New law makes it easier to start a business

The Indiana Statehouse is pictured above. A new law simplifies the process of incorporating a business in Indiana.

A new law passed by state lawmakers aims to make it easier to incorporate a business in Indiana.

"The Indiana General Assembly has passed, and Gov. Eric Holcomb has signed into law, the most far-reaching revision of Indiana business laws in more than two decades,” Indiana Secretary of State Connie Lawson said.

“The new law will simplify business formation and bring consistency to the rules that govern businesses and business transactions."

The law, which takes effect in January 2018, consolidates different administrative requirements for business corporations, limited liability partnerships, limited partnerships, nonprofit corporations, and limited liability companies.

Five different Indiana statutes currently cover business filings, names, registered agents, foreign entities, and administrative dissolution. Legislation authored by State Sen. Rodric Ray, R-Martinsville, makes the laws identical and puts them all in one place in the Indiana Code to help simplify matters such as starting a business, business mergers, interest exchanges, and conversions.

“This legislation is another example of our state making every effort to cut government red tape for businesses and promote economic development,” Lawson said.

“Now no matter what entity type a business chooses, the rules will be the same. This will greatly simplify requirements for businesses and eliminate traps for the unwary."

The Indiana Business Law Survey Commission suggested the changes to update state law.

Angry
0
Sad
0
Funny
0
Wow
3
Love
2

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.