This By-Laws document contains the following information: the name and location of the corporation, the shareholders, and the duties of the officers.
Bylaws Of A Corporation With 2 Owners In Illinois
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Advantages: There is no limit on the number of owners a corporation may have, thus allowing the corporation to raise substantial amounts of capital, the life of the business can continue beyond the death of any of the owners, the liability of the owners is limited to the amount of their investment in the firm.
All companies must have at least one (1) shareholder. There are no limits on the number of shareholders of a public company. A private company, however, can only have fifty (50) shareholders. You can read more about shareholders in public companies here.
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.
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.
To qualify for S corporation status, the corporation must meet the following requirements: Be a domestic corporation. Have only allowable shareholders. Have no more than 100 shareholders. Have only one class of stock.
A corporation with a single stockholder is considered a One Person Corporation as described in Title XIII, Chapter III of this Code.” As can be gleaned above, a minimum of one (1) and a maximum of fifteen (15) can become incorporators of a company.
Unlike sole proprietorships, a corporation can be owned by multiple people.
If you decide you would like to reserve a corporate name, you will need to complete and submit a Name Reservation form. Alternatively, a preliminary check of corporate name availability may continue to be conducted via telephone by calling 217-782-9521. Proper completion of this form is the customer's responsibility.
