Professional Corporation Package for Illinois
Overview of this form package
The Professional Corporation Package for Illinois provides a comprehensive set of forms and instructions needed to incorporate a professional corporation in Illinois. This package is specifically designed for state-licensed professionals and includes essential documents such as Articles of Incorporation, bylaws, and other forms necessary for creating and maintaining a professional corporation. Unlike general business incorporation packages, this package addresses the unique statutory requirements governing professional services in Illinois, ensuring compliance with specific state laws.
Forms you’ll find in this package
- Illinois Articles of Incorporation for Professional Corporation
- Application of Name Reservation
- Sample Annual Minutes for an Illinois Professional Corporation
- Sample Bylaws for an Illinois Professional Corporation
- Annual Minutes for an Illinois Professional Corporation
- Organizational Minutes for a Illinois Professional Corporation
- Sample Transmittal Letter for Articles of Incorporation
- Election of 'S' Corporation Status and Instructions - IRS 2553
- I.R.S. Form SS-4 (to obtain your federal identification number)
When to use this document
This form package should be used when you are ready to establish a professional corporation in Illinois. You may need this package in the following scenarios:
- You have completed the necessary qualifications to practice a professional service in Illinois.
- You are seeking to limit personal liability while providing professional services.
- You are creating a business structure that allows for continuous operation, even if ownership changes.
- You want to ensure compliance with Illinois state laws regarding professional corporations.
Intended users of this form package
- Individuals licensed to practice medicine, law, accounting, or other state-regulated professions in Illinois.
- Business owners who aim to protect their personal assets while running a professional practice.
- Professionals seeking to meet state regulations for the establishment of a professional corporation.
How to prepare this document
- Review the contents of the package, including all forms and instructions.
- Reserve your desired corporate name using the Application for Reservation of Entity Name form.
- Complete the Articles of Incorporation and ensure they meet the specified state requirements.
- File the Articles along with the required Certificate of Registration with the Secretary of State.
- Conduct an initial meeting to form corporate bylaws, appoint directors, and make necessary decisions.
- Apply for a Federal Tax Identification Number and consider filing for S Corporation status if applicable.
Notarization details for included forms
Forms in this package typically do not require notarization unless required by local law. However, it is advisable to verify with your legal counsel or the regulating authority relevant to your profession.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to reserve a corporate name before filing the Articles of Incorporation.
- Not completing or signing the Articles of Incorporation correctly, which can lead to rejection.
- Neglecting to include the Certificate of Registration when submitting the Articles for filing.
- Using incorrect or outdated forms that do not comply with current state laws.
Benefits of completing this package online
- Convenient access to up-to-date legal forms that comply with Illinois regulations.
- The ability to fill out forms electronically, saving time and ensuring accuracy.
- Easy download options that allow you to save and print forms at your convenience.
- Support and guidance included with the package to help you complete the forms correctly.
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FAQ
The main difference between a professional corporation and a limited liability company (LLC) lies in their structure and purpose. A professional corporation is designed specifically for licensed professionals, whereas an LLC can be used for a broader range of businesses. Additionally, professional corporations have stricter regulatory requirements in Illinois. Our Professional Corporation Package for Illinois can help you navigate these complexities and choose the right structure for your needs.
A professional corporation is a variation of the corporate form available to entrepreneurs who provide professional servicessuch as doctors, lawyers, accountants, consultants, and architects.In a professional corporation, the owners perform services for the business as employees.
To form an Illinois LLC you will need to file the Articles of Organization with the Illinois Secretary of State, which costs $150. You can apply online or by mail. The Articles of Organization is the legal document that officially creates your Illinois limited liability company.
To form an Illinois LLC you will need to file the Articles of Organization with the Illinois Secretary of State, which costs $150. You can apply online or by mail. The Articles of Organization is the legal document that officially creates your Illinois limited liability company.
The articles must include the corporate name; the name and street address of an agent for service of process; its purpose; the number of shares the corporation is authorized to issue and the consideration (money or property) the corporation will receive for the shares; and the names and addresses of the incorporators.
A PLLC, or professional limited liability company, is a special type of LLC that may only be formed by licensed professionals for the purpose of rendering professional services. While this is not required, doing so can be beneficial for tax, liability, financing, and other reasons.
In most cases, business owners can amend the articles of organization of an LLC to change to a PLLC. For example, the state of Arizona requires that a company complete a form to amend its articles of organization and change the name of the company from LLC to PLLC.
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.
Step One) Choose a PLLC Name. Step Two) Designate a Registered Agent. Step Three) File Formation Documents with the State. Step Four) Create an Operating Agreement. Step Five) Handle Taxation Requirements. Step Six) Obtain Business Licenses and Permits.
A professional corporation is a corporation organized under the Professional Service Corporation Act solely for the purpose of rendering one category of professional service or related professional services and which has as its shareholders, directors, officers, agents and employees (other than ancillary personnel)
