Registering with the Indiana Department of Revenue is required in order to get a retail merchant certificate. You can complete this online through their INBiz portal, which serves as a one-stop shop for all requirements related to Indiana business registration. Basic information about your company, including the name, address, and tax identification number, must be provided. You must also specify the kind of business you run and the kinds of goods or services you intend to sell.
Your retail merchant certificate will be mailed to you when you have registered with the Department of Revenue. This certificate, which attests to your qualification to collect and remit Indiana sales tax, shall be clearly displayed in your place of business.
Currently, Indiana has a 7% sales tax. The municipal sales tax that some counties and towns may charge, nevertheless, can run anywhere from 0.1% to 2.75%. If your company is subject to any local sales taxes, it is crucial to check with your local government.
You may need to obtain additional licenses and permissions in Indiana in addition to a retail merchant certificate in order to run your business. The particular requirements will vary depending on the kind of business you run and where it is located.
For instance, the Indiana State Department of Health will need you to obtain a food service permit if you are opening a food-related business, such as a restaurant or food truck. You might need to apply for a home occupation permit from your local government if you’re beginning a home-based business. Sole proprietorship vs. LLC
The simplest and least expensive sort of business to launch is a sole proprietorship. In essence, it is a sole proprietorship that is not incorporated. However, the business owner is liable for all debts and liabilities of the company personally.
The owner has some liability protection thanks to an LLC, or limited liability business. This means that business debts and liabilities cannot attach to the owner’s personal assets. The setup costs and paperwork for an LLC are higher than those for a sole proprietorship.
You must submit articles of incorporation to the Indiana Secretary of State in order to form an LLC there. This has a $95 filing charge. Additionally, you’ll need to pay $50 for an Indiana company entity report. Additionally, you must get a free employer identification number from the IRS if you intend to hire staff.
In conclusion, beginning a retail business in Indiana entails registering with the Indiana Department of Revenue, receiving a retail merchant certificate, and acquiring any required licenses and permits. The legal structure of your firm will rely on your personal preferences and financial condition. Indiana’s current sales tax rate is 7%. In Indiana, filing fees and business entity report fees for forming an LLC total about $145.
You must submit a Business Entity Report to the Indiana Secretary of State’s office in order to register your company name in Indiana. It costs money to file this report, which is required each year. Online or mail-in filing is an option. Additionally, you can submit a trademark application with the USPTO if you want to protect your company name.