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.
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.
There are 3 basic options: a Corporation, LLC or DBA. Click here to learn more about business entities.
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:
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.
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
How to Incorporate in Indiana
Considerations when incorporating or forming an LLC in Indiana
How to File a DBA in Indiana
Ready to register a business in Indiana?
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.
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.
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.
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.
Indiana Secretary of State
Indiana Business Services Division (for Corporation and LLC filings)
302 W. Washington Street
Indianapolis, IN 46204
Indiana Taxation Departments
Indiana Labor and Employment Departments
Indiana Startup Resources
Small Business Administration (SBA) Indiana District Offices
Indiana Legal Statutes
Indiana Chambers of Commerce
INBiz – INBiz is Indiana State’s resource for registering and managing your business.
Angel.co Indiana Startups
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
Wow loved it thankyou! I dreaded making this for a month thinking it would be a hassle. It wasn't thanks to you guys!
Excellent in all aspects. Perfect for new business owners with limited resources but wants to start it off right.