Business Owners Guide Structbusiness structureure

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Limited Liability PartnershipA hybrid form of a general partnership. In general, liabilities are limited.Limited PartnershipA form of partnership in which liabilities are limited to general partners, while limited partners liability is limited to their agreed investment in the business.

In addition to the general requirements, certain s of businesses will be subject to specific licensing or permitting requirements.Although the most common permits and licenses are mentioned in this document, it is always advisable to contact theState Information Center at , STATEto discuss the most current requirements for any inidual business.

Indiana does not have any one single, comprehensive business license. However, all businesses operating in Indiana are subject to regulatory requirements that may involve several state agencies. Businesses that are starting, expanding, hiring employees for the first time, changing ownership or organizational structure, or moving into Indiana will need to consider the areas listed in this section.

Federal and State income taxes are reported on the proprietors owners inidual income tax return as selfemployment taxes. The profits of the business are taxed to the owner on his/her Schedule federal annually, and the income is taxed only once.

A Corporation doing business in a name other than the name listed on the Articles of Incorporation must file a Certificate of Assumed Business Name with the County Recorder and the Office of the Secretary of State.

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NonProfit entities can be organized formally or informally, but it is important to know the taxrelated requirements before setting up the entity. Otherwise, the company may have to dissolve itself and reorganize to comply with rules to obtain the tax status it needs to operate. Contact the Indiana Department of Revenue for state requirements to obtain a notforprofit tax registration certificate and the IRS for federal requirements to obtain nonprofit commonly known as c status. The IRS publishes an information booklet entitled Tax Exempt Status For Your Organization, publication which is available upon request. Contact

This of business entity has a single owner, with no exemptions he/she is liable for all debts incurred. The owner and the business is one single entity. The owner is personally liable for anything that happens with the business. Income and expenses of the business on their personal tax return. It is the st form of business organization to start and maintain. Its liabilities are the owners personal liabilities.

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These more formal business s require some filing with the Secretary of State, Corporations Division. It is strongly suggested that iniduals consult an attorney before forming a formal business entity.

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S Corporations An eligible domestic corporation can avoid double taxation once to the corporation and again to the shareholders by electing to be treated as an S corporation. This is a separate legal and taxable entity, and can have no more than owners. Generally, an S Corp is exempt from federal income tax other than tax on certain capital gains and passive income. An additional requirement is a Federal Employer Identification EIN. Further, according to federal guidelines, in order to obtain SCorporation status the federal form is required to be filed with the IRS.

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Less formal organizations do not require filings with state government to come into existence. If, however, the business name does not contain the owners owners names, it must be recorded with the Recorder of the county in which the business is located. Registration of a business name does not protect the name from being used by another business.

Domestic Corporations To form this most complicated of business organization, Articles of Incorporation must be filed and shares of stock must be issued. Prospective shareholders exchange money, property, or both, for the corporations capital stock. A corporation can be formed for profit or nonprofit purposes. Forming a corporation creates a specific legal entity, and only one corporation can use any specific name.

All s of corporations, business corporations, professional corporations, C Corporations, and Subchapter S Corporations have essentially the same filing requirements. They may have different tax responsibilities, but they are still corporations. Professional corporations will be required to file a certificate of registration showing that the professional is licensed in Indiana.

A partnership must file and annual information return to report the income deductions, gains, loses, etc., from its operations, but it does not pay income tax. Instead, it passes through any profits or losses to its partners. Each partner includes his/her share of the partnerships items on his/her federal tax return.

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There are financial and legal advantages and disadvantages to each of business organization. Anyoneunsure of which structure will be best for any business should attend aStarting a Business Workshopoffered by one of the assistance providers listed in Section IV. Additionally, paid professional assistance may be needed.

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Limited Liability CompanyA limited liability company LLC is an entity formed under state law by filing articles of organization as n LLC. None of the member of an LLC are personally liable for its debts. AN LLC may be classified for federal income tax purposes as a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in federal regulations section … A Limited Liability Company must file State Form from the Secretary of States Office to eslish articles of organization. There are no specific forms to be filed to create the other entities listed, but certain information is required by law to be filed with the Secretary of States Office. Forms for these entities are commonly created by attorneys. Limited Liability Partnerships and Limited Liability Companies are required to file biennial reports as described for corporations, but Limited Partnerships have no yearly filing requirements.

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Limited Liability Partnerships, Limited Liability Companies, and Limited Partnerships which are based outside of Indiana will need to file a Certificate of authority to do business in Indiana, similar to what foreign corporations file. There is no eslished state form for this. Likewise, is these entities are doing business in a name other than the one filed with the Secretary of States Office, they will need to file a Certificate of Assumed Business Name with the Secretary of State and theCounty Recorderas well

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The first decision you must make is what of business organizational structure will best meet the business owners goals. The organizational structure of a business entity will determine what must be done to officially form the entity, how taxes are paid, and many other details that will affect its daytoday operation. The s of structure, formal and informal, and their corresponding filing requirements are outlined below. is here to serve you, so wed love your feedback.

All Corporations Beginning January , , all domestic and foreign business entities except for nonprofit corporations and limited partnerships are required to file biennial reports. A business entity must file a biennial report two years after the initial corporation filing has been completed, even if no business is being conducted.

All Filings and Reports for formal business entities should be sent to

By definition, corporations usually have employees, even if those employees own all of the stock. Therefore, forming a corporation will entail that you cover the issues outlined in Section IC Additional Employer Responsibilities.

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Partnerships have two or more owners who both contribute money, labor and skills. The partners are jointly and severally liable for debts and share proportionately in profits. Income and expenses of the business are filed on the partnership return Form IT, and income taxes are reported on inidual tax returns. In general, partnerships function like sole proprietorships with more than one owner.

, created by an attorney, or use generic format shown in Appendix A.

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, Limited Liability Companies, and Limited Partnerships are unincorporated entities, but they are still formally organized entities. A brief explanation of each is listed below.

Foreign CorporationsIf a business is already incorporated in another state and is doing business in Indiana as defined by the Indiana Code, then it must obtain a Certificate of Authority from the Secretary of State to do business in Indiana as a foreign corporation.

The report must be filed with the Secretary of State by the end of the month in which the entity was incorporated, every second year following the year of incorporation. If incorporated in even year, the Report is filed every even year. If incorporated in odd year, the report is filed every odd year. The filing fee for these biennial filings is .. Nonprofit corporations file annual reports with a . filing fee.

Corporate names may be reserved for days with the Secretary of State. According to Federal guidelines the profits of a corporation is taxed to the corporation when earned, and then is taxed to the shareholders when distributed as idends. However, shareholders cannot deduct any loss of the corporation, because losses are deductible only at the corporate level, therefore not from their personal tax filings.

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