Ok ladies I am getting ready to start the process of getting a business license here in Indiana but have no clue what to expect or what I need. I have looked at a few sites and am very overwhelmed with it all. I plan to start a business which I believe will take off due to it's a original idea and I believe it will be in high demand once the word it out. Ok I guess my question is what do I need to have with me when getting my business license and how long does the process take to start a business?? Any advice is very appreciated thank you all
We own a business in Indiana. We don't have any kind of business license. A lot of people on here are talking about registering to collect sales tax. All that takes is filling out a form with the state. You also need a federal ID number. Depending on the business you may not need to collect and remit sales tax, though. I would definitely get a CPA to help you. Good luck!
I just have a tip about your (sales) taxes...make sure you are setting aside the money from every sale. It can be disastrous to get behind...even if you just owe $75...the tax guys will be coming after you...lol...I learned from experience.
Hi L.,
Call the city or county office you will be dealing with. Get the information from them and the name of the person who gave it to you. Take all the information they require PLUS anything else you might feel relevant. I'M SURE the person you talk to will leave something out. I've never seen it go smoothly the first time. Allow a full day for the red tape and have a second day available for that one little detail that somebody will require. Hold on to your excitement and good attitude. I think they have a pool as to how fast they can remove a smile from a person's face.........If it goes great, consider it a pleasant surprise!
Good luck to you and looking forward to hearing about your original idea. Keep us posted!
M.
The answer to this question really depends on what you consider "starting". If starting means being in the black, i.e. no more debt & drawing an income, it could take 2+ years. If starting means just getting the business name and paperwork all filled out, just a solid (patient) day or two will do - hire a babysitter. Best Wishes!
One full day of red tape if you are lucky. I had to start with fictitious name.
L.,
You can do all of this online. I met with my financial advisor first, who is also my CPA, just to make sure I had my ducks in a row as far as what to do first (and of course he handles all of my income tax issues etc for the business along with our family's personal tax needs). We determined that my best course would be to become a LLC, so I'd know how to identify my business for registration purposes.
However, I registered my business both with the federal government (for my tax ID #) and with Indiana (in.gov) through their websites, and also paid online by credit card. Because I am a retail establishment with fairly low income, I pay my sales taxes monthly - Amanda's right: however you're paying, you REALLY want to pay on time. If we're even a day late, we get a form letter saying state internal revenue thinks we owe an average of $15,000 - LOL!
