Reinstate a Business in Indiana | A Step-by-Step Guide

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Reinstate Indiana Business

Running a business or forming an LLC in Indiana can be a rewarding yet challenging experience. When operating a business, unforeseen circumstances may arise, leading to the suspension or dissolution of the entity. If your business has been suspended or dissolved in Indiana, you do not need to worry. This guide will provide a step-by-step process to Reinstate your Business in Indiana and get back on track.

Webinarcare Editorial Team will help you easily reinstate your Indiana business. You must be guided by all the factors gathered in this article.

How to Reinstate a Business in Indiana

Understanding Dissolution and Suspension

Before diving into the reinstatement process, it’s essential to understand the difference between dissolution and suspension.

Dissolution

Dissolution is the legal termination of a business entity. This can happen voluntarily by the owners or involuntarily by Indiana due to non-compliance with state laws and regulations. When a business is dissolved, it must cease all operations and settle outstanding debts and liabilities.

Suspension

The state can suspend a business entity for various reasons, such as failing to file Biennial Reports or paying taxes. When a business is suspended, it loses its right to conduct business within Indiana, and the owners may be personally liable for any debts or liabilities incurred during the suspension period. Hiring a Registered Agent for your documents to be compliant is very important. You could check out the Best Indiana Registered Agent Services in Indiana.

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How to Reinstate a Business in Indiana

In Indiana, reinstating your business needs a lot of preparation, more specifically if it is located in Indianapolis. To be aware and prepared, we have gathered information on the steps to reinstate your Indiana business. If it is manageable to Dissolve a Business in Indiana, it is also bearable to reinstate your Indiana business. Keep in mind that you should follow the mentioned steps below. 

Step 1: Determine the Reason for Suspension or Dissolution

The first step in reinstating your Indiana business is determining why it is suspended or dissolved. This information can be found in the notice issued by Indiana or by contacting the Indiana Secretary of State. Common reasons for suspension or dissolution include:

  • Failure to file Biennial Reports
  • Failure to pay taxes or fees
  • Failure to maintain a Registered Agent
  • Non-compliance with state laws and regulations

Step 2: Resolve Outstanding Issues

Once you have identified the reason for your business’s suspension or dissolution, you must resolve the outstanding issues. This may include:

  • Filing any missing Indiana Biennial Reports and paying associated fees. In Indiana, the LLC Biennial Reports costs $0 while the Corporation Biennial Report costs $30.
  • Paying any outstanding taxes or fees
  • Appointing or updating your Registered Agent information. 
  • Resolving any non-compliance issues with state laws and regulations

Ensure that you keep records of all payments and documents submitted to the Indiana Secretary of State, as you may need to provide proof of compliance during the reinstatement process. We recommend hiring the Best Registered Agent Services if you plan to reinstate your business. This will ensure that your documents are up to date.

It is suggested that you speak with a legal professional before you begin reinstating your Indiana business. They’ll understand what’s best for you and your company. To safeguard your personal assets from business debts, you can always start an LLC in Indiana.

– WEBINARCARE EDITORIAL TEAM

Step 3: Obtain a Certificate of Existence

Certificate of Existence is a document issued by Indiana that verifies that your business is in compliance with all state requirements and is authorized to conduct business within the state. Although obtaining a Certificate of Existence is not always required for reinstatement, it can be beneficial in demonstrating your business’s compliance and may expedite the reinstatement process.

To obtain a Certificate of Existence in Indiana, you will need to:

Get and Submit the Form

The form is available on the Indiana Secretary of State website. You can download the form and mail it or submit it online. 

Online Application Process:
  • Visit the State Website: In Indiana, they offer an online portal for business services, which includes the option to request a Certificate of Status.
  • Register an Account: You may need to create an account or log in to your existing account to access the application process.
  • Provide Required Information and Documentation: The online application typically requires basic information about your business, such as the entity name, identification number, and business type. You may also need to upload supporting documents. 
Paper Application Process:
  • Download and Complete the Appropriate Forms: Visit the Indiana Secretary of State to download the required application forms for the Certificate of Existence. Complete the forms, ensuring all information is accurate and up-to-date.
  • Provide Required Documentation: In Indiana, you may need to include copies of your registration documents, Articles of Organization, Biennial Reports, or other supporting materials.
  • Mail or Deliver the Application: Once you have completed the forms and gathered the necessary documents, mail or deliver the application package to the Secretary of State Business Services Division, 302 West Washington Street, Room E018, Indianapolis, IN 46204, along with the required fees.
Pay Any Associated Fees

The fees for obtaining a Certificate of Existence cost $20, vary depending on the type of business entity. Some states also offer expedited processing for an additional fee. Check the Indiana Secretary of State website for the most up-to-date fee schedule. The Certificate of Existence’s processing time varies from state to state. Also, it depends on the expedited filing as well. It can take a few days to a few months to obtain the Certificate of Existence in Indiana.

Provide Proof of Compliance

To prove compliance with state requirements, you must file Biennial Reports and pay the necessary taxes.

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Step 4: Submit Reinstatement Application

Once you have resolved all outstanding issues and obtained a Certificate of Existence, you can submit your reinstatement application to the Indiana’s Secretary of State. The reinstatement application process may vary depending on the state and the type of business entity (corporation, LLC, etc.).

In general, the reinstatement application process will require:

  • Completing a reinstatement application form is typically found on the Indiana Secretary of State’s website.
  • Providing proof of compliance with state requirements, such as filing Biennial Reports, paying taxes, and maintaining a Registered Agent.
  • Pay the reinstatement fee in Indiana. The cost of the reinstatement fee amounts to $30. However, the cost will vary depending on the length of time your Indiana business has been suspended or dissolved.

Step 5: Wait for Approval

After submitting your reinstatement application and all required documentation, you must await approval from the Indiana’s Secretary of State. The processing time for reinstatement applications can vary depending on the Indiana and the complexity of your case. Being patient and prepared to provide any additional information or documentation requested by Indiana during this time is essential.

Step 6: Notify Creditors and Stakeholders

Once your business has been reinstated, you must notify creditors and stakeholders of your business’s renewed status. This may include:

  • Sending a formal letter to creditors and stakeholders informing them of the reinstatement.
  • Updating your Indiana business’s website and social media accounts to reflect the reinstated status.
  • Informing any relevant licensing or regulatory agencies of the reinstatement.

Step 7: Resume Business Operations

After your Indiana business has been reinstated and all relevant parties have been notified, you can resume your business operations. Be sure to maintain compliance with state laws and regulations moving forward to avoid future suspensions or dissolutions.

Reinstating or Creating a New Business?

Whether to reinstate a business or start a new one from scratch depends on several factors specific to your situation. Here are some points to consider when making your decision:

  • Costs: The costs of reinstating and starting a new business can vary significantly. Reinstating a business may involve paying outstanding taxes, fees, and penalties while starting a new business requires registration fees and potential legal costs. Compare both options’ costs to determine which is more financially viable.
  • Business History and Reputation: If your previous business has a strong reputation and established customer base, reinstating it may be more beneficial than starting from scratch. On the other hand, if your Indiana business has a negative history or unresolved legal issues, start fresh with a new business.
  • Time and Effort: Reinstating a business can be a time-consuming process, as you need to resolve outstanding issues, submit a reinstatement application, and wait for approval. Starting a new Indiana business may be faster, as you can register the business and begin operations relatively quickly. Consider which option is more time-efficient based on your situation.
  • Legal and Regulatory Compliance: If your previous Indiana business was suspended or dissolved due to non-compliance with state laws and regulations, you should carefully evaluate whether you can maintain compliance if the business is reinstated. If you are confident in your ability to comply with requirements, reinstating the business might be a good option. However, starting a new Indiana business might be a better choice if you still determine your ability to maintain compliance.

Ultimately, deciding to reinstate a business or start a new one from scratch depends on your circumstances and goals. Consider the abovementioned factors, consult with professionals such as Indiana Business Attorneys and accountants, and evaluate which option best suits your needs and long-term business objectives.

FAQs

How do I reinstate my Indiana business?
You can reinstate your Indiana business by submitting an application for reinstatement with the Indiana Secretary of State’s office.
Can I reinstate my Indiana business online?
Yes, you can reinstate your Indiana business online through the Indiana Secretary of State’s online portal.
How much does it cost to reinstate an Indiana business?
The cost to reinstate an Indiana business varies depending on the type of entity and length of time the business has been inactive.
How long does it take to reinstate an Indiana business?
The timeframe for reinstating an Indiana business varies, but typically takes two to six weeks.
Do I need to pay back taxes before I can reinstate my Indiana business?
Yes, any outstanding taxes owed must be paid in full before an Indiana business can be reinstated.
Is there a penalty for late Indiana business reinstatement?
Yes, there may be a late fee or penalty for Indiana business reinstatement, depending on the circumstances of the business’s dissolution.
Can I dissolve and then reinstate my Indiana business to avoid penalties?
No, dissolving and then reinstating your Indiana business to avoid penalties is not a recommended strategy and may result in further penalties.
Can I change my business name when reinstating my Indiana business?
It is possible to change your business name when reinstating your Indiana business, but this involves additional steps and paperwork.
Can I change my business structure when reinstating my Indiana business?
It is possible to change your business structure when reinstating your Indiana business, but this involves additional steps and paperwork.
What happens if I don’t reinstate my Indiana business?
If you don’t reinstate your Indiana business, it will remain inactive and may be dissolved and/or face penalties or legal action.
Do I need to reapply for an EIN when reinstating my Indiana business?
No, you do not typically need to reapply for an EIN when reinstating your Indiana business.
Can I still access my Indiana business’s bank account while it is inactive?
Typically, no, bank accounts associated with an inactive Indiana business will be frozen.
Can I still use my Indiana business name while it is inactive?
No, you cannot use your Indiana business name while it is inactive.
Can I still conduct business under my Indiana business’s name while it is inactive?
No, you cannot conduct business under an inactive Indiana business’s name.
Can I still file taxes on behalf of my inactive Indiana business?
No, you cannot file taxes on behalf of an inactive Indiana business.
Can I reinstate my Indiana business if it was involuntarily dissolved by the state?
Yes, you can reinstate your Indiana business if it was involuntarily dissolved by the state.
Can I reinstate my Indiana business if I previously voluntarily dissolved it?
Yes, you can reinstate your Indiana business if you previously voluntarily dissolved it.
Do I need to inform my employees about the reinstatement of my Indiana business?
It is recommended to inform your employees about the reinstatement of your Indiana business, but this is not required.
Do I need to get new business licenses and permits after reinstating my Indiana business?
It is possible that you may need to obtain new business licenses and permits after reinstating your Indiana business, depending on the length of time it was inactive.
Can I still operate my Indiana business out of the same location after reinstating it?
Yes, you can typically operate your Indiana business out of the same location after reinstating it.
Do I need to update my Indiana business’s registration with the Secretary of State after reinstating it?
Yes, you should update your Indiana business’s registration with the Secretary of State after reinstating it.
Can I reinstate my Indiana business if it is in bankruptcy?
It is possible to reinstate your Indiana business if it is in bankruptcy, but you should discuss this with your bankruptcy attorney and the Indiana Secretary of State.
Can I reinstate my Indiana business after selling it and later regretting the sale?
No, you cannot reinstate your Indiana business after selling it.
Can I reinstate my Indiana business after the dissolution was due to my own personal bankruptcy?
It is possible to reinstate your Indiana business after the dissolution was due to your own personal bankruptcy, but you should discuss this with your bankruptcy attorney and the Indiana Secretary of State.
Can I reinstate an Indiana LLC while there are current lawsuits against it?
It is possible to reinstate an Indiana LLC while there are lawsuits against it, but you should consult with a legal professional to assess any potential liabilities.
Can I reinstate an Indiana S Corporation after a Shareholder’s dispute?
It is possible to reinstate an Indiana S Corporation after a Shareholder’s dispute, but this will depend on the specific circumstances of the dispute.
Can I reinstate an Indiana business after a regulatory violation?
It is possible to reinstate an Indiana business after a regulatory violation, but you may need to resolve any outstanding violations before being able to reinstate.
Can I change my business address when reinstating my Indiana business?
Yes, you can change your business address when reinstating your Indiana business.
Can I reinstate my Indiana business if I’m not a US citizen?
Yes, non-US citizens can typically reinstate Indiana businesses, but there may be additional requirements or paperwork to complete.
How do I reinstate an Indiana business?
You can reinstate an Indiana business by filling out Form BI-24 and submitting it with appropriate fees and paperwork.
Can I reinstate an Indiana business that has been dissolved for more than six years?
No, you cannot reinstate an Indiana business that has been dissolved for more than six years. You would need to form a new business entity.
Can I change the name of my business when I reinstate it in Indiana?
Yes, but you will need to file articles of amendment with the Indiana Secretary of State.
What fees are associated with reinstating an Indiana business?
The reinstatement fee for an Indiana business is $30, plus any applicable annual report fees and late penalties.
Can I reinstate my LLC in Indiana if it has been administratively dissolved for failure to file annual reports?
Yes, you can File any delinquent annual reports and then file Form BI-24 for reinstatement.
How can I check if my Indiana business is eligible for reinstatement?
You can check the status of your business by searching for it in the Indiana Secretary of State’s online database.
What is the deadline for submitting Form BI-24 for reinstatement of an Indiana business?
There is no deadline for submitting a reinstatement filing to the Indiana Secretary of State, but you may be subject to additional fees for late filings.
Do I need an attorney to help me reinstate my Indiana business?
No, you do not need an attorney to reinstate an Indiana business, but you may want to consult with one if you have questions or concerns.
Can I change the ownership structure of my Indiana business when I reinstate it?
Yes, you can amend your articles of organization to reflect changes to your business’s ownership structure.
What is the process for reinstating an Indiana non-profit corporation?
The process for reinstating an Indiana non-profit corporation is the same as for other types of businesses. You will need to file Form BI-24 and provide any required documentation and fees.
Can I email my reinstatement paperwork to the Indiana Secretary of State?
No, the Indiana Secretary of State’s office does not accept business filings or other legal documents by email.
Can I file my reinstatement paperwork online with the Indiana Secretary of State’s office?
No, the Indiana Secretary of State’s office does not currently offer online filing for business reinstatement.
What happens if I don’t file annual reports for my Indiana business?
Failure to file annual reports makes your Indiana business subject to administrative dissolution by the Secretary of State’s office.
Can I still do business while my Indiana business is in administrative dissolution?
No, you cannot legally conduct business while your Indiana business is in administrative dissolution.
Do I need to provide state identification to reinstate my Indiana business?
No, state identification is not required to reinstate an Indiana business, but you will need to provide your business’s name, registration number, and other information.
What do I need to do to complete the reinstatement process for my Indiana business?
You will need to file Form BI-24 and pay any applicable reinstatement fees and penalties to complete the reinstatement process for your Indiana business.
Can I rebuild my business credit after my Indiana business has been administratively dissolved?
Yes, you can rebuild your business credit after your Indiana business has been administratively dissolved by establishing a new credit history, fixing any pre-existing credit issues, and paying bills on time.
Does reinstating my Indiana business automatically protect my personal assets from business debts again in the future?
No, reinstating your Indiana business does not automatically protect your personal assets from business debts. You would need to take additional measures to protect your personal assets, such as forming a Limited liability company (LLC) or corporation.
What happens if I fail to submit all required paperwork for reinstating my Indiana business?
Your reinstatement filing may be rejected if you fail to submit all required paperwork. You will then need to resubmit the appropriate documents to have your Indiana business reinstated.
Can I still use my old Indiana business entity name after it has been dissolved?
No, you cannot use an Indiana business entity name that has been dissolved. You will need to form a new business entity with a different name.
What happens if I dissolve my Indiana business voluntarily?
If you dissolve your Indiana business voluntarily, it will no longer be allowed to conduct business in the state and its assets will be distributed according to the dissolution agreement.
Can I change the structure of my Indiana business when I reinstate it?
Yes, you can amend your business’s articles of organization to reflect changes to your business structure after reinstatement.
Can I have my reinstatement filed by a third party on behalf of my Indiana business?
Yes, you can have a third party file your Indiana business’s reinstatement paperwork on your behalf.
What do I do if I disagree with the decision of the Indiana Secretary of State in regards to my reinstatement?
You can appeal the decision of the Indiana Secretary of State regarding your business reinstatement through the state court system.
Can I conduct business out of state with a reinstated Indiana business?
Yes, you can conduct business out of state with a reinstated Indiana business, but you must be compliant with the laws and regulations of the other state.
Do I need to renew my Indiana business registration after reinstating it?
Yes, you must file an annual report and pay any required fees to maintain your Indiana business registration every year after reinstating it.
How do I know if my Indiana business has been formally reinstated after submitting the appropriate paperwork and fees?
You can check the status of your Indiana business by searching for it in the Indiana Secretary of State’s online database after submitting your reinstatement paperwork.
Can I withdraw my reinstatement application for my Indiana business after it has been submitted?
Yes, you can typically withdraw your Indiana business reinstatement application after it has been submitted, but you may need to contact the Secretary of State’s office for specific instructions.

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Conclusion

Reinstating a business in Indiana can be complex and time-consuming. However, following the steps outlined in this guide, you can successfully reinstate your business and resume operations. Remember to stay diligent in maintaining compliance with state laws and regulations to avoid future issues and ensure the continued success of your business.

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