Corporation Without Bylaws In Chicago
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A professional corporation may be incorporated by one or more persons licensed in the respective profession or an Illinois attorney by filing the Articles of Incorporation with the Department of Business Services in person or by mail.
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.
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.
Corporate bylaws are a company's foundational governing document. They lay out how things should run day-to-day and the processes for making important decisions. They serve as a legal contract between the corporation and its shareholders, directors, and officers and set the protocol for how the organization operates.
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.
Corp Election teps for LLCs tep 1 Choose a business name. tep 2 Choose a registered agent. tep 3 File Illinois Articles of Organization. tep 4 Create an operating agreement. tep 5 Apply for an EIN. tep 6 Apply for Corp status with IR Form 2553.
There must be at least three directors. They do not have to be Illinois residents or corporation members, but you may require these and any other qualifications you choose. Restrictions and qualifications may be outlined in the Articles of Incorporation under the Other Provisions section or in the corporate by-laws.
A Series LLC also offers the benefit of pass-through taxation, similar to a traditional LLC and partnerships, which avoids the potential for double taxation that can occur in corporations. Each series within a Series LLC can have its income and losses passed through to its members' personal tax returns.
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LLPs in Illinois offer limited personal liability and are particularly suitable for professional service firms due to their management flexibility and pass-through taxation. LLCs provide a balance between flexibility and liability protection, with the option for corporate taxation.
