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725

41A725(I) (10–13)

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

INSTRUCTIONS

2013 KENTUCKY SINGLE MEMBER LLC

INDIVIDUALLY OWNED LLET RETURN

PURPOSE OF INSTRUCTIONS

HOW TO OBTAIN ADDITIONAL FORMS

These instructions have been designed for a single

Forms and instructions are available at all Kentucky

member limited liability company (single member LLC)

Taxpayer Service Centers (see page 14). They may also

whose single member is an individual, estate, trust or

be obtained by writing FORMS, Department of Revenue,

general partnership. A single member LLC is an entity

Frankfort, KY 40620, or by calling (502) 564–3658. Forms

that affords its member, through function of the laws

can be downloaded from

of this state or laws recognized by this state, protection

from general liability for actions of the entity. A single

member LLC is required by law to file a Kentucky Single

Member LLC Individually Owned LLET Return (Form

725).

Refer to the chart on page 2 to determine what tax form

your business needs to file.

Filing Tips and Checkpoints

•

Make estimated payments on a timely basis to avoid

The following list of filing tips is provided for your

penalty and interest.

convenience to help ensure that returns are processed

accurately and promptly. To avoid processing problems,

•

Extensions are for filing purposes only; late payment

please note the following:

penalties and interest apply to payments made after

the original due date.

•

If the company is computing its LLET based on gross

profits, the new Schedule COGS, Limited Liability

•

Do not check the box on Schedule A, Apportionment

Entity Tax Cost of Goods Sold, must be attached to

and Allocation, indicating the use of an alternative

Form 725. Failure to include this schedule may result

allocation and apportionment formula if the single

in a tax adjustment and assessment.

member LLC has not received written approval from

the Department of Revenue. If written approval

•

Once an account is established, a return is required

has been received, a copy of the letter from the

to be filed for single member LLCs that have

Department of Revenue must be attached to the

Kentucky nexus.

return when filed.

•

When ceasing operations and closing an account,

•

Additional errors that delay processing returns or

there are different requirements for Secretary of

create adjustments include:

State and the Department of Revenue.

¡ Incorrect tax exemption code

¡ Incomplete information

•

Always ensure the correct Kentucky Corporation/

¡ Missing forms or schedules

LLET account number is used on the return being

¡ Incorrect taxable year end

filed.

¡ More than one box checked for receipts

method

•

Place payments on the front of the return so they are

¡ Tax Payment Summary Section of return blank

clearly visible when the return is processed.

or incorrect

¡ Failure to include payment of tax due with the

•

Note that Schedule LLET is always used as an

return

attachment to a tax return and should never be

¡ Omitting Form 41A720-SL when paying with an

submitted in lieu of a return.

extension

Instructions For Form 725 - Kentucky Single Member Llc Individually Owned Llet Return - 2013

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