Filing An Indiana Corporation
Electing to register your new company as an Indiana Corporation could be beneficial. Choosing the Corporation structure could allow you to gain credibility from customers and clients. It could also provide you with numerous tax breaks. However, the process of forming a Corporation is complex. It’s critical that those looking to form a business are diligent when completing each step.
Steps When Filing
Choose A Name
The first thing that prospective owners must do is choose a name for their new entity. The state of Indiana stipulates that the name they choose must contain an indicator representative of their corporate structure. In this case, owners will need to add something like, “Company,” “Corporation,” “Incorporated,” “Limited,” or an abbreviation of these names, such as “Inc.”
Also, Indiana does not allow two entities to have the same name. Owners can use the DoMyLLC Name Availability Check Page to ensure that the name they’ve selected is not already in use.
Choose An Agent For Service Of Process
After selecting a name, owners will then have to choose a registered agent to serve on behalf of the company. Registered agents are responsible for accepting legal correspondence and delivering it to the proper officers. As you can imagine, the role of the registered agent is vital to a company’s success. That’s why many owners elect to hire a professional third-party company, such as DoMyLLC, to serve as their registered agent.
File Articles Of Incorporation & Pay Filing Fees
Once owners have secured a name and registered agent, they can begin filing the Articles of Incorporation with the Business Services Division of the Secretary of State’s office. There is a $100 filing fee required to do so. Information that owners will need to provide on this form includes:
- The name of the company
- The email address of the business
- Address to return the documents
- If a professional organization, information about shareholders
- Whether the company will exist as a for-profit, benefit, or professional organization
- Address of the principal office
- Information about the registered agent, including name and address
- Number of shares the Corporation is authorized to issue
- Name And address of Incorporators
- Authorized signature
File Initial Report
The state of Indiana does not require a Corporation to file an Initial Report. However, if the entity plans to operate in another state down the road, Initial Reports could be necessary
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After submitting the Articles of Incorporation, the Indiana Corporation can hold its initial corporate meeting. Those who filed Articles of Incorporation are responsible for overseeing the initial meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records. Directors will serve on the board until the next annual meeting of the shareholders, where they will be up for re-election.
Once the board is in place, directors can elect officers and define the role of the officers. They’ll also need to draft corporate bylaws. Bylaws are a private, internal operating manual that are integral to corporate compliance. The Corporation cannot exist or conduct business until the board has adopted bylaws. Additionally, many banks and insurers require Corporations to provide proof of bylaws.
Issue Stock
The Indiana Corporation is also required to issue stock and maintain a stock ledger. The board of directors is responsible for issuing stock during the life cycle of the Corporation, and should begin doing so at the initial corporate meeting. The amount that they can issue is defined in the Articles of Incorporation. A stock ledger is essential, as it provides clarity and transparency to investors, thereby protecting the corporate veil.
Obtain Employer Identification Number
An Employer Identification Number is needed to file taxes, hire employees, and open a business bank account. The Corporation can obtain this number from the IRS.
File Indiana Required Annual Reports
The state of Indiana requires companies to submit an Annual Report every two years by the end of the registration anniversary month. So, if the company became incorporated on June 1, 2016, the first Biennial Report would be due on June 30, 2018. The next report would be expected by June 30, 2020. There is a $32 fee to file this form online or $50 fee to mail the form. Learn more at our Indiana Biennial Report page.
Ongoing Maintenance
Each year, the Indiana Corporation will need to file state and federal taxes. They’ll also need to renew all licenses and permits.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we streamline the administrative process. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Indiana’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
By allowing us to handle your administrative needs, you can focus on growing your business. Contact DoMyLLC to learn more!