How long to incorporate in illinois




















What powers do they have? How do you fill a vacancy or remove a director or officer? Finances: What are the procedures for retaining profits, issuing dividends, and paying bills? Who can withdraw money from the corporate bank account or sign checks? Records: Where is the corporate book to be kept? What information will be maintained? How are requests for review or access honored? Can records or copies be kept or distributed digitally?

Amendments and emergencies: Who can amend bylaws and how? Can emergency bylaws be adopted in the case of disaster? Illinois bylaws can make other provisions as well, assuming additions are in accordance with state law. Creating bylaws can be overwhelming—where do you start? Northwest can help. We give you free corporate bylaws when you hire us to form your Illinois corporation. We offer many other free corporate forms as well, including templates for resolutions and meeting minutes.

An organizational meeting is the first official meeting of the corporation after the business is legally formed with the state. At this meeting, bylaws are adopted, officers are appointed, and any other initial business is conducted.

The first meeting minutes should also be recorded and added to your corporate record book. Attendees can, however, waive their required notice in writing. Businesses that mix personal and business finances together risk losing their liability protections, so your corporation will need its own bank account. In addition, a corporate bank account is essential for easily accepting payments, paying bills and holding funds.

The resolution would state that the person going to the bank is authorized by the business to open the account in the name of the corporation.

At Northwest, we provide free corporate bank resolutions , along with many other free corporate forms, to help you get started fast. In Illinois, corporations file an annual report each year, along with a state franchise tax. You update information on directors, officers and shares. The second half of the form helps you calculate your franchise tax, which can either be based on paid-in capital at a rate between 0.

There is some good news though—the state is phasing out the franchise tax over the next few years. In the meantime, franchise tax exemptions increase each year until the tax goes away in The filing is due before the first day of your anniversary month the month you first incorporated.

These filings can be easy to forget—which is why we send our clients automatic reminders for your Illinois Annual Report and Franchise Tax filings. Or better yet, let us file for you. Besides the annual franchise tax discussed above, Illinois corporations have two more major taxes to contend with: a corporate net income tax and a personal property replacement tax.

The personal property replacement tax which weirdly has nothing to do with property also taxes net income. The rate is 2. Essentially, this means a typical corporation pays a combined 9. The Illinois sales tax is 6. City, county and specialty sales taxes can be tacked on as well, making the average total sales tax 7. You can file Illinois articles online or by mail. Mailed filings must be submitted in duplicate typed or printed in black ink to the following address:.

Need it expedited? Have some time and want to save a hundred bucks in extra fees? Forgo expediting and receive your approval in about 10 days. If you hire Northwest to start your corporation, we file online and typically have your expedited Illinois corporation formed within 24 hours. For example, while Chicago only licenses specific business activities, Evanston requires all businesses to obtain a license and renew it each year.

For some license applications you may need an EIN or a certified copy of your Articles of Incorporation. At Northwest, we can streamline the process and get these for you—simply add on these items during checkout. A corporation formed outside of Illinois—but which conducts business in the state—is considered a foreign Illinois corporation.

For example, if you incorporated in Indiana but decide to open a storefront in Illinois, you would be a foreign Illinois corporation. This also means you would need to register with the state by filing an Application for Authority with the Illinois Secretary of State. Foreign corporations are required to file the Illinois Annual Report and Franchise Tax each year as well. Note that incorporating an Illinois nonprofit requires a different form. The filing fee is lower as well.

We get it. We can provide you with a virtual phone number in any state—plus unlimited call forwarding and tons of easy-to-use features. No contract required. Talk with a Real Specialist. Information Center Start a Business in Illinois. Start a Business in Illinois.

Step-By-Step Startup Below is an overview of the paperwork, cost, and time to form each of the most popular business structures. If you have not decided whether you want to form an LLC, corporation, or other business structure, click here.

If wish to form your business in a different state than Illinois, click here. The expedite fee is required if you file online. The fee for an LLC is slightly higher than other states. Illinois offers a wide variety of business structures. Illinois offers over 5 different type of business corporations.

The most common is simply called a "business corporation". Check that you desire this type of corporation before you get started A common source of confusion is the franchise tax for corporations. It is based on the value of paid-in-capital. Filing your Illinois annual report requires original signatures. Changing your registered agent requires a separate form. The Illinois Secretary of State branded their online filing system "cyberdriveillinois".

You'll use this website if you choose to file your formation documents online. Stay Informed. Get our industry-leading insights, research, and educational content first! Partner With Us. Learn More.

Celebrate Small Business Month! New Order? Existing Order? Toggle navigation. LLC More Learning Center Start-up Tasks Corporation vs. About Us About incorporate. Learning Center Illinois. Ready to create your company? Limited Partnership LP incorporate. File Articles of Organization Once we have verified your company name, incorporate. The Filing includes the following information: Illinois LLC Information: The Articles must include the LLC's name and address a post office box or care-of address is not acceptable , purpose, and dissolution date, if there is one.

Organizer: You will need to list the name and address of at least one organizer, and include a signature. Registered agent: An LLC in Illinois must list the name and address of a registered agent with a physical address no post office boxes within the state. The registered agent must be available during normal business hours to accept important legal and tax documents for the business.

Effective date: The date on which the Articles of Organization become effective. This can be either the filing date, or a later date specified on the Articles. The later date cannot be more than 60 days after the filing date. Other provisions: You have the option of including additional provisions for regulating the internal affairs of the LLC. Register with the Illinois Department of Revenue You are required to register your business with the Illinois Department of Revenue by completing the REG-1 Illinois Business Registration Application before you make any purchases, sales, or hire employees.

Annual Reports Your Illinois LLC must file an annual report with the Illinois Secretary of State the day before the first day of the month that marks the anniversary of your initial filing. FAQs Do I need to reserve a name? Do I need to submit an operating agreement? Does Illinois have publication requirements or other follow-up filings? Ready to Incorporate in Illinois?

Get Started. State of Illinois Business Licenses and Permits In the State of Illinois, business license application and registration is handled by county and local governments. Environmental Licenses and Permits You may need construction or safety permits, or environmental licenses for some business activities. Advertising Restrictions Many communities in Illinois restrict advertising, regulate pricing or require zoning permits.

Employee Requirements If you have at least one employee, you are required to address the issue of employer insurance. Workers' Compensation Insurance: Under the Workers' Compensation and Workers' Occupational Diseases Acts, an employer is required to provide insurance for accidental deaths, injuries and occupational diseases of employees arising in the course of employment.

Temporary workers who normally do not receive company benefits are still provided workers' compensation. Insurance generally is purchased through private companies. Companies can apply to the Workers' Compensation Commission to become self-insured.



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