The article is about Incorporating In Indiana. Indiana, the US state located in the Great Lakes region, is a favorable place for starting a business. Incorporating in the state is a simple process. Earlier, a lot of complexities were involved in the incorporation process. However, in recent times, the processes have been made simpler. At the same time, the level of awareness has increased substantially among business entrepreneurs. They have realised that incorporation has many benefits and would help in building credibility to their business.
Ways of incorporating
One way you can do so is by hiring an experienced lawyer who has substantial experience in this process. However, this would turn out to be a very expensive option. Moreover, if you have a small business having a lot of budgetary constraints, it does not make much sense. The other option is that you can visit the State Department office and do it yourself.
But that is also a cumbersome process considering you need to prioritize on a whole lot of other things once you get started with your business. Another way is to hire a professional incorporation company. Many of them charge a decent amount and help you in getting your job done.
The Incorporating process
– You should be very careful while selecting the name of your company. It should be completely original. Any duplication of name as listed in the database of registered business will lead to cancellation.
– The company name must end with words such as “Corporation”, “Incorporated”, “Company” or “Limited”.
– The process involves the presence of at least one incorporator, who is supposed to be the registered agent. The registered agent should be a resident of Indiana whose business office is the same as the registered office. He would be responsible for filing the articles of incorporation after signing it.
– The articles have to be filed with the Secretary of State of Indiana. For this, the company has to pay a fee of about $90. The whole procedure takes nearly 15 working days.
– The articles of incorporation should include other details such as the corporate name, address of its registered and principal offices, names and addresses of the incorporators, directors and other stakeholders. There should be a document for declaring the number of shares the company is authorized to issue as well as the par value of the shares.
– The registered company should file a biennial report. In Indiana, the fee is $30. It should be filed the subsequent year after completing the first calendar year in which the company got incorporated.
– The company should have a board of directors. These entities should have the right to adopt, amend, and revoke the bylaws from time to time. However, they can do so as long as they are not limited by any clause in the articles of incorporation.
Incorporating in Indiana may provide you better legal protection with regards to personal liability, when compared to a sole-proprietorship or a partnership. There are firms that offer these services to help new entrepreneurs run their business successfully.