Bylaws Of A Corporation With Find In Chicago
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Having a corporate seal is no longer mandatory by Illinois statute, but including this language will document the fact that the company either does or does not use a seal.
In general, what constitutes doing business, or qualifying to do business, ultimately revolves around the ability to sue and be sued. Which is why there is a statutory requirement to maintain a registered agent that resides in Illinois for the sole purpose of accepting service of process and State correspondence.
Corporate bylaws are legally required in Illinois. Illinois statute §805 ILCS 5/2.20 requires that bylaws be adopted either by shareholders at the first shareholder meeting or by directors at the initial director meeting.
The purpose of a statutory close corporation is to provide small business owners with the advantages of incorporation without some of the more onerous corporate governance requirements.
To incorporate online, the Corporation must meet the following requirements: The name must be unique. Check the name availability to ensure this. The name must include one of the following words or abbreviations: Corporation or Corp. Company or Co. Incorporated or Inc.
One of the most distinct characteristics is that a close corporation typically has a small number of shareholders, often family members or close acquaintances.
Disadvantages of a Close Corporation Growth and Expansion Limitations. Generally, shareholders face strict rules regarding whom they may sell or transfer their shares to. Potential Tax Downsides. Not Available Everywhere.
There are several ways to organize businesses in Illinois. They are Sole Proprietorships, General and Limited Partnerships, Limited Liability Partnerships (LLP), Limited Liability Companies (LLC), "S" Corporations and "C" Corporations.
By-laws Adoption. – Every corporation formed under this code, must, within one month after receipt of official notice of the issuance of its certificate of incorporation by the Securities and Exchange Commission, adopt a new code of by-laws for its government not inconsistent with this code.
