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Unlike your LLC Formation Agreement, you are not required to file an operating agreement with the State of Indiana. However, as an internal document, a copy should be kept with your records. The operating agreement names the members of the company and spells out what percentage, or membership interest, they own.
The pros and cons of a single member LLC ProsConsFlexible federal income tax filing (choose to file as a sole prop or corporation)Must maintain corporate veilpiercing it puts your assets at riskCan pass on ownership to others, eg. family members2 more rows Aug 23, 2022
Just follow these six steps, and youll be on your way. Name Your Indiana LLC. Choose Your Registered Agent. Prepare and File Articles of Organization. Receive a Certificate From the State. Create an Operating Agreement. Get an Employer Identification Number.
It can secure your liability protection. This is crucial to understand, as its the primary main reason that your single-member LLC needs an operating agreement. Even if an operating agreement isnt required in your state, running your company without an operating agreement could jeopardize your LLC status.
Single-member LLC Ownership A Single-member LLC has one owner (member) who has full control over the company. The LLC is its own legal entity, independent of its owner. Multi-member LLC Ownership A Multi-member LLC has two or more owners (members) that share control of the company.
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A single-member LLC is easier for tax purposes because no federal tax return is required, unless the business decides to be treated as a corporation for tax purposes. The income is reported on the members tax return. A multiple member LLC must file tax return, and give the members K-1 forms to file with their returns.
It costs $100 to form an Indiana LLC if you submit paperwork by mail, and about $97 if you file online. In addition to these state fees, you may have additional costs if you reserve a name in advance, hire an LLC service to prepare and submit your paperwork for you or hire a professional registered agent.
A business cannot serve as its own registered agent. Indiana law requires that businesses continuously maintain a registered agent and a registered office in Indiana (PO boxes are not acceptable).
Indiana does not require LLCs to have operating agreements, but it is highly advisable to have one. An operating agreement will help protect your limited liability status, prevent financial and managerial misunderstandings, and ensure that you decide on the rules governing your business instead of state law by default.
Although youre able to make an Operating Agreement at any time, its often best to make one at the very beginning to help guide all business decisions. An LLC Operating Agreement can be for a single-member or multi-member LLC.

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