You did it. Your Indiana LLC is officially up and running, ready to take on challenges, roll in the profits, and change the world.
There’s no doubt that this is an exciting time in your business journey. After starting your LLC, it’s easy to get carried away in all the excitement and expectations. After all, as a new business owner, you’ve got a lot on your plate.
But the state does too. They need to keep updated records on thousands of businesses so that they can effectively reach out with any important tax or legal communications down the road. How do they do it? With your cooperation, of course.
In Indiana, an LLC’s biennial report is commonly referred to as a Business Entity Report. Unsure how to go about it? Never even heard of it? No worries at all. That’s why we’re here. Keep reading for everything you need to know.
If you’d like to hand off this responsibility to save time and focus on running your business, affordable LLC services are a great solution. Not only will they form your business in the first place, but they’ll also manage ongoing requirements like ongoing report filing. Once you're ready to lock it down, have ZenBusiness file all the paperwork.
What Is an Indiana Business Entity Report? Why Is It Important?
Consider a Business Entity Report the state’s biannual checkup on your LLC. It’s similar to a census in that its purpose is to collect the necessary contact and structural information about each Indiana business.
Each state has its own reporting requirements, and some don’t even require them. But in most states, you’re required to submit one every other year that includes your LLC name, principal office address, registered agent information, and member/manager names and addresses. Whether you run a domestic or foreign LLC, you should plan on submitting a Business Entity Report.
Don’t be intimidated, but it’s not something you want to take lightly. This is how the state updates your LLC’s record with the most recent information. They need to know how to reach you with important information about your business status, upcoming filings, taxes, and service of process.
For example, if you change your registered agent, or your current agent resigns, you’ll need to keep the state informed so they can update their contact information. Miss one of their communications and your LLC in Indiana might end up falling out of good standing or, even worse, administratively dissolved.
Moreover, keeping your information current will help other businesses and potential customers find you. If the Secretary of State has the most updated data on record, people can find your business by performing a name search.
How Much Does the Indiana LLC Business Entity Report Fee Cost?
If you’re putting together a budget for all your LLC’s costs – like formation costs, name reservation fees, and initial operating expenses – it’s important to include biennial filings like this one, just so that there are no surprises.
Costs vary from state to state. Some are free while others can be several hundred dollars. Fortunately, Indiana’s fees aren’t bad at all, just $32 for online submissions and $50 for hard copy ones.
Due Date and Frequency for a Business Entity Report in Indiana
Indiana’s Business Entity Report is a biennial filing, so you’ll only need to submit it once every two years. If you originally formed your LLC in an even-numbered year, you will file a report every subsequent even-numbered year. If you started your LLC in an odd-numbered year, you’ll file during each odd-numbered year. Either way, your report will be due before the last day of your anniversary month (the month you formed your LLC).
Let’s say you file your Articles of Organization and form your LLC on July 21, 2020. Your first Business Entity Report won’t be due until July 31, 2022.
What Happens if You Don’t File?
You might be thinking, “that sounds like a pain. How bad could it be if I just fly under the radar?” The short answer: don’t try it. Failing to file your Business Entity Report can yield some serious consequences.
The state doesn’t impose any late fees on reports filed past their due date, but this doesn’t mean they’re lenient. If 120 days pass after your due date and you still haven’t filed your Business Entity Report, your LLC will be administratively dissolved.
When it comes time to file your Business Entity Report, it’s good to know what information you’ll need to provide. This way, you can have it ready and breeze right through the filling. Here’s what the report contains:
- Entity name
- Your name, postal address, phone number, and email address
- Principal office address
- Current filing year
- Date and jurisdiction of formation
- Entity type
- Registered agent name and address
- Names and addresses for each governing person (member)
- Name and signature of the LLC’s registered agent, a member, or a manager
You probably have all of this information readily available in your business documents. You might even know it by heart. Either way, the report shouldn’t take too long.
Ready to file? You can do so either online or by mail.
Online Filing: Head over to the IN Biz online filing portal and click “File My Business Entity Report.” You will need to create a free account and log in to complete the process. Once you’ve signed in, search for your business using its name or ID number, select the right one, and find the Business Entity Report on your dashboard.
Then, enter the appropriate information, provide your payment information, and submit the report. Your filling will be processed within one hour.
Filing by Mail: Download a paper form here, then complete it and mail it (along with a check for $50) to:
Secretary of State
Business Services Division
302 W. Washington St. Room E-018
Indianapolis, IN 46204
This route is a bit slower than online filing, so your report will be processed 3-5 business days after the Secretary of State receives it.
Does the State Send Reminders?
Reminders are always nice. They help you stay on top of your business requirements and ensure that you won’t fall out of good standing.
To make sure you don’t forget, the Indiana Secretary of State will send out a reminder either via mail or email 30 days before your Business Entity Report is due. We also recommend setting your own reminders on your phone, calendar, planner, or even a post-it note on your mirror. This way, it won’t slip your mind when things start to get busy.
There you have it, everything you need to know about Indiana’s reporting requirements. Follow this guide to a T and your LLC will be prepared to operate smoothly and in good standing long into the future.
And remember, if at any point it seems overwhelming, you’re not alone. A good LLC service like ZenBusiness (or LegalZoom) can be a valuable resource, taking care of all the little details, so you can focus on growing your business.