{"id":28155,"date":"2024-03-12T16:17:20","date_gmt":"2024-03-12T16:17:20","guid":{"rendered":"https:\/\/boostsuite.com\/?page_id=28155"},"modified":"2024-04-09T14:26:03","modified_gmt":"2024-04-09T14:26:03","slug":"indiana","status":"publish","type":"page","link":"https:\/\/boostsuite.com\/how-long-does-it-take-to-get-an-llc\/indiana\/","title":{"rendered":"How Long Does it Take to Get an LLC in Indiana (2024 Guide)"},"content":{"rendered":"\n
This midwestern state is made up of plains, rocky caverns and sandy regions. In fact, it\u2019s home to the Indiana Dunes State Park, which is made up of a large group of sand dunes. The center of the state is called \u201cThe Corn Belt\u201d because of the amount of corn that\u2019s grown in its fertile soil. Coal, gas and oil are collected and manufactured in the state, and limestone, sand and gravel are mined here. <\/p>\n\n\n\n
Indiana has a $353.9 billion GSP or Gross State Product, and a growth rate of 20.3k% from 2018-2023, which gives it a growth rate that ranks 19th in the country. The biggest industries in the state according to revenue are Automobile & Light Duty Motor Vehicle Manufacturing, Hospitals, Health & Medical Insurance, Truck, Trailer & Motor Home Manufacturing, and New Car Dealers. The top companies by employment are Indiana University, Walmart Inc., Indiana University Health, Inc., the State of Indiana, and Amazon.com, Inc. And the sectors that pitch in to the state\u2019s GSP are Manufacturing, Healthcare and Social Assistance, Real Estate and Rental and Leasing, Professional, Scientific and Technical Services, and Wholesale Trade. <\/p>\n\n\n\n
According to a CNBC survey of the top states for business, Indiana ranks #22 in terms of business friendliness. (According to their ratings system they graded it a C.) It ranks #35 in workforce, #9 in economy, #5 for the cost of doing business, #22 for technology and innovation, and #13 in access to capital. <\/p>\n\n\n\n
The Tax Foundation\u2019s State Business Tax Climate Index has ranked Indiana among the 10 best states. The state\u2019s actually held down the 9th place on the list since 2021. But what that survey didn\u2019t account for was the new tax regulations in Indiana that were adopted this year. Once they\u2019re fully implemented, individual income taxes will be reduced another 8% to be the same as North Dakota\u2019s, which currently sits at 2.9%. The tax changes will be taking place for the next 6 years, but 2029 is looking pretty good for business owners and tax payers in Indiana. Current personal income tax rates are 3.15%, while the corporate income tax rate is 4.9%, which is a respectable rate compared to other states. <\/p>\n\n\n\n
There are a number of incentives and programs designed to help new business owners in Indiana. Here are some of the incentives and regulations you can take advantage of: <\/p>\n\n\n\n
There are several things to love about business ownership in Indiana. <\/p>\n\n\n\n
Indiana has low tax rates that make the cost of doing business in Indiana surprisingly low. And they\u2019ve passed legislation to lower tax rates even further by 2029. The state is working toward tax rates as low as 2.9%, which will be one of the lowest income tax rates in the country. <\/p>\n\n\n\n
CNBC rated it #13 in terms of access to capital, which means that if you form an LLC in Indiana you\u2019ll find it easy to gain capital. There are loads of investors in the state, which makes sense because it\u2019s long been known for manufacturing and the automobile industry. <\/p>\n\n\n\n
The cost of living is also pretty low in Indiana. The cost of living index in the state is 92.7, as opposed to the national average of 100. That means it won\u2019t cost you a lot to live in Indiana. <\/p>\n\n\n\n
The problem with the state is apparent when you start looking into things like life, health and inclusion. <\/p>\n\n\n\n
One of the things that\u2019s most difficult to find in the state is childcare, which is something that you\u2019re going to need if you\u2019re a parent and a business owner. There are less than 10 licensed childcare facilities per 100,000 residents in Indiana, which makes it difficult to work and be a parent. The only state in the nation with a worse score on childcare is Louisiana. <\/p>\n\n\n\n
Figures on health care are bleak, too. Usnews.com rated health care access #39, health care quality #41, and public health at #41. More than 10% of residents don\u2019t have health insurance. These numbers mean that it\u2019s difficult to get access to health care when you need it, and when you do it\u2019s poor quality, and the cherry on top is that there isn\u2019t much in the way of public health care. <\/p>\n\n\n\n
The state doesn\u2019t have good ratings for inclusion, either. That\u2019s because it passed an incredible 5 laws this year that target both LGBTQ and trans communities. It also passed a comprehensive ban on abortion last year. And in terms of anti-discrimination laws, Mike Pence wrote the Religious Freedom Restoration Act and it went into effect in 2015, and although he did back up and include language in it that prevented businesses, landlords, etc. from discriminating against same-sex couples, it ticked off a lot of corporate executives who had strong relationships with legislators in the state previously. And it may result in big business in the state being less likely to invest in it in the future. <\/p>\n\n\n\n
Before you learn all about formation time frames, you need to learn about LLC formation. It\u2019s sort of a crawl-before-you-walk situation. So here\u2019s what you need to know about LLC formation in Indiana. <\/p>\n\n\n\n
In Indiana, your LLC is required to have a registered agent. As long as they meet all the legal requirements, you\u2019re allowed to choose anyone you want for this job. But because it\u2019s such an important legal role, you may elect to hire a professional registered agent service. <\/p>\n\n\n\n
Businesses in the state must file a Business Entity Report every other year. This will update your information with the Secretary of State, and it\u2019s required even if nothing\u2019s changed. There\u2019s a filing fee of $32 for online filing and $50 for mail filing. <\/p>\n\n\n\n
Here\u2019s everything you need to know about LLC formation time frames. <\/p>\n\n\n\n
It can take 2-3 weeks total for mail filings, or 1 business day for online filings. <\/p>\n\n\n\n
Processing times for filing by mail are 5 business days, and 1 for online filing. <\/p>\n\n\n\n
There are some things you can avoid if you don\u2019t want to encounter a delay in the formation of your LLC. <\/p>\n\n\n\n
Don\u2019t file just before the weekend (like on a Friday) or a holiday because your documents won\u2019t be processed until the next business day, which will increase your total approval time. <\/p>\n\n\n\n
Don\u2019t file during high-volume filing times, like the first or end of the year. If the Secretary of State is experiencing a high number of filings, it will take them longer to process all of them. <\/p>\n\n\n\n
Ensure that your documents are correct. Make sure you haven\u2019t left anything out, you have the right number of copies, and that all of your information is correct. Failure to do so can result in the rejection of your application. <\/p>\n\n\n\n
Expedited processing is an attractive option for anyone who wants to get their LLC fast. <\/p>\n\n\n\n
I hate to be the bearer of bad news, but Indiana doesn\u2019t provide expedited processing because they have 1-day processing on online filing.<\/p>\n\n\n\n
Here\u2019s a comparison of Indiana\u2019s formation times in comparison with other states. <\/p>\n\n\n\n
Just as a refresher: Indiana\u2019s processing times for mail filings are 5 days, and it\u2019s 1 day for online filing, with no expedited options. <\/p>\n\n\n\n
Five days for mail filings isn\u2019t the slowest. As a matter of fact, Arizona\u2019s expedited processing (which is supposed to be faster than mail filing) is 5 days. And mail filing in New York can take up to 8 months. Online filing in Maryland can take 2 weeks. <\/p>\n\n\n\n
You already know that expedited processing in some places can make the process go faster. How much faster? Well, Delaware, Michigan, Montana, Nevada and West Virginia all have 1 hour expedited processing. Several states have immediate processing for online filings. And Ohio and Kentucky have 1 day mail filing times. <\/p>\n\n\n\n
So I wouldn\u2019t classify Indiana\u2019s times as the fastest, but they aren\u2019t the slowest by a long shot. <\/p>\n\n\n\n
Indiana has low tax rates, which contribute to the overall low cost of doing business in the state. And thanks to recent legislation, the tax rates will only drop over the next six years. There\u2019s also a low cost of living in the state, which can mean it\u2019s cheaper to live there than in other states. And it\u2019s relatively easy to gain capital in the state, either through government programs or angel investors, which is good news for any new business. <\/p>\n\n\n\n