Keeping Business Entity Info Updated with State

Do you have a business that it registered in Indiana?  If so, it is important for your business to keep its information up to date with the secretary of state’s records for several reasons. Any business registered with the secretary of state must file a business entity report. Your company’s first business entity report is due two years after the business is formed or registered. After that, a subsequent report must be filed every other year to maintain the active status of the business. The ensuing reports are due on the same month and day that the business was originally formed, but the secretary of state will give your business until the end of the month before the report is considered past due. A small filing fee is due with the report, but it is relatively reasonable and can be paid online at the INBiz website or by mail.

There are consequences if your company fails to file or update its information with the secretary of state on time. By failing to file a business entity report on time or accurately, the state will dissolve your business if it is an Indiana business or revoke your business if it is a foreign business. If your business is determined to have filed inaccurately, you will be notified by the secretary of state and will have sixty days from notification to correct the filing in order for the filing to be considered timely. Once your business has been dissolved or revoked, it should not carry on any business activities except applying for reinstatement or activities necessary to organize its affairs and liquidate its assets. Reinstatement of a business takes time, as you must first receive a tax clearance from the department of revenue, which can take up to six weeks. In addition, the rights to your business name and assumed names will be put at risk. These names are only protected for one-hundred and twenty days after the business is dissolved, meaning that another business can take your name after one-hundred and twenty days.

Maintaining the current information of your business, specifically an email address for the business as well as the address for the business, is always important because the secretary of state will use them to contact your business. This is how they will send reminders of when your next report is due as well as past due notices.

If you have any questions about your company’s filing, please contact McNeelyLaw LLP by calling (317) 825-5110.

Disclaimer: This McNeelyLaw LLP publication should not be construed as legal advice or legal opinion of any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerned your situation.