You might be asking if you need to renew your limited liability company (LLC) in Indiana each year. No, is the response. Indiana does not require LLCs to submit an annual report or renew their registration on a yearly basis, in contrast to certain other states. However, LLCs are required to submit a report every two years to the Indiana Secretary of State. The filing price for the report is $30, and it is required every two years.
For taxation reasons, Indiana treats LLCs as pass-through entities. As a result, the LLC does not have to pay taxes on its earnings. Instead, the LLC’s owners receive a pass-through of the income, which they then disclose on their own personal tax filings. Although Indiana does not have a state-level LLC tax, LLC owners may still be subject to other taxes, including self-employment taxes, state and federal income taxes, and sales taxes.
You can petition for reinstatement if your LLC has been dissolved in Indiana by submitting a reinstatement application and paying the necessary fees. A declaration of purpose to conduct business, a list of the LLC’s current members and managers, and a tax clearance certificate from the Indiana Department of Revenue are required to be included with the application. For domestic LLCs, the reinstatement charge is $30; for international LLCs, it is $100.
The state of Indiana offers access to a number of online services, including business registration and filings, through a portal called Access Indiana. Access Indiana also provides services and information for beginning and managing a business in Indiana. LLC owners can use Access Indiana to file their biannual reports, petition for reinstatement, and make other business-related filings.
The Indiana Secretary of State’s office offers an online DBA (doing business as) name application service. The registration is good for five years, and the application fee is $20. An LLC may conduct business under a name other than its legal name with the aid of a DBA name. This can be helpful if the LLC wants to give its business a more appealing or descriptive name.
In conclusion, Indiana LLCs must submit a biennial report to the state even though they are not required to renew their registration annually. In Indiana, LLCs are taxed as pass-through entities, and if one is dissolved, it is possible to get it reestablished by submitting an application and paying the necessary taxes. Owners of LLCs can manage their business files and transactions with the help of Access Indiana. Finally, the Indiana Secretary of State’s office offers an online DBA name application form for LLCs.
Yes, you must register with the state if you run a sole proprietorship in Indiana. However, sole proprietorships do not need annual renewals, in contrast to LLCs.