Starting a business as a corporation in Indiana can be a daunting task, but it doesn't have to be. With the right guidance and understanding of the necessary forms, you can navigate the process with ease. In this article, we will provide a step-by-step guide that includes all the necessary forms to establish a new business as a corporation in the state of Indiana.
Step 1: Choose a Name and Reserve It
The first step in establishing a new business as a corporation in Indiana is to choose a name for your corporation. The name you choose must be unique and not already in use by another corporation in Indiana. You can check the availability of your chosen name by conducting a search on the Indiana Secretary of State's website. If your chosen name is available, you can reserve it for up to 120 days by filing Form 416 with the Secretary of State's office.
Forms used: Form 416
Step 2: Appoint a Registered Agent
The next step is to appoint a registered agent for your corporation. A registered agent is a person or business entity that is designated to receive legal documents on behalf of your corporation. The registered agent must have a physical address in Indiana and be available during normal business hours to receive legal documents. You can appoint yourself or another individual or business entity as your registered agent.
Forms used: Form 4159
Step 3: File Articles of Incorporation
The next step is to file Articles of Incorporation with the Indiana Secretary of State's office. The Articles of Incorporation must include the name of your corporation, the purpose of your corporation, the number of shares of stock your corporation is authorized to issue, the name and address of your registered agent, and the names and addresses of your initial directors. You must also pay a filing fee at the time of filing.
Forms used: Form 4177
Step 4: Obtain Necessary Licenses and Permits
Depending on the type of business you are starting, you may need to obtain various licenses and permits from state and local government agencies. Some common licenses and permits include a business license, sales tax permit, and zoning permit. You should research the specific requirements for your type of business and obtain all necessary licenses and permits before beginning operations.
Forms used: Varies depending on the specific license or permit required.
Step 5: Obtain an Employer Identification Number (EIN)
An Employer Identification Number (EIN) is a unique nine-digit number that is assigned to your corporation by the Internal Revenue Service (IRS). You will need an EIN to open a bank account, file tax returns, and hire employees. You can obtain an EIN online through the IRS website.
Forms used: Form SS-4
Step 6: Hold an Organizational Meeting
After filing your Articles of Incorporation, you should hold an organizational meeting of your initial directors to adopt bylaws, elect officers, and take other necessary actions to organize your corporation. You should also issue stock certificates to your initial shareholders.
Forms used: None
Dissolving a Corporation in Indiana
If you decide to dissolve your corporation in Indiana, you must file Articles of Dissolution with the Indiana Secretary of State's office. The Articles of Dissolution must include the name of your corporation, the date of dissolution, and a statement that all debts and obligations of the corporation have been paid or adequately provided for. You must also pay a filing fee at the time of filing.
Forms used: Form 4160
In conclusion, establishing a new business as a corporation in the state of Indiana requires careful planning and attention to detail. By following the steps outlined in this article and using the appropriate forms, you can successfully navigate the process and set your corporation on a path to success. If you ever need to dissolve your corporation, the process is also straightforward and requires filing the appropriate forms with the Indiana Secretary of State's office.