One of the first steps you should do when starting a business in Indiana is to reserve a business name. The steps are as follows: 1. Verify that the business name you choose is available. To do this, use the online database of the Indiana Secretary of State. You’ll have to think of a new name if the one you choose is already taken.
2. Complete the Request for Name Reservation Form. On the website of the Indiana Secretary of State, you can obtain this form. Your preferred business name, your contact details, and the reservation’s duration (up to 120 days) must all be provided. A $20 fee will also be charged.
3. Submit the payment and the form. This can be done by mail or online. You must ship the form to the Indiana Secretary of State’s Business Services Division at 302 W. Washington St., Room E018, Indianapolis, IN 46204 if you decide to do so.
4. Attend to the affirmation. The Indiana Secretary of State will send you a confirmation letter as soon as your name reservation is authorized. After that, you can start the business registration process.
Now that you are aware of how to reserve a business name in Indiana, keep reading to learn some further crucial information: How much does an Indiana tax identification number cost? Most businesses need a tax ID, usually referred to as an Employer Identification Number (EIN). The IRS now offers free EINs, which is wonderful news. EIN applications can be submitted online, by mail, fax, or phone.
In that case, how can I create an LLC?
For small firms, the LLC, or limited liability company, is a common corporate form. Articles of Organization must be submitted to the Indiana Secretary of State in order to create an LLC there. Online or mail-in filing is an option. There is a $95 filing fee.
So, does getting an EIN cost money?
As previously stated, the IRS offers free EINs.
What are the drawbacks of an LLC? An LLC might be more expensive to establish and maintain than a sole proprietorship or partnership, which is one of its drawbacks. Additionally, LLCs must hold frequent meetings and maintain proper records in addition to dealing with more formalities and paperwork. Additionally, companies intending to raise cash or go public might not be the greatest candidates for LLCs.
Yes, every LLC in Indiana is obliged to have a registered agent who will accept legal documents and other crucial correspondence on the company’s behalf. This registered agent must be readily accessible during regular business hours and have a physical address in Indiana. You have the option of designating yourself as the registered agent or working with a reputable registered agent firm. Your LLC may face financial and legal repercussions if you neglect to keep a registered agent on file.