Important information from INBiz – Several changes will take effect January 1, 2018 – Don’t let 2018 take you by surprise. See how the new requirements will affect your business.
CONEXUS INDIANA CONNECTS HOOSIER SUPPLIERS THROUGH NEW TOOL
Conexus Icon offers Hoosiers an online database that provides information to companies about the capabilities and certifications of Indiana suppliers.
The database promotes Indiana suppliers to procurement organizations and supports growth in every business-to-business sector statewide. A comprehensive search function on the site allows users to map suppliers based on location and to search by keyword, name, industry, county, area code, Congressional district and many others. A simple procurement posting tool matches and promotes opportunities to registered users.
Businesses can register and update company profiles on the website, www.conexusicon.com.
IMPORTANT INFORMATION RELATED TO END OF YEAR BUSINESS FILING INFORMATION
INBiz will be shut down between 11:30 p.m. Dec. 31, 2017 and 11 p.m. Jan. 1, 2018 to allow administrators to add new functionalities required by the new laws. During this period, customers won’t be able to perform electronic filings or transactions on INBiz.
Customers who wish to have an effective date of Jan. 1, 2018 must submit filings online prior to 11:30 p.m. Dec. 31, 2017 or must submit a hard copy of the filing that notes the future effective date.
New paper forms will also be available on January 2, 2018. Please make sure you are using the most updated version of the paper form to avoid rejected filings.
ENTRY NAME FILINGS BANK HOLDING COMPANY EXCEPTION REMOVED
Bank holding companies will no longer be able to bypass the Department of Financial Institutions approval process regarding changes of entity name filings submitted to the Secretary of State’s office.
Any filings or amendments received by the Secretary of State that change the name of the entity to include “bank” must be forwarded to the Department of Financial Institutions for review. After review, the department will forward results to the Secretary of State’s office.
NEW FILING REQUIREMENTS FOR LIMITED PARTNERSHIPS AND LIMITED LIABILITY PARTNERSHIPS
All domestic and foreign limited partnerships (LPs) and limited liability partnerships (LLPs) will be required to file biennial reports with the Secretary of State’s office. This change ensures the Secretary of State’s office has up-to-date information for LPs and LLPs and makes both partnerships consistent with other entity types.
For LPs and LLPs that registered with the Secretary of State’s office prior to Jan. 1, 2018, the first biennial report will be due during the businesses’ formation or registration month in 2019 and during every odd year moving forward.
LPs and LLPs registering on or after Jan. 1, 2018, must file biennial reports by the end of the month of registration every two years.
COMMERCIAL REGISTERED AGENTS
Hoosiers who serve as registered agents will have the option to be listed as Commercial Registered Agents (CRA), which will significantly simplify business management by offering a single point where users can manage multiple businesses.
CRAs will receive access to a new dashboard that will contain a list of all businesses associated with the account and will allow users to seamlessly manage filings, such as business entity reports.
This functionality will most likely appeal to professional service companies and law firms. CRAs will be able to determine which of the entities they represent owe reports and other filing requirements.
ADMINISTRATIVE DISSOLUTION/REVOCATION UPDATE
Administrative Dissolutions and Revocations are being processed at a faster rate than they have been in the past. Once a business receives the past due notice for failing to file the required business entity report, it will be Administratively Dissolved or Revoked in approximately five (5) months.