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Frequently asked questions for starting a business in Indiana

On Behalf of | Jun 27, 2024 | Business Law

Starting a business can be an exciting yet challenging venture.

Indiana offers a favorable environment for new businesses. With the right knowledge and preparation, you can realize your entrepreneurial dreams.

What are the steps to start a business?

To start a business, you need to follow these steps:

  • Choose a business structure (e.g., sole proprietorship, partnership, corporation, LLC)
  • Register your business name with the Indiana Secretary of State
  • Get an Employer Identification Number (EIN) from the IRS
  • Register for state taxes with the Indiana Department of Revenue
  • Apply for necessary licenses and permits based on your business type and location
  • Open a business bank account and set up accounting systems

How do I choose a business structure?

Consider your business goals, financial situation, and the level of personal liability you are willing to accept. The most common structures are:

  • Sole proprietorship: Easy to set up, but you are personally liable for all business debts
  • Partnership: Involves two or more people; liability is shared among partners
  • Corporation: Provides limited liability protection but requires more regulatory compliance
  • LLC (Limited Liability Company): Combines the benefits of a corporation and a partnership

Do I need a business license in Indiana?

Most businesses need some form of licensing or permits to operate. The requirements vary depending on the type of business and its location. Common licenses include general business licenses, health permits, and professional licenses. Check with your local city or county government for specific requirements.

What resources are available?

There are many resources to help new business owners get started. The Indiana Small Business Development Center (ISBDC) provides free consulting, training, and additional resources. 

Entrepreneurs can connect with their local chamber of commerce for support and networking opportunities. Aspiring business owners can find additional resources online on government websites.

Final thoughts on starting a business

Starting a business can be a rewarding experience. Using your available resources can help avoid common mistakes. By understanding the steps involved, you can build a solid foundation for your business’s success.


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