If you have ever wanted to establish a limited liability corporation in the state of Indiana, but didn't know how to go about doing it, now is the time to rectify that mistake. In Indiana, starting a business as a sole proprietorship or as a partnership is not only limited but it is formally considered a crime. Thus, unless you are willing to risk the wrath of the law and the possible financial ruin of your company, you will want to know all the facts about How To Start An Llc In Indiana.
If you have any doubts about how to start an llc in indiana, the first thing you should do is look up the terms. "Limited liability corporation" refers to a unique business entity designed to offer protection to its owners from being personally liable for debts of the business. In other words, when you use a limited liability corporation, you are vouching for yourself as the sole owner of the business. That protects you from personal lawsuits that can stem from debts or failures of the business itself.
After learning how to start an LLC in Indiana, the next step is to choose the name. You must select a name that will reflect both the nature of your business and your personal identity. It is vital that the name of your new business is easily recognizable. One way to help achieve this is to choose a name that is either a synonym for your business or one that is simply related to it in some way. For example, if you run a fitness business, you could call your business gym. On the other hand, if you run a dog grooming business, you could call your business DogGroomer LLC.
How to Start an LLC in Indiana
Once you have chosen a name for your new limited liability company, you are ready to register it with the Indiana Corporation Commission. Before doing so, you must ensure that your business meets all the requirements set forth by the state. Most importantly, you need to ensure that your business has at least one employee. You can file this information online.
Once you have filed your name and filed all the necessary papers, you will then be able to operate your business legally. This begins by filing an application with the Corporation Commission. The application should include information on your business, your name, and your intent to open the business. Among the items you will need to supply are your state license information, copies of permits and contracts for your business, and your proposed deposit and payment structure. Filing everything correctly can take up to two months.
Once the application has been submitted, you will be required to attend a Business Improvement Organization (BIO) meeting. At the meeting, you will discuss what changes need to be made to your business, and at what point in time, if at all, you plan to incorporate. There will also be a presentation by someone from the Corporation Commission. After the meeting is concluded, you will officially have opened your business as a corporation.
Now that you know how to start an LLC in Indiana, you may begin searching for a location. There are a number of different areas in the state where you can open up your business. For example, there is an exemption clause in most corporate filings that allows a business to open up in any county in the state provided that it meets the qualifications. One of these qualifications is that the business must be engaged in some type of revenue-generating activity. If your business does not generate revenue, you can still begin operating as a corporation. However, you may not wish to have both the name of your business and your address on all of your company cards.
Another requirement that you must meet in order to open up an LLC in Indiana is that you must maintain a simple office. The simple office requirement means that you can only keep a single permanent office for your company. Any other offices that you use must be kept at temporary locations throughout the state. When you learn how to start an LLC in Indiana, you will understand that this is mandatory and that you must meet all of these requirements in order to open up your business.
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