In a prior post, we spoke about business formation. In that post, we reflected on the importance of selecting the best Indiana business form for one’s needs. However, once one decides, the next step is entity formation.
The first step is filing organizational documents with the Business Services Division of the Secretary of State. Forms are available via their website, but businesses can create their own forms, as long as they contain the following information.
To form a Corporation, a Business Corporation form and Articles of Incorporation must be filed. The Articles must include the corporation’s name that must include: “Corporation,” “Company,” “Incorporated,” “Limited,” or an abbreviation thereof. It must include the name and address of the Registered Agent. This is the person or entity that will receive court filings and documents for the entity. The Articles will need to outline the number of corporate shares, and the name and address of all the people that are part of the corporation, including their original signatures.
To form a Limited Liability Company, an Articles of Organization must be filed. The name of the LLC must be included. The name must end with “Limited Liability Company” or “LLC.” The Articles must also include how long the LLC will exist. It must include the name and address of the RA. If the operating agreement (the agreement that dictates how the LLC will operate) gives management of the LLC to a manager, that must be stated. Only one original signature of the LLC creators, members, or managers is needed.
For Limited Partnerships, a Certificate of Limited Partnership must be filed. The Certificate must include the name of the LP, which must end with “Limited Partnership” or “LP.” It must also include the entity’s address, along with the name and address of the RA and all of the General Partners. The form must include the original signatures of these partners, and as LPs cannot be perpetual, it must also state the entity’s duration.
For Limited Liability Partnerships, a Registration needs to be filed. The LLP’s name must end with “Limited Liability Partnership” or “LLP.” It must also contain the entity’s principal office address and RA’s address, including the RA’s name. It must also state what the LLP will do, and a statement that the LLP intends to be an LLP, including an original signature of at least one partner.