How to form an s corporation in Indiana

Introduction

Starting an S corporation is not technically difficult, but there are some steps that you need to take before you can start operating your business. You’ll need to secure licenses, permits and insurance before you start operating your S corp.

Choose a name for your S corporation

  • Choose a name for your S corporation that is distinguishable from other businesses. This means the name should be unique and not the same as any other business, organization or government agency in Indiana. Additionally, there are restrictions on what type of names can be used; for example, you cannot use “Incorporated” or “Corporation” in the name of your business unless it is part of another word (for example: “XYZ Incorporated”).
  • Your corporation’s name must be distinguishable from any other company name registered with Secretary of State Business Services Division.

Register the name of your new S corporation through Trademark Avenue

  • Register the name of your new S corporation through Trademark Avenue.
  • You can also register your business name online or in person at an Indiana Secretary of State office. The cost is $25 for each entity and $20 for each additional record at the time of application. You will need to provide a copy of your Articles of Organization, which you filed with the Indiana SOS. To make the process easier Trademark Avenue is a good resource and it is even quicker.

Draft and file Articles of Organization with trademark Avenue

  • Draft and File Articles of Organization with Trademark Avenue.

Once you have identified all shareholders, you must draft and file your Articles of Organization. The form is called “Articles of Incorporation” and is available on their website.

If you want to incorporate as an S corporation, check “Yes” in Item 7a on page 2 of this form if you are creating an LLC or checking “No” if still forming a general partnership or sole proprietorship; otherwise leave it unchecked.

File an Employer Identification Number application with the IRS.

You’ll need to apply for an Employer Identification Number (EIN). You’ll use this number on all the forms you send to the IRS, so it’s important that you get it right.

Once you have your EIN, proceed to the next step.

Secure a business license from the local government in your area.

Next, you’ll need to secure a business license from the local government in your area. In Indiana, this is done by applying for the license online and paying a fee (usually between $30 and $100). You’ll need to renew your business license every year or so.

If you’re starting an S corporation in Indiana, it’s also important to know that you may also need to secure other permits and licenses depending on what type of work your company does. For example, if you plan on selling alcohol at your establishment, then you will likely have additional paperwork obligations related to the sale of alcohol—like getting a liquor license and following all state laws governing its sale.

Submit a Registered Agent Appointment form

A registered agent is the person or company that receives legal papers on behalf of your business. You must appoint a registered agent in Indiana to receive official notifications from the state and federal government, as well as court summons and orders.

To appoint a registered agent contact Trademark Avenue.

File an Initial Report with Trademark Avenue.

Once your corporation is formed, you must file an initial report with Trademark Avenue. This report will be filed online or by mail; you can also file it in person or by fax. If you’d like to file your report via email, you may do so.

File an Annual Report with Trademark Avenue every year once you receive your renewal.

  • File an Annual Report with Trademark Avenue every year once you receive your renewal.
  • Annual reports are due by March 1st of the year following the calendar year.

     

You’ll need to secure licenses, permits and insurance before you start operating your S corp.

  • Secure licenses, permits and insurance
  • Pay taxes on your income
  • Pay your employees

Conclusion

Remember that it’s important to understand the different forms of business entities and the requirements for each. An S corporation is a popular choice for many small business owners because it provides certain tax advantages, such as being able to pass losses on to shareholders who pay income taxes at lower rates than corporate profits would be taxed at.

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