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Steps to Form an S Corp in Illinois Choose an LLC Name. You'll find when you go to register an LLC one of the first things you need is a name. ... Choose a Registered Agent. ... File Your Articles of Organization. ... Create an Operating Agreement for Your LLC. ... Get an EIN. ... File Form 2553 to Elect S Corp Tax Status.
If you're looking to incorporate in Illinois, you're in the right place. This guide will help you file formation documents, get tax identification numbers, and set up your company records. Incorporation: $150 filing fee + franchise tax ($25 minimum) + optional $100 expedite fee.
Table of Contents Choose a Business Name. Register Your Business. Get Your Business EIN. Apply for Required Permits or Licenses. Open a Business Bank Account. Get Business Insurance. Start Marketing Your Business. Frequently Asked Questions (FAQs)
Usually, S corporations in Illinois are audited less frequently than partnerships and sole proprietorships. S corporations in Illinois enjoy the advantages of pass-through taxation. This means that the shareholders can avoid the dreaded double taxation that applies to C corporations.
Subchapter S corporations and partnerships pay replacement tax of 1.5 percent (. 015). S corporations and partnerships do not pay Illinois Income Tax. Generally, income from an S corporation or partnership is passed on to the shareholders or partners.
To form an S Corp in California, you must file Form 2553 (Election by a Small Business Corporation) with the IRS and then complete additional requirements with the state of California, including filing articles of incorporation, obtaining licenses and permits, and appointing directors.
To start a corporation in Illinois, you'll need to do three things: appoint a registered agent, choose a name for your business, and file Articles of Incorporation with the Department of Business Services. You can file this document online or by mail. The articles cost a minimum of $175 to file.
To register a business as an S corporation, Articles of Incorporation (sometimes called a Certificate of Incorporation or Certificate of Formation), must be filed with the state and the necessary filing fees paid. After incorporation, Form 2553 must be filed with the IRS in order to elect S corporation status.