An Indiana LLC operating agreement is a document that allows limited liability companies to provide for indemnification of members and managers, specify duties, powers, titles, and terms of office, and delegate responsibilities between members.
Operating agreements in Indiana must include an essential provision of the company’s operations, an overview, and information regarding the business activities.
NO, Indiana doesn’t require business owners to have an operating agreement. However, they should still have one to set rules and expectations for running their company.
Establish the procedures for running a one-person limited liability company.
Establish the framework for managing an LLC effectively.
Limited Liability Company Laws are featured in Title 23, Article 18 of the Indiana Code, with the following LLC operating agreements statutes:
The following fees need to be paid to the Indiana Secretary of State:
Your registered agent will act as the point of contact for the business and will receive the service of processing notices, taking care of state filings, and handling other important tasks.
You can select any individual as long as they are either an Indiana resident or an incorporated business. The registered agent must have a physical street address in Indiana.
Once you’ve found a registered agent for your business, it’s time to choose which type of limited liability company you want to file. You can file a domestic LLC, which operates in the state, or a foreign one, which runs from an outside jurisdiction.
After selecting your entity type, you must apply for your LLC on the Secretary of State website. You’ll be able to fill out the application online. Once you’ve done so, you’ll need to make a money order or a check out to the Indiana Secretary of State. The filing fees allow you to open your LLC.
Although it’s not a required step in the process, it’s highly recommended that LLC members create an operating agreement. This helps the limited liability company legally lay out the business’s standard operating procedures.
You don’t need to submit the document to the Secretary of State’s office. Instead, you should distribute it to the members of the company.
The final step in setting up an Indiana LLC is to get an Employer Identification Number, also known as an EIN. This number allows the IRS to track business activity for tax purposes.
If you want to hire employees, take out a loan, open a bank account, or apply for a business credit card, you must have an EIN. Otherwise, you will not be permitted to perform these actions. You can register for an EIN directly on the IRS website or by mail.
Download our Indiana LLC operating agreement template below in PDF or Word.
Start building your Indiana LLC operating agreement today!
