How to Form an Indiana Corporation: A Step-by-Step Guide

Are you planning to start a business in Indiana? One of the first steps is to decide on the type of business entity you want to form. A corporation is a popular choice for many entrepreneurs, offering limited liability protection and the ability to raise capital. In this article, we'll guide you through the process of forming an Indiana corporation.

Before we dive into the steps, it's essential to understand the benefits and drawbacks of incorporating in Indiana. Here are some key points to consider:

• Indiana is a business-friendly state with a low corporate income tax rate of 4.9%.
• Corporations in Indiana are subject to annual reporting requirements, including filing an annual report with the Indiana Secretary of State's office.
• Indiana corporations are required to have a registered agent and registered office in the state.

Now that you have a better understanding of the benefits and drawbacks, let's get started with the process of forming an Indiana corporation.

Step 1: Choose a Business Name

The first step in forming an Indiana corporation is to choose a business name. Your business name must be unique and not already in use by another business in Indiana. You can search for available business names using the Indiana Secretary of State's online database.

Once you've chosen a business name, you'll need to reserve it with the Indiana Secretary of State's office. This can be done online or by mail. The reservation fee is $20.

Step 2: Appoint a Registered Agent

As mentioned earlier, Indiana corporations are required to have a registered agent and registered office in the state. Your registered agent will receive important legal documents on behalf of your corporation, such as service of process and annual reports.

You can appoint an individual or a business entity as your registered agent. Your registered agent must have a physical address in Indiana and be available during normal business hours to accept service of process.

Step 3: Prepare and File Articles of Incorporation

The next step is to prepare and file your articles of incorporation with the Indiana Secretary of State's office. Your articles of incorporation must include the following information:

• Business name
• Registered agent and registered office
• Number of shares authorized
• Par value of shares
• Duration of the corporation
• Name and address of the incorporator

You can prepare your articles of incorporation using a template or by hiring a lawyer. The filing fee for articles of incorporation is $90.

Step 4: Obtain an EIN

After filing your articles of incorporation, you'll need to obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). Your EIN is used to identify your corporation for tax purposes.

You can apply for an EIN online or by mail. The application process is free and takes about 15 minutes to complete.

Step 5: Hold an Organizational Meeting

The final step in forming an Indiana corporation is to hold an organizational meeting. At this meeting, you'll need to:

• Elect directors
• Appoint officers
• Issue stock certificates
• Adopt bylaws

After holding your organizational meeting, you'll need to file a certificate of incorporation with the Indiana Secretary of State's office. This certificate must be signed by the incorporator and must include the following information:

• Business name
• Registered agent and registered office
• Number of shares authorized
• Par value of shares
• Duration of the corporation
• Name and address of the incorporator

That's it You've now formed an Indiana corporation. Congratulations!

Remember to stay compliant with Indiana corporation laws and regulations by filing your annual report and paying your annual fees on time.

If you need help with forming an Indiana corporation or have any questions, please don't hesitate to contact us.