Illinois Pre-Incorp Checklist
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FAQ
Your main cost when starting an LLC in Illinois will be the state's LLC registration fee, which is $150. On top of that, you'll need to shell out $75 each year to file your Illinois annual report. You'll also have additional expenses to think about, like hiring a registered agent and purchasing business insurance.
Articles of Incorporation in Illinois ask for: Name. ... Initial Registered Agent's Name, Address, and Mailing Address. ... Purpose (optional) ... Authorized shares. ... Directors (optional) ... Estimated Values (optional) ... Other Provisions (optional) ... Name and address of incorporator(s)
Corporations are strict, and have legal obligations and formalities like electing a board of directors, holding shareholder meetings, and maintaining internal records such as meeting minutes and stock issuance. Conversely, LLCs only require a minimal amount of maintenance.
Though Illinois does not require a statewide business license, your business is required to obtain a Certificate of Registration or License, sometimes referred to as a seller's permit, if it intends to sell or lease taxable goods or services within the state.
How to Start a Business in Illinois Choose a Business Idea. ... Decide on a Legal Structure. ... Choose a Name. ... Create Your Business Entity. ... Apply for Licenses and Permits. ... Pick a Business Location and Check Zoning Regulations. ... Review Your Tax Registration and Reporting Requirements. ... Obtain Insurance.
Regular filing time for an LLC (limited liability company) is between seven and ten business days. Expedited filing time only takes about 24 hours, although additional fees will apply.
Form an Illinois Corporation: Name Your Corporation. Designate a Registered Agent. Submit Articles of Incorporation. Get an EIN. Write Corporate Bylaws. Hold an Organizational Meeting. Open a Corporate Bank Account. File State Reports & Taxes.
