Starting a Business in Indiana | Checklist and Forms

How to Start a Business in Indiana

Indiana Business Facts

The Hoosier state of Indiana was recently named by Forbes as one of the top ten states for business. Indiana also has generously low tax rates and is one of the leading states in terms of giving competitive incentives for business. A great number of respectable and highly-recognized colleges and universities help to grow a talented employee base for Indiana entrepreneurs.

Major Companies in Indiana

Indiana is the headquarters of major companies including Anthem Inc., Carrier, Calumet Specialty Products and Eli Lilly and Company.

Startup Environment

The Kauffman Index of Growth Entrepreneurship recently ranked Indianapolis 10th among the 40 largest metro areas in the US, and the state’s low cost of living and talented workforce are a benefit to Indiana startups.

Step 1: Decide on a Business Structure

There are 3 basic options: a Corporation, LLC or DBA. Click here to learn more about business entities.

A Corporation is a separate entity (provides liability protection to the owners) with a structure that includes shareholders, directors and officers. It’s more complex than a DBA but the entity of choice for large companies and startups that intend to raise funding. Some professions are required to choose what is known as a “Professional Corporation” or PC (doctors, lawyers, architects, etc.).
An LLC or “Limited Liability Company” is a newer type of business that is both a separate entity and provides very easy management (doesn’t require directors or officers) and taxation. The LLC has largely replaced the DBA and Corporation in popularity recently as it provides liability protection but with much less complexity (and taxation) than a Corporation.
A DBA or “Doing Business As” (also known as a “Fictitious Business Name” or FBN) is not really a separate structure, but just a different name that an individual or partners use as their business name.

Step 2: Choose a Business Name

Choosing a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the less times you have to do that the better). In Step 3 we’ll show you how to search for the name in Indiana, but we highly recommend you do the following before searching Indiana state databases:

Make sure you’ve covered the basics: unique, easy to understand/pronounce (practice saying it out loud: “Thanks for calling XYZ”) and can survive over time (“DVD World” is not timely). Here are some of our tips on business identity including logo and trademarks.

Search the web for your proposed name. Search Google, Bing and DuckDuckGo as a “first sweep” for any potential conflicts, especially in your state or local jurisdiction. NOTE: If you intend to operate nationally or even internationally it will be even more important that your name be unique. This should cover many cases where a company name is being used but not officially trademarked (see next tip).
Do a trademark search with the US Patent and Trademark Office (USPTO). This will be a very good indicator if your name will have any conflicts. There’s an art to trademark searches (trademark specialists will charge you handsomely to do a thorough search) but in our experience if you can use Google at a fairly advanced level you can reasonably clear a name yourself. Tip: search misspellings, plurals, variations of spelling, sound-alikes and other versions of your chosen name to be sure it’s not already registered.
Make sure your company name choice is available by searching the Indiana Business Entity Database. NOTE: Make sure to search variations of spelling, plurals and misspellings as the state may reject a name that is too similar (then you have to start all over again, wasting valuable time).

Restrictions on Indiana Business Name & Business Purpose

Indiana requires all business names to be distinguishable from other businesses. It also prohibits the following words: Bank, Banker, Banking, Savings, Safe Deposit, Trust, Trustee, Insurance and Credit Union.

Step 3: Register the Business

Each state has its own requirements for registering a business. Now that you’ve chosen a business structure and picked your business name, here are the requirements to register your business in Indiana.

How to form an LLC in Indiana

File the “Articles of Organization” with the Indiana Secretary of State.
Once the articles are filed and approved by the state you will then need to properly organize the LLC (this also applies to “1-person LLC’s”) by holding an “Organizational Meeting” which takes contributions from the members, issues Member Certificates, adopts the company Operating Agreement and more.

How to Incorporate in Indiana

File the “Articles of Incorporation” with the Indiana Secretary of State.
Hold an “Organizational Meeting” to determine the percentage of ownership for each shareholder as well as resolve to do tasks like open a company bank account, pay back pre-incorporation expenses, elect S-Corporation status and more.
Corporations can elect S-Corporation status with the IRS by filing IRS Form 2553. Click here to learn more about S-Corporations.

Considerations when incorporating or forming an LLC in Indiana

TIP: Check our order form to see how long Indiana is currently taking to process regular and expedited orders.
A Registered Agent is required for every Indiana business. Hire a professional Registered Agent. Many people list their home or business address on the Articles of Organization or Incorporation. This can cause issues because it becomes public record (you’ll get lots of junk mail). A professional Registered Agent will provide their address and forward any important documents to you, this is also convenient if you have to move (you don’t have to file forms or pay fees, just update your address with your agent).

How to File a DBA in Indiana

Check your business name by calling the County Recorder or visiting their website (a search for “YOURCOUNTY county recorder” should find it).
Obtain the forms from the county to register your DBA. Each county has its own specific filing requirements, but most accept the online certificate found here.

Ready to register a business in Indiana?

We specialize in registering businesses in Indiana.

Step 4: Obtain your Federal Employer Identification Number (FEIN or “EIN”)

Your EIN is like your Social Security Number for your company. It’s required for Corporations and LLC’s and optional for DBA’s (if you don’t have any employees, it’s required). However, if you are a DBA and don’t obtain an EIN you will be required to use your Social Security Number on many documents so it’s highly recommended that you obtain the EIN to prevent identity theft. You can apply online with the IRS or via IRS Form SS-4.

TIP: We can obtain your EIN for you if you we form your company.

Step 5: Open Company Accounts: Bank and Credit Cards

To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork b) your EIN c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).

TIP: Our business formation service includes a free banking resolution for your use.

Step 6: Obtain Business Licenses and Permits

Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).

TIP: We can help you identify the necessary forms to obtain your business license.

Step 7: Annual and Ongoing Requirements

DBA: Your Fictitious Business Name should be valid for 5 years (unless you change company name or other information listed on the FBN) at which point you’ll need to renew it with the county.

LLC: Indiana LLCs are required to file a biennial report (every two years) during the anniversary month of the LLC’s formation.

Corporation: Indiana corporations must file a biennial report (every two years) during the anniversary month in which the corporation was granted authority to do business in the state. LLCs and Corporations will pay a filing cost of $32.

Important Indiana Contacts

Indiana Secretary of State

Indiana Business Services Division (for Corporation and LLC filings)
302 W. Washington Street
Room 201
Indianapolis, IN 46204
Phone: 317-232-6531

Indiana Taxation Departments

Indiana Department of Revenue

Indiana Labor and Employment Departments

Indiana Department of Labor

Indiana Startup Resources

Small Business Administration (SBA) Indiana District Offices

Indiana District Office

SCORE Indiana

Indianapolis SCORE is the premier source of free small business advice for Indiana entrepreneurs.
The Northwest Indiana SCORE provides free and confidential one-on-one business counseling.
Fort Wayne SCORE provides Northeast Indiana with the professional advice and tools to help businesses thrive.

Indiana Legal Statutes

Indiana Business Corporation Law – the broad code that includes various other topics including business corporation.
Indiana business flexibility act – the specific act that applies to Indiana LLC’s.
Indiana Professions and Occupations – this includes regulations on Indiana’s professions and businesses.

Indiana Chambers of Commerce

INBiz – INBiz is Indiana State’s resource for registering and managing your business.

Angel.co Indiana Startups

A list of Indiana Startups and Indiana angel investors registered with Angel.co.

Indiana Business News

IEDC – The Indiana Economic Development Corporation (IEDC) is the State of Indiana’s lead economic development agency.

The Indiana Small Business Development Center (Indiana SBDC) was created to have a positive and measurable impact on the formation, growth, and sustainability of small businesses in Indiana, and to help Hoosier entrepreneurs start stronger, grow faster, and work smarter.

Indiana Green Business Program

Hoosier Environmental Council