- 1). File legal paperwork forming a business corporation. Corporation filing for Indiana includes sole or general proprietorship, corporation, s-corporation, limited liability company, non-profit corporation, limited partnership and limited liability partnership. Each formal and informal association exposes your business to tax liabilities and advice from a tax professional will assist in structuring your home business.
- 2). Obtain a federal Employer Identification Number (EIN) for your new business. Indiana requires this federal identification on state business applications. EIN identification application, a free service, may be completed with the Internal Revenue Service by snail mail, online application, by fax, or by telephone.
[reference #2 & Resource #5] - 3). Select a business name and complete state and county requirements for operating under a fictitious name. Indiana law requires a unique business name for each business. No two companies may operate under the same name. Availability checks for business names may be done on the official Indiana Secretary of State website or work with an attorney to complete the search process.
- 4). Obtain any required county or city business permits and open business banking and credit accounts. Indiana collects both state and county taxes, so the location of your business impacts company tax consequences. Consult a tax adviser regarding co-mingling business and personal funds or open a separate business checking account to separate business funds from personal income.
- 5). Contact state agencies to assist in starting your home business. The Indiana Economic Development Corp, Indiana Department of Workforce Development and the Indiana Department of Administration all offer assistance in manufacturing, vending and selling your specific product. Depending on the nature of your home business, you may need to obtain additional state permits and file registered agent, business entity, doing business as, nonprofit and management reports listed on the Secretary of State website.
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