Illinois Purchase by company of its stock
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How to fill out Purchase By Company Of Its Stock?
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FAQ
PAID-IN CAPITAL: Paid-in capital is the amount of money or other property paid to the corporation for, or on account of, the issued shares, less expenses incurred with the issuance of shares, plus any cash or other consideration contributed to the corporation.
In general, what constitutes doing business, or qualifying to do business, ultimately revolves around the ability to sue and be sued. Which is why there is a statutory requirement to maintain a registered agent that resides in Illinois for the sole purpose of accepting service of process and State correspondence.
The Allocation Factor Take the total value of property owned (anywhere) + total gross assets earned during the previous fiscal year (all locations). Calculate 1 divided by 2 to get your allocation factor. Multiply the allocation factor by your total paid-in capital and the result is your Illinois capital.
Paid-in capital is the amount of money a corporation receives from its shareholders in exchange for stock. 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.
While it may sound unusual, a company can own shares in itself. Of the two main methods of doing so, the most common is when the company holds treasury shares.
Each domestic and foreign Illinois Corporation is required to pay franchise tax at the time of filing its first report of issued shares (articles of Incorporation or application for authority) for the privilege of exercising its franchises in the State of Illinois.
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.
§ 12.56. Shareholder remedies: non-public corporations. (4) The corporation assets are being misapplied or wasted. (12) The dissolution of the corporation if the court determines that no remedy specified in subdivisions (1) through (11) or other alternative remedy is sufficient to resolve the matters in dispute.