Illinois Business Incorporation Package to Incorporate Corporation
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How to fill out Illinois Business Incorporation Package To Incorporate Corporation?
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Registered Office. Business Activity. Director's Details. Shareholders' Details. Shareholders' Details. Secretary Details (Not Compulsory) Person with Significant Control (PSC) Details Where the person is not a director, shareholder or secretary.
What Is the Cheapest State to Incorporate? Delaware remains one of the more affordable states in which to form an LLC (14th lowest filing fee of 50 states). Delaware also ranks well for incorporation fees (17th lowest filing fee of 50 states).
Choose a Corporate Name. File Articles of Incorporation. Appoint a Registered Agent. Prepare Corporate Bylaws. Appoint Directors and Hold First Board Meeting. File Annual Report. Obtain an EIN.
Business Name Reservation Form (Corps and LLCs) Articles of Incorporation (Corps only) Articles of Organization (LLCs only) Corporate Bylaws (Corps only) Operating Agreement (LLCs only)
Illinois Corporation Incorporation: $150 filing fee + franchise tax ($25 minimum) + optional $100 expedite fee. The expedite fee is required if you file online. Franchise tax is calculated as $1.50 per $1,000 on the paid-in capital represented in this state.
One of the main reasons to form a corporation or LLC for a small business is to avoid personal liability for the business' debts. As we mentioned earlier, corporations and LLCs have their own legal existence. It's the corporation or LLC that owns the business, its assets, debts, and liabilities.
Both types of entities have the significant legal advantage of helping to protect assets from creditors and providing an extra layer of protection against legal liability. In general, the creation and management of an LLC are much easier and more flexible than that of a corporation.
How much does it cost to form an LLC in Illinois? The Illinois Secretary of State charges $150 to file the Articles of Organization. You can reserve your LLC name with the Illinois Secretary of State for $25.
Inc. is the abbreviation for incorporated. An incorporated company, or corporation, is a separate legal entity from the person or people forming it. Directors and officers purchase shares in the business and have responsibility for its operation. Incorporation limits an individual's liability in case of a lawsuit.