Processing Times and Costs
In total, mail filing approvals for Indiana LLCs take 2-3 weeks. This accounts for the 5 business day (1 week) processing time, plus the time your documents are in the mail. The fastest way to start an LLC in Indiana is by filing online since the approval can be granted instantly after payment confirmation and with less filing traffic.
To access the filing forms, you must have an Access Indiana Account. If you have all your information ready, the online business entity report filing process should take around 15 minutes to complete.
The main cost to start an LLC in Indiana is $95.00 for filing your Certificate of Formation. You will also need to file an annual report with the state of Indiana on a every 2 years basis, which also costs $30.00. You’ll need an EIN for your Indiana LLC to open a bank account, file taxes, and other necessary business activities.
Starting an LLC and Banking
Starting an LLC in Indiana is a great way to protect your personal assets and business interests. To start an LLC in Indiana, you’ll need to complete the Articles of Organization. There is a $50 filing fee. The first step involved in creating an Indiana LLC is ensuring that the business name you intend to use is available.
Once you get an LLC, it will take another 1-2 weeks on average to get your bank account set up. To begin, you should discuss your requirements with several banks. Specifics vary from one bank to another, but new customers are typically required to come to the bank for an in-person visit and paperwork. In general, to open a business bank account you’ll need photo ID and proof of your business, such as the LLC’s Articles of Organization.
Additional Costs and Considerations
Additional costs to register an Indiana LLC include a $10 name reservation fee and registered agent fees. It’s important to consider all costs when starting a new LLC, and speaking with a tax professional to ensure proper tax filing and payment is also advisable. The cheapest way to form an Indiana LLC is by filing yourself.