Indiana is an attractive state to start a business. With a growing economy and a favorable entrepreneurial climate, more and more aspiring entrepreneurs are setting up shop in the Hoosier State. However, before you can open your doors to the public, you need to make sure that you have the necessary business licenses and permits to operate legally in Indiana.
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This article provides an overview of the licenses and permits you need to obtain to start and operate your business in Indiana. Follow these six steps to get the necessary paperwork in hand to operate your Indiana business.
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Step 1: Determine the Type of Business License and Permit You Need
The business licenses and permits required for your business depend on the type of business you’re running, your location, and other factors such as your industry sector.
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Indiana has a range of different regulatory boards that oversee specific industries and professions, such as pharmacy, engineering, architecture, cosmetology, and more. If you are operating in any of these industries, you may need to get licenses from the relevant boards.
To determine the specific type of licenses and permits you need to run your business, read through Indiana’s comprehensive Guide to Starting a Business in Indiana, which provides a detailed list of all the necessary licenses and permits for various types of businesses.
Step 2: Register your Business with Indiana’s Secretary of State
The next step is to register your business with the Indiana Secretary of State. This involves choosing a business structure, whether it’s sole proprietorship, partnership, LLC, or corporation, and filing the necessary registration papers with the state.
You can register your business online at the Indiana Secretary of State’s website. The registration fee could range from $60 to $125 depending on the type of business entity you choose.
Step 3: Get an Employer Identification Number (EIN)
Most businesses hire employees, and therefore, require an Employer Identification Number (EIN). Adopted by the Internal Revenue Service, EIN functions as a social security number for businesses.
You can obtain EIN online, by telephone, mail, or fax from the Internal Revenue Service's (IRS) website - free of cost.
Step 4: Get State and Local Tax Permits
Depending on the type of your business entity, you may also need to consider state tax registration. Register your business for all necessary taxes with the Indiana Department of Revenue. This department handles among others the sales tax, food and beverage tax, motor vehicle rental excise tax, and innkeeper’s tax.
At the local level, registration for municipal taxes such as income tax, wheel tax, or food and beverage taxes is required in some areas. You will have to verify with the appropriate city hall or county auditor’s office if they preferred business registration of in-person or online.
You must have these permits in hand before commencing your business operations.
Step 5: Get a Business License
After registration confirmation with the state’s Secretary of State’s office and primary taxation registration, you will need to get a specific business license or permit issued by the licensing authority in your particular line of business.
Contact the licensing agency that regulates your specific industry on any relevant permits they require. You’ll typically need some of the below-listed business licenses:
**Professional License**: Accountants, attorneys, architects, physicians, veterinarians, or other professional entities
**State Regulatory Agency License**: Barbers, real estate agents, contractors, security workers, pharmaceuticals, and most different professions licensed and authorized by the State.
**Local Licenses & Permits**: You may have to acquire a specific county or city license before commencing your business operation. These licenses or permits apply to regulated industries like Restaurants, bars, stores, etc.
Step 6: Stay Compliant
After acquiring your business license and permit, ensure that you comply with all applicable regulations. The last thing anyone wants after setting up their business is to find themselves on the wrong side of regulatory legislation.
Periodic renewals to keep some of your licenses valid in Indiana. Ensure you remember renewal dates or to set up auto-renewals.
Conclusion
Getting business licenses and permits in Indiana may seem daunting, but with the right preparation, paperwork, and following proper procedures, it is achievable. Businesses require different licenses and permits depending on several factors. The Guide to Starting a Business in Indiana provides an intuitive place to start with the process, while other organizations like SCORE give Indiana small business consultants, access to experts to assist navigate through regulatory & compliance matters.
Acquiring your business registration, EIN, and other necessitated licenses establish the legal validity that can provide peace of mind to accurately execute outlined business operations in said area.
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