The Indiana Secretary of State says a law recently signed by Governor Eric Holcomb represents the "most far-reaching revision of Indiana business laws" in more than 20 years. Connie Lawson says Senate Enrolled Act 443 will simplify business formation and bring consistency to rules governing businesses and business transactions.

Lawson's office says current law has separate administrative requirements for business corporations, limited liability partnerships, limited partnerships, nonprofit corporations and limited liability companies. The new law will take provisions on business filings, names, registered agents, foreign entities and administrative dissolution from five different laws and make them identical to each other.

The law will also consolidate provisions governing business mergers, interest exchanges, conversions and domestications into one place, according to the Secretary of State's office. The new law was modeled after two statutes from the Uniform Law Commission.

"This legislation is another example of our state making every effort to cut government red tape for businesses and promote economic development," said Lawson. "Now no matter what entity type a business chooses, the rules will be the same. This will greatly simplify requirements for businesses and eliminate traps for the unwary."

The new law will go into effect January 1, 2018.