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How do you start a business in Indiana?

On Behalf of | Apr 8, 2021 | Business And Corporate Law

There are countless ways to start a business in Indiana. In this article, you will learn the basics of starting a sole proprietorship.

You might already have some independent income. A sole proprietorship is a common first step that could lend credibility, compliance, organization and direction to your entrepreneurial efforts.

What is a sole proprietor?

As explained on FindLaw, being a sole proprietor means that you are your own boss, but also that you are personally responsible for the success or failure of your company. Also, if you are married, there could be some special concerns about who exactly owns your business.

How do you start a sole proprietorship?

Starting a sole proprietorship in Indiana is relatively straightforward in most cases. In general, you would simply need to choose a business name and file that assumed name with the county recorder. In Vigo County, that office is in the Annex Building on Oak Street. This step should help you get loans in your company’s name.

In some cases, you might need more formal organization. You might want some special business documents, such as employment contracts, handbooks and so on if you intend to hire people. You might also need to apply for an Employer Identification Number in this case.

Additionally, depending on the type of business you intend to pursue, you might also need to apply for licenses, zoning clearances and other types of state and local registrations. Some examples of businesses that need these types of documents would be distilleries, medical care providers, food processing facilities, restaurants and so on.

All of this might seem overly complicated, but a good start often reduces risk and enables success. At the end of the day, your business formation should not be a burden or a hassle. It should give you the framework you need to pursue your dreams.