Home of the Indianapolis 500, we’ll race ya to Indiana! This state is known to be the smallest state (other than Hawaii) west of the Appalachian Mountains in the United States. As Indiana slowly makes the transition from industrial and agricultural-based businesses to tech-driven industries, the state is slowly gaining its claim to fame among entrepreneurs. Indiana’s Secretary of State even has a letter written to future entrepreneurs on their website, providing a guide that aids in the formation of your business and welcoming startups to the strong Indiana business community. This is mainly due to its low cost of living, and stable, growing economy. If you’re ready to make a move to The Hoosier State, check the following off of your to-do list to incorporate in Indiana.
1. The first step in your incorporation journey is to visit the Indiana Secretary of State’s INBiz site, a one-stop source for all of your small business needs. Developed in partnership with the Secretary of State, this portal was developed to help streamline and expedite the incorporation process. Once you’ve created an account, you can start a new business, file your business entity report, complete tax registration, order a certificate of existence, and file wage reporting.
2. Once you have decided on your business structure — whether you decide to incorporate as an LLC, corporation, or partnership, among other entities — you’ll need to prepare the appropriate companion documents. For LLCs, this means drafting a written operating agreement and creating bylaws for a corporation. If you plan on registering a trademark, you’re welcome to conduct a search through Indiana Secretary of State’s trademark database page. This allows any Indiana and non-Indiana citizen the ability to access public trademark records quickly through searching by trademark, description of the mark, or owner of the mark.
3. Additional paperwork you’ll need to file will include an Employer Identification Number (Ein) if you plan to hire employees, a Doing Business As name (DBA) to open a business bank account, and designating a registered agent to accept legal documents on behalf of the business.
4. Stay updated on all the latest business alerts through the Secretary of State’s Business Services Division! This page includes information on new filing requirements effective each year and how they pertain to small businesses filing in the state. For example, as of January 1, 2018, limited partnerships (LPs) and limited liability partnerships (LLPs) are required to file biennial reports with the Secretary of State’s office. Each update includes additional information about where you can find more information about the new requirements.
5. Remember the welcome letter to entrepreneurs I mentioned earlier? In addition to providing a guide for starting a business, it also enables ‘treps to ask the Secretary of State any questions they may have once they have filled out this form. For further support and expert advice, check out these resources available for small businesses which include sites like the Indiana Small Business Development Center.
Thinking about starting a small business in Indiana? Give us a call at 1(877) 692-6772 or visit us at mycorporation.com if you have any questions about forming a business or the regulations required.
Welcome back to the 50 States of Incorporation, Rebooted where we share what it takes to start a business in each of the 50 states. Join us biweekly for advice on how to start an LLC or corporation across the United States.