated the first year based on the calendar year remaining. All business owners are subject to a 1% net profits tax due by April 15th of the following year. The business license fee is a minimum payment towards the net profits tax and may be deducted from the amount due. Filing extensions are subject to approval by the City Clerk.
There are also state business filings required. Refer to the following website:
Starting a business in Kentucky - http://sos.ky.gov/business/onestop.htm
FORMS
Business License Application Form
Net Profits Licence Fee Return
Please refer to the following list to determine the figure on "Line 1" of the Net Profits License Fee Return:
|
Type of Business
|
Federal Form #
|
Line # on Form
|
| Profits from individually owned business |
Schedule C
|
31
|
| Small business, no employees |
Schedule C-EZ
|
3 |
| Rental Real Estate profit |
Schedule E
|
26 |
| Partnerships or LLC so operating |
Form 1065
|
22
|
| Regular Corporation |
Form 1120
|
30
|
| Sub-S Corporation or LLC so operating |
Form 1120S
|
21
|
| Farm Income within the City |
Schedule F
|
36
|
| Farm Rental Income within the City |
Form 4835
|
32
|
Employers Payroll Tax Return
Employers must also withhold a 1% occupational license fee from employee wages and submit to the City quarterly on the Employers Payroll Tax Return..
Reconcilation of Payroll Tax Withheld
Employers must file an annual reconcilation of payroll tax withheld. A copy of W-2's or a payroll summary must be included with the reconciliation.
Business License Status Change Form
For questions or help with a form, please call (606) 845-5951 or stop by our office at 140 W. Electric Ave. We will be glad to assist you.
