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Governor signs Secretary of State bill updating Indiana’s LLC laws
Start Date: 4/9/2013 All Day
End Date: 4/9/2013
Entry Description

Law comes from unanimous recommendation by the Business Law Survey Commission

INDIANAPOLIS (April 9, 2013) — House Enrolled Act 1394 (HEA 1394), which updates Indiana law governing limited liability companies (LLCs), has been signed into law by Governor Pence. The changes to LLC law were proposed by Secretary of State Connie Lawson upon the recommendation of the 14 member Indiana Business Law Survey Commission, which works to keep Indiana’s corporate and business entity laws up-to-date.

“Our corporate formation laws have made Indiana one of the most attractive states to start a business, but in order to remain competitive, our laws must be consistent and user-friendly,” said Secretary of State Connie Lawson. “This law provides the updates our state needs to continue attracting entrepreneurs and world-class businesses.

“I thank Representative Steuerwald and Senators Head and Steele for carrying this legislation.”

Under the new law, a CPA, attorney or registered agent can file and sign an annual or bi-annual report on behalf of the business entity. Previously, this practice was not consistently spelled out in the law. 

The law also changes estate planning by confirming that an LLC can be co-owned by two or more persons with rights of survivorship. This will allow family-owned businesses to easily transfer rights to the company in the event of a death of a co-owner.

“HEA 1394 updates Indiana law governing LLCs, which according to the Secretary of State's Office, have become the entity of choice for most new businesses in Indiana,” said Richard Thrapp, Chairman of the Business Law Survey Commission. "This includes changes intended to be helpful to family-owned businesses and other closely-held businesses, which represent a very important segment of the Indiana economy.”

Contact Information:
Name: Valerie Kroeger
Phone: 317-233-8655
Email: vkroeger@sos.IN.gov
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