Northeast Indiana Business Formation Process

Starting a business in Indiana requires careful planning and attention to detail. Any mistakes or omissions can start your business off on the wrong foot, but making the right decisions and covering all your bases can help set your new company up for success. 

Below are some of the key steps to forming a business in Indiana. For legal help forming your business and starting your operations, seek help from a business attorney at Andrews & Crell, PC. 

Step 1: Choose a Business Structure

The first step in forming a business is to choose a legal structure for your company. Indiana recognizes several business structures, including sole proprietorship, partnership, limited liability company (LLC), and corporation. Each type of business structure will offer advantages and disadvantages, so it is important to choose the one that best fits your needs.

Step 2: Select a Name

Once you have chosen a legal structure for your business, you must select a name for your company. The name must be unique and not already in use by another business in Indiana. You can check the availability of a name on the Indiana Secretary of State’s website.

Step 3: Register the Business

To register your business in Indiana, you must file Articles of Incorporation for a corporation or Articles of Organization for an LLC. The documents need to be filed with the Indiana Secretary of State, and a filing fee is required.

Step 4: Obtain the Necessary Licenses and Permits

Depending on the nature of your new business, you may be required to obtain licenses and permits from the state of Indiana or your local government. For example, if you are starting a restaurant, you will need a food service permit from the Indiana State Department of Health.

Step 5: Register for Taxes

All businesses in Indiana must register for a tax identification number and obtain necessary permits and licenses to collect and remit state and federal taxes. You can register for taxes on the Indiana Department of Revenue’s website.

Step 6: Open a Bank Account

It is important to open a separate bank account for your business to keep your personal and business finances separate. This will help you keep accurate records and make tax reporting easier.

Step 7: Obtain Insurance

Depending on the type of business you are starting, you may need to obtain insurance to protect your company and your assets. For example, if you are starting a construction business, you will need liability insurance to protect against claims of property damage or injury.

Step 8: Operating Agreements

Every business – no matter the entity – should have carefully considered and drafted operating agreements in place. Even if the state does not require you to file such documents, you want all owners to sign them and have them on file. 

Never Hesitate to Seek Help from a Business Formation Attorney in Indiana

Starting a business in Indiana can be a complex process, but by seeking the advice of legal professionals, you can set your business up for success. Contact Andrews & Crell, PC, today to discuss your business plans.