What is the purpose to file an LLC in Indiana?
An LLC is a formal association which combines the advantage of a corporation's limited liability and the flexibility and single taxation of a general partnership. An LLC has members rather than officers/stockholders. An LLC member enjoys protections from the liabilities and debts of the LLC. Although not required by law, an LLC should operate under an Operating Agreement which is like a Partnership Agreement. LLC is a most popular structure to incorporate your business.It is a pass through entity and taxed once only.
How to create an LLC in the State of Indiana?
- Articles of Organization files with the Indiana Secretary of State.
- Name availability must be checked with the Secretary of State to make sure the name you are going to submit is available.
- Formation of LLC is required name of the LLC, the period of duration of the LLC, the name and the street address of the registered agent and a registered agent can either be a person or entity, signature of at least one organizer, member or manager and if the operating agreement vests management in a manager(s), a statement to that effect.
-
It can either be a member managed or manager managed.
Processing Time
It normally takes 1-2 working days to file Articles of Organization.
Open LLC as a Non US Resident
A Non US Resident can start an LLC in the State of Indiana, without having a social security number with the North Carolina Secretary of State.
Opening Business Bank Account
You should open a business account to maintain your business activities.
A request to retrieve Filed Documents
You can always request to the state to retrieve a duplicate copy of your filed documents.
Workers Compensation and Disability Insurance
You are required to maintain the insurances for your employess (if applicable).
Filing Taxes
All single member or multi-members LLCs are required to file taxes with the Internal Revenue and Indiana Department of Revenue. You can also file LLC taxes as a Corporation or an S Corporation and you have to file an election with the IRS and the state (if applicable) for approval. It can be filed as a Sole Proprietorship or Partnership Returns.
Basic Tax Filings
- Yearly Filing Form 1040 or Form 1065.
- Yearly Filing State and Local taxes(if applicable)
- Sales Tax Returns if selling taxable products of licenses. Make your you have obtained a Sales and Use Tax Permit from the Indiana Department of Avenue
- Payroll taxes and make sure that you have obtained registration to hire employee(s).
Useful Links:
