Do You Have to Renew LLC Every Year in Indiana?

You might be asking if you need to renew your Limited Liability Company (LLC) in Indiana every year if you’re a business owner. Yes, it is the answer. Every two years, the Indiana Secretary of State must receive a biannual report from LLCs. This report is used to check that the LLC is still operational and to update the state’s records.

The Indiana Secretary of State’s website is where the biennial report must be submitted online. The report must be submitted by the final day of your anniversary month, and the filing cost is $30. Late costs and even administrative dissolution of the LLC may occur from failing to submit the report by the due date.

Depending on the nature of their operation, LLCs in Indiana may be subject to additional requirements in addition to the biennial report. For instance, you could want a resale license, sometimes known as a seller’s licence, if your LLC offers goods or services.

Businesses in Indiana that sell products or services must have a resale license. With the aid of this license, the company will be able to buy products from manufacturers or wholesalers without having to pay sales tax. The company can then sell such items to customers and get paid in sales tax.

In Indiana, there is no cost to get a resale license. When applying for the license, you will nevertheless need to supply your company’s tax identification number as well as other details.

The Indiana Department of Revenue accepts applications for various tax accounts using the Business Tax Application (BT-1) form. Businesses that need to collect sales tax from customers who purchase products or services in Indiana must use this form. There is no charge to submit the BT-1 form, which can be filled out online or by mail.

You must submit a seller’s permit application to the Indiana Department of Revenue in order to be granted a wholesale license in the state. This authorization is sometimes referred to as a sales tax exemption certificate or resale license. If the commodities are resold to clients, the permit enables firms to buy products from wholesalers or manufacturers without paying sales tax.

You must fill out the BT-1 form and submit it to the Indiana Department of Revenue in order to request a seller’s permit there. You’ll get your seller’s permit in the mail after your application is accepted.

Finally, if an Indiana LLC sells products or services, it must obtain a resale license and file a biennial report every two years. The biennial report costs $30 and can be filed online. The resale license is free, and you can apply using the BT-1 form on the website of the Indiana Department of Revenue.