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My office provides this booklet to help you understand the process of registering as a foreign corporation qualified to do business in Illinois. Complete and file an Application for Authority with the Department of State.The promulgated form for filing the assumed name with the secretary of state is Form 503. This form is not acceptable for filing with the county clerk. Organizations must electronically file this form to apply for recognition of exemption from federal income tax under section 501(c)(3). Read all instructions prior to completing. Complete 3a, if the original name does not include. "corporation," "company," "incorporated," "limited," or one of these abbreviations: "inc. For-profit corporations pay tax on earned income and shareholders pay tax on dividends received. Profit Corporation Instructions.