This By-Laws document contains the following information: the name and location of the corporation, the shareholders, and the duties of the officers.
Purpose Of Bylaws For Corporations In Chicago
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State:
Multi-State
City:
Chicago
Control #:
US-00444
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Word;
Rich Text
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FAQ
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.
“Inc.” is short for “incorporated”, and it is the abbreviation that is often used to indicate that a business is a corporation.
Business Name: The LLC name shall be the name under which the LLC shall transact business in Illinois unless the LLC elects to adopt one or more assumed LLC names.
One of the most distinct characteristics is that a close corporation typically has a small number of shareholders, often family members or close acquaintances.
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.
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.
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.
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 corporate bylaws is to establish an internal decision-making structure and clarify the relationships between key stakeholders in a company. These parties include: Shareholders who own the corporation. Directors responsible for the overall direction of the company.
Here are some typical examples of S corporation bylaws: Yearly meetings will be held to elect a board of directors for the following year. To vote or carry on other transactional business, there must be a minimum of six directors.