How To Launch A Business In Bloomington Indiana

How to Launch A Business in Bloomington Indiana

If you are interested in starting a business in Bloomington, we have compiled a list of resources to help guide you through the process. From getting a business license to finding financing, there are many steps involved in opening a business. To make it easier, we have put together a step-by-step checklist to walk you through each of those processes.

Business Licenses

The City of Bloomington requires businesses to obtain a Business License prior to opening or operating a business within city limits. There are three types of business licenses required - vendor, pushcart and solicitor. A business license allows you to operate a business within city limits and provides you with certain legal protections. You must pay the appropriate fee based on the type of business being conducted.

Economic Development Districts

The City of Bloomington offers several types of economic development districts to help spur growth and attract investment. These are special areas within the city where developers pay no property taxes. Instead, developers agree to provide certain public benefits like affordable housing or job training programs. In return, the developer receives a variety of financial incentives including lower real estate taxes, exemption from ad valorem property taxes, and access to low cost financing options.

Living Wage Ordinance (LWO)

The city passed the LWO in June 2016. This ordinance establishes a minimum hourly wage for workers in Bloomington, including those in food service, child care, home health care, retail sales, personal services, construction and maintenance occupations. The city estimates it will cost employers $1 million annually.

Employers must comply within 30 days of being notified about the requirement. They are required to pay wages at least equal to the living wage and provide training and assistance to help employees reach the living wage standard.

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Hoosier Injury Attorneys

This content is made possible by Hoosier Injury Attorneys in Bloomington Indiana.

Hoosier Injury Attorneys is a personal injury law firm serving the Bloomington area. They assist those injured in auto accidents including car accidents, bicycle accidents, motorcycle accidents, and trucking accidents. They also list several other practice areas including medical malpractice lawsuits, birth injury lawsuits, construction injury lawsuits, and dog bite claims. They also assist workers with workers' compensation claims and have a list of dedicated experienced personal injury attorneys to help those in the Bloomington area. The law office serves Bloomington and the surrounding areas including Clear Creek, Kirby, New Unionville, Woodbridge, Smithville, and Handy.

They are located at: 642 N Madison St Bloomington, IN 47404 and can be reached on (812) 382-9879.

Hoosier Injury Attorneys
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GROW

- A Business Growth Guide For Small Businesses

The launch of a new business can be exciting, exhilarating, stressful and downright scary. There are many things to consider and decisions to make. But once you've got it up and running, there's still plenty to do. How do you continue to grow your business? What does success look like? And how do you keep it sustainable long term? These questions are addressed in our new GROW guide. This free resource is designed to help small businesses navigate the complex world of growth.

How To Launch A Business In Bloomington Indiana

Business Structure

The first decision you must make in starting a business is whether it will be incorporated or unincorporated. This choice determines many important decisions about your business, such as where to file your federal tax returns, what state income tax forms you'll use, and how much information you're required to provide to potential customers. You may want to incorporate even though you don't plan to sell products or services directly to consumers; incorporating allows you to protect your personal assets from being seized by creditors of the corporation. On the other hand, some businesses operate better without corporate protection.

There are three basic ways to form a business:

1. Sole proprietorship: In this case, the sole owner does everything himself. He files his own federal tax return, pays his own state income taxes, makes most of the decisions about his business, and keeps track of all his records. If he hires employees, he must pay Social Security and Medicare taxes on behalf of those workers. His business is not protected against lawsuits brought by third parties.

2. Partnership: Two people join together to start a business. Each partner owns half of the business and shares equally in profits and losses. Partnerships generally require separate incorporation papers. One partner serves as president and treasurer while the other serves as secretary and vice president. They both keep separate books and accounts.

3. Corporation: A corporation is formed under the laws of either Delaware or Nevada. Corporations are very complex entities, but they allow owners to limit liability for debts incurred by the business. For example, if a corporation buys goods from another person, the corporation cannot be sued personally for payment. Instead, the corporation itself is liable for the debt.

Incorporating a business requires filing certain documents with the appropriate government agencies. These filings include articles of incorporation, bylaws, minutes of meetings, stock certificates, and annual reports. Most states offer free help in forming corporations. However, there are fees associated with incorporating a business.

Forming a corporation involves filling out several sets of paperwork. Some states charge a fee for registering a corporation, and others charge a fee for incorporating a corporation. Fees vary widely depending upon the amount of money involved. To find out how much it costs to register a corporation in your state, contact the Secretary of State's office.

To learn more about the pros and cons of incorporating a business, read our article titled "Organizational Structures."

Establishing Tax Accounts
Establishing Tax Accounts

An employer identification number (EIN) is needed for businesses with employees. A separate EIN is used for each employee; it is necessary to establish individual income tax withholding and Social Security/Medicare tax accounts for each person.

A taxpayer must apply for an EIN within 30 days of starting work for the first time. If the taxpayer already had an EIN, he or she must reapply for the same type of EIN within 60 days of ceasing work.

The application takes about 3 weeks to process.

Local Regulation

Indiana cities and counties have jurisdiction over many aspects of life in the state. This includes zoning regulations, signage requirements, construction permits, and even whether you need a permit to operate a food truck. These rules apply to everyone, including businesses, regardless of size.

Zoning laws are enforced by local governments within each municipality. Each area usually has a different set of zoning ordinances. For example, Indianapolis does not require building permits for one-family homes, while Fort Wayne requires them for single family dwellings. You must check with your local government about what type of permits are required.

Construction Permits

In most cases, construction projects are regulated by local authorities. If you plan to build something, such as a house, office building, or restaurant, you will need to obtain a permit. In addition to permitting agencies, there are typically several levels of approval needed before a project can begin.

The following are examples of types of permits that may be required:

• Building Code - A code is a standard document used by builders and inspectors to ensure compliance with safety standards. Codes are published by the International Conference of Building Officials (ICBO), which is affiliated with the American National Standards Institute (ANSI). There are codes for every aspect of building construction, including electrical wiring, plumbing, heating, ventilation, fire protection, and much more.

• Electrical Work Permit - An electrician must complete an application for a permit to perform work. The permit allows the electrician access to the property where he/she plans to do work.

Local Regulation

Indiana University is located in Bloomington. Founded in 1820, Indiana University is one of the country's oldest and largest state universities. The majority of the university's structures are made of Indiana limestone. Most people made a living in the early years by farming, extracting limestone, and timbering for the furniture industry.

Bloomington, in Monroe County, is one of Indiana's best locations to live. Bloomington provides people with an urban suburban mix vibe, and the majority of residents rent their homes. There are numerous restaurants and parks in Bloomington.

From November 30 to February 28, the cold season lasts 3.0 months, with an average daily high temperature of less than 47°F. January is the coldest month in Bloomington, with an average low of 23°F and a high of 38°F.