Business Formation Attorney in Highland, Indiana

Experienced lawyer helps startups establish a strong foundation

Opening a business successfully demands close attention to countless details and a seasoned attorney who can handle vital legal concerns. David M. Blaskovich P.C. in Highland provides high-level counsel to small and large operations regarding a wide array of business formation matters. From the creation of a legal entity to advise on mandatory permits, our firm helps new businesses overcome obstacles and develop an internal structure that fosters efficient operations and compliance with applicable regulations.

Types of business entities available under Indiana law

Before you open your doors or sign your first contracts, you should establish a legal entity through the Indiana Secretary of State or the relevant authority in another jurisdiction. Indiana law permits businesses to use one of the following types of structures:

  • Sole proprietorship — These single-person operations do not need to be registered with the state, but the business name should be recorded as a DBA (doing business as) if anything besides the owner’s name is used. Sole proprietors are personally responsible for business debts and any revenue is recorded as income on their individual return.
  • General partnerships — Like a sole proprietorship, a general partnership is classified as an informal association, but one that has more than one owner is governed according to a partnership agreement. All partners can be held jointly and severally liable for company obligations. Income passes through to the individual partners.
  • Limited partnerships and limited liability partnerships — Registration with the state is required for limited partnerships and limited liability partnerships (LLPs). In a limited partnership, one general partner has control over company operations and is personally liable for business debts, while the personal assets of the limited partners are not exposed.
  • Limited liability companies — Many small businesses opt to create limited liability companies (LLCs), which protect owners against personal liability and are not subject to business taxes. Members of an LLC must file documents with the Secretary of State, but are not required to observe the formalities associated with corporations.
  • Corporations — Larger businesses often establish corporations, which are independent legal entities that can be owned by an unlimited number of shareholders. Company creditors cannot access shareholders’ personal assets, but traditional C corporations are taxed in addition to the personal income taxes paid by owners. However, many smaller businesses qualify for S corporation status that eliminates double taxation. Articles of incorporation have to be filed with the state to establish a corporation and company directors and officers must comply with rules governing annual meetings and required filings.
  • Nonprofit — Corporations whose profits do not go to their owners are required to obtain approval from the IRS and Indiana Department of Revenue to secure tax-exempt status.

After learning about your startup and your goals for it, we can advise on the benefits and drawbacks of different legal entities, so you can choose the structure that puts you in the best position to achieve your objectives. 

Why it is important to register your business name

As you look to enter the marketplace, it is critical to distinguish your business from competitors that offer the same product or service. The first step is to review with the state if anyone else is operating under your chosen business name and register it if there are no conflicts. For marketing purposes, the name you present to the public might differ from the name of your business entity. If this is the case, we can help you register a “doing business as” (DBA) name so that you can move forward with a unique brand. You might also opt to register a trademark for an image or slogan that is uniquely associated with your company.

Applying for licenses and permits in Indiana

Many business owners who are excited to open their doors are frustrated by the effort it takes to obtain the necessary government licenses and permits. Whether you’re operating in a highly regulated industry or you just need to know that your intended business use is allowed on the property you’ve rented, we’ll show you what needs to be done. Our business law firm prepares the applications and supporting documents required to operate legally under federal, state and local regulations.

How to get your federal and state tax ID numbers for your business in Highland, IN

To hire employees, complete your tax return or open a bank account, you must obtain federal and state tax identification numbers. The Internal Revenue Service will issue a business an employer identification number (EIN) following successful completion of an online form. Like the EIN, you can also apply for an Indiana tax ID number online thorough the Department of Revenue’s website.

Contact a Lake County lawyer to discuss a business formation plan  

David M. Blaskovich P.C. provides comprehensive counsel to clients in Lake County, Indiana as well as other locations throughout the state, regarding business formation matters. Please call 219-800-2075 or contact us online for a consultation at our Highland office regarding your legal options.