Maintaining your LLC in good standing is crucial if you own a business in Indiana. But occasionally, events might place, and you might discover that your LLC is no longer in good standing. But don’t panic, by following a few easy steps, you may revive your Indiana LLC.
To find out why your LLC is no longer in good standing, you must first verify with the Indiana Secretary of State. You can do this by looking up your LLC on the Secretary of State’s website. The website will explain why your LLC is not in good standing if it is. Failure to submit annual reports or pay mandatory fees are two common reasons for an LLC to be in poor status.
Once you are aware of the cause of your LLC’s poor standing, you must address it. You can submit your annual report online or by mail if you forgot to do so. You can mail a check or pay online for any fees you neglected to pay. Once the problem is fixed, your LLC will resume its good standing.
You can submit a request for reinstatement with the Secretary of State after making any necessary changes to your LLC. This can be done by mail or online. You must provide your contact information, the name of your LLC, and the justification for the reinstatement. There will also be a reinstatement cost that you must pay.
You must wait for the Secretary of State to approve your request once you petition for reinstatement. Be patient; this could take a few weeks. Your LLC will regain good standing once your request is granted, at which point you can carry on doing business in Indiana.
The Secretary of State, a state government employee in Indiana, is in charge of handling company files, keeping track of official state records, and conducting elections. Holli Sullivan is the state of Indiana’s current secretary of state.
It is crucial to know whether your Indiana firm is owned by a business entity if you are a business owner. A legal structure that is distinct from its owners is a business entity. Corporations, Limited Liability Companies (LLCs), partnerships, and sole proprietorships are the most typical business entity kinds.
An LLC, or Limited Liability Company, is an illustration of a corporate entity. An LLC is a type of business organization that combines the tax advantages of a partnership with the liability protection of a corporation. This implies that an LLC’s owners are not individually responsible for the debts or obligations of the company, and the company is not subject to taxes.
An individual and a business entity vary primarily in that an individual is a person and a business entity is a legal structure. In contrast to a company entity, which offers liability protection for its owners, an individual is personally liable for any obligations or liabilities committed. In addition, whereas an individual is taxed on their own income, a business entity is taxed independently from its owners.
You can submit a biannual report for your LLC in Indiana online by going to the Indiana Secretary of State’s website, filling out the relevant papers, and making the required payments. You must supply information about your company, including its name, registered agent, and major office address, as well as your LLC’s identification number. In Indiana, submitting a biennial report costs $32.