Every two years, LLCs in Indiana are required to submit a Business Entity Report. The report is required in the month after the creation of the LLC. If your LLC was established in May, for instance, you must submit the report by May 31 every two years. The report submission fee is $50.
In Indiana, LLCs are not taxed separately. Instead, the LLC’s profits and losses are transferred to the owners’ individual tax returns. Although Indiana has a 5.5% corporate income tax, LLCs are exempt from this tax. However, other taxes like sales tax, property tax, and unemployment insurance tax may also apply to LLCs.
A DBA is sometimes referred to as doing business as in Indiana as a “Certificate of Assumed Business Name.” A Certificate of Assumed Business Name must be filed with the Indiana Secretary of State if you are conducting business under a name other than your LLC’s legal name. However, you are exempt from submitting a Certificate of Assumed Business Name if you are using your own name as the company name.
A DBA is a mechanism for a business to conduct business under a different name; it is not a distinct legal organization. An LLC, on the other hand, is a business entity that shields its owners from liabilities. LLCs must comply with additional formal procedures, such as producing annual reports and registering with the state. These conditions are not necessary for DBAs.
A Certificate of Assumed Business Name in Indiana costs $20 to file. The certificate has a five-year expiration date. You must submit a fresh certificate and pay a fresh filing fee after five years.
In conclusion, Indiana LLCs must submit a Business Entity Report every two years in order to keep their state registration current. Instead of being taxed separately, LLCs transfer their profits and losses through to the owners’ individual tax returns. A Certificate of Assumed Business Name must be filed if you are conducting business under a name other than your LLC’s legal name. The certificate has a $20 filing cost and is good for five years.