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However, there is a technical difference on the state level, where foreign corporations are generally defined as companies doing business in one state while being incorporated in another state. Domestic corporations, meanwhile, are those companies incorporated and doing business in the same state.
The main difference between an LLC and a corporation is that an llc is owned by one or more individuals, and a corporation is owned by its shareholders. No matter which entity you choose, both entities offer big benefits to your business.
9.20. Reduction of paid-in capital. bankruptcy that specifically directs the reduction to be effected. (b) Notwithstanding anything to the contrary contained in this Act, at no time shall the paid-in capital be reduced to an amount less than the aggregate par value of all issued shares having a par value.
Domestic BCA: Any company that files Articles of Incorporation in the State of Illinois under the Business Corporation Act of 1983, as amended is considered a domestic corporation in the State of Illinois.
All corporations must use one of the following in their names, usually at the end of the name: ?Incorporated,? ?Corporation,? ?Limited? or their abbreviations.
Directors. There must be at least three directors. They do not have to be Illinois residents or corporation members. You may list between three and seven directors on the Articles of Incorporation.
Domestic BCA: Any company that files Articles of Incorporation in the State of Illinois under the Business Corporation Act of 1983, as amended is considered a domestic corporation in the State of Illinois.
Your franchise tax will be calculated at 1/10 of 1% of your paid-in capital for the 12 months prior to your annual report filing. In 2023, the first $100,000 of the franchise tax calculated is exempt.