Indiana is known for basketball and corn but offers much more than that to those wanting to start a business. However, anyone who wants to start a business in the Hoosier state must look at the state rules and regulations. Indiana, like every state, has its own rules about business registration and filings. You’ll need to choose a unique name that requires a business name search.
Searching for a business name in Indiana isn’t complicated and we have a guide that will help you. Our guide also offers tips and tricks for getting your Indiana business growing fast and scoring big.
Go to:
How to check business name availability in Indiana
Any new business is required to have a distinguishable name that is unlike that of any other business in Indiana. You will need to do a business name search to make sure the name you pick is available. Here is how to do that:
1. Go to the Indiana government search page
The search tool is provided by the Indiana Secretary of State’s office.
2. Decide how to search
You can search by name either with how the business name starts or with words it contains. You can also search for an exact match.
3. Enter the name
This can be the exact name you want or just keywords to see how others are using words you may want in your name. You can also use the advanced search to look by the type of entity
4. Hit search
A list will be generated that shows you all the businesses with names either matching or similar to the one you are considering. You may need to keep searching until you find one that doesn’t match any other business name in the state. You can also access tips for picking a unique name by going to the Indiana business registration page.
5. Consider reserving a name
After running an Indiana business name search, you have two options: You can reserve a name or you can register the name. You should reserve the name if you aren’t planning to set up the business immediately.
Indiana allows business owners to reserve a name for 120 days for $20.
To do so, you’ll fill out a quick form and provide the payment.
Again, you don’t need to reserve a name if you plan to officially set up your business with the state of Indiana, but if you’re just doing some homework and plan to set up your business later, reserve the name now so it’s not taken when you’re ready.
6. Check domain name availability
We created a tool that makes it easy.
How to name your Indiana business
Now that you know a little more about the business landscape in the state, it’s time to start generating a list of names for your business. To do so, follow these steps:
1. Write down basic details about your business
Start by creating a verbal picture of your business. Think about what your business will offer and who it will serve. Will you sell a specific product or service? Who’s going to buy it? Jot down a few details about your company as a starting point.
Next, start creating a list of adjectives that describe your business. Think in terms of keywords. What keywords would your customer use to find the product or service that you offer? Write them down.
2. Stay away from initials and hard-to-say words
There are plenty of businesses that include initials, like A&J Plumbing, but consider upping your game with something a bit more creative and descriptive.
The same goes for names that are hard to say. If your last name is Stackowaski, for example, it’s not conducive to a business name because it’s too hard to pronounce.
3. Don’t pigeon-hole your business
Be careful not to select a name that limits your company’s potential growth. Think about where your business will be in five, ten, even twenty years, and take that into consideration when creating a name.
A company named Bob’s Bargain Books, for example, is a good name, but what if they plan to sell vintage records and cassettes down the road? The name only refers to books, so when vintage music is added people won’t associate it with the store.
4. Consider using a name generator
At this point, you probably have a list of a few ideas. Rather than brainstorm a bunch of different combinations, why not try a name generator? You simply enter a few of the adjectives that you came up with into the search bar and you’ll get a list of possible names.
Name generators can take some of the hassles out of creating a name. Most name generators will only show you available names too, which is helpful.
Check out some of Namechk’s name generators below:
What kind of business structure is right for your Indiana company?
As you research available business names in Indiana, you’ll also want to think about what kind of business you want to establish. There are a handful of options to choose from, but some of the most common are Sole proprietorship and LLC.
- A sole proprietorship is ideal for small businesses with no employees that want to test their business out. There’s virtually no paperwork to set up this kind of business, which is a plus. However, a sole proprietorship is not a separate business entity, which means you’re financially and legally responsible for any problems that might arise.
- An LLC, or limited liability company, provides a certain amount of liability protection. Your personal assets and your business are separate with this business structure, which means if the business is sued or goes bankrupt, you will not be forced to use your personal cash reserves to bail the business out.
Steps to register your Indiana business
Ready to set up your business in IND? Here’s what you do:
1. File your Articles of Organization
Visit the Indiana Secretary of State website and fill out the Articles of Organization. To fill this out, you’ll need to have an available business name, address, and contact information.
2. Name a registered agent
You’ll also need to name a registered agent. A registered agent is the point-person for your company who will receive important documents like tax notices or legal documents.
A registered agent must be trustworthy and be available during regular business hours when documents are delivered. The business owner can serve as the registered agent in Indiana, or another person or company can be named.
You might decide to name your accountant or co-founder, for example. You can also hire a registered agent service to serve in this role. Northwest Registered Agent, ZenBusiness, and Bizee are a few examples. These companies will receive documents on your behalf and notify you of their arrival.
3. Pay the filing fee
Every state charges a filing fee to file LLC formation documents with the government. In Indiana, the cost is $95 if filing electronically or $100 by mail.
4. Wait for approval
Indiana will review your application and typically provides approvals within five business days. Once approved, your business is officially set up.
Our picks of the best registered agent services
Indiana small business facts
It’s always good to do some research before you decide to start a business in a state. Here is some helpful information about Indiana from the U.S. Business Administration:
- Indiana has 512,348 small businesses and that makes up 99.4 percent of all businesses in the state.
- 1.2 million employees work for small businesses and that is 44.9 percent of Indiana’s workforce.
- Indiana’s unemployment rate was 3.5% in 2019, below the national rate of 3.8%.
- The state’s top industries are manufacturing, healthcare and social assistance, accommodations and food service, and retail trade.
FAQs
To further help entrepreneurs, check out these frequently asked questions about starting a business in Indiana:
Why is it so important to check on business name availability?
Indiana will not allow two businesses in the state to have the same name. There are many reasons for this, but at its core, it’s to avoid any confusion. For example, if someone plans to sue Bob’s Fruit Stand and there are two of these companies in the state, things can get complicated quickly.
All businesses must have a unique name. And, you can’t just add a hyphen to a name to make it different. Each name must be “distinguishingly different.”
What makes a name distinguishable in Indiana?
Indiana has rules for what is considered to be a distinguishable business name. There are three primary factors the state looks at when approving a business name. It must contain different letters, numbers, or words than any other business and they must be in a different sequence from other names in state records. Third, the roots of the words can be the same but they must be in a different order.
What doesn’t make a name distinguishable in Indiana are punctuation differences, differences in capitalization, plurals, hyphenated or combined words.
Is Indiana a good place to start a business?
Statistics show that Indiana is a great place to start a business from an economic perspective. An analysis shows that the state’s top 10 cities have more businesses per population than the state average and that shows business growth. The cities average 10.47 businesses for every 100 people while the state has 8.48. The median housing cost is low at $727 and that is always good for business.
What are the top five Indiana cities for business?
The same analysis that showed the business population listed the top cities for the number of businesses it had. The quantifiers were the cities that had a population of more than 5,0000 and had at least 500 businesses. Those cities are:
1. Bluffton
2. Monticello
3. Batesville
4. Auburn
5. Warsaw
Why would Indiana be a good place to start a business?
Indiana has several things going for it. It has a high quality of life, making it a great place to raise a family and that can help a business thrive as well as attract workers. It has a low cost of living, which means people have more money to spend on local businesses.
A low cost of living is also a plus in luring new graduates to work.
Indiana doesn’t have a lot of regulations and plenty of tax credits so it is considered to be a good, business-friendly state. Indiana is ranked 24th in the U.S. in the best places to start a business, according to studies.
Is Indianapolis a good place for business?
Generally, yes, but there are also things about the city that frustrate business owners. It retains some of the small-town flares that permeate all cities in the state but doesn’t have things other large cities do for a business like access to capital and networks to big companies that can be good suppliers.
What parts of Indiana have the most self-employment?
It is interesting but the counties with the most self-employment in Indiana are along the state lines.
Do I need a business license for a sole proprietorship?
Indiana doesn’t require a business license for a sole proprietorship but you could be required to have a professional license, depending on the trade you are selling.
While the state doesn’t require a business formation to set up a sole proprietorship and there aren’t any fees for having this type of business, you still may want to set up a formal business for tax, legal and marketing purposes.
What are manufacturing companies like in Indiana?
Indiana has always had a good share of its economy rooted in manufacturing. The top three manufacturers in the state are Eli Lilly and Co., Lippert Components Inc., and Subaru of Indiana Automotive.
It is an interesting fact that 2% of manufacturers in the state are owned by women and 1% are owned by minorities. Additionally, 10% are traded publicly and 25% distribute their products globally.
Does Indiana have fast-growing companies?
While Indiana may be known for its slower, small-town pace, it has several companies that are noted on fast-growing company lists. Twenty-one companies in the state made the 5,000 fastest-growing lists and four companies made Fortune’s 100 fastest-growing companies list.
Those were:
– Patrick Industries in Elkhart
– Thor Industries in Elkhart
– First Internet Bancorp, Fishers
– LCI Industries, Elkhart
CHK_ YOUR NAME RIGHT NOW
Use our engine to quickly check your content right now!
