FAQ: How Do I Incorporate In Illinois?

How much does it cost to incorporate a business in Illinois?

Illinois Corporation Incorporation: $150 filing fee + franchise tax ($25 minimum) + optional $100 expedite fee. The expedite fee is required if you file online. Franchise tax is calculated as $1.50 per $1,000 on the paid-in capital represented in this state.

How do I file an S Corp in Illinois?

How to Form a Corporation in Illinois

  1. Choose a corporate name.
  2. File your Articles of Incorporation.
  3. Appoint a registered agent.
  4. Start a corporate records book.
  5. Prepare corporate bylaws.
  6. Appoint initial directors.
  7. Hold first Board of Directors meeting.
  8. Issue stock to shareholders.

How do I get articles of incorporation in Illinois?

To purchase a copy of a corporation’s Articles of Incorporation, please visit the Illinois Secretary of State Department of Business Services website – https://www.cyberdriveillinois.com/departments/business_services/howdoi.html or contact them at (217) 524-8008.

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What state is the cheapest to incorporate in?

What Is the Cheapest State to Incorporate? Delaware remains one of the more affordable states in which to form an LLC (14th lowest filing fee of 50 states ). Delaware also ranks well for incorporation fees (17th lowest filing fee of 50 states ).

How much does it cost to register an LLC in Illinois?

Forming an LLC in Illinois involves filing articles of organization with the Secretary of State, and paying a registration fee of $150. Illinois LLC annual fees are $75.

How long does it take for an LLC to be approved in Illinois?

It normally takes 3-4 weeks for the LLC paperwork to be approved in Illinois. Expedited processing (typically 1 business day) is also available for an additional fee.

How much is an S Corp in Illinois?

Pay filing fees. When you file IRS Form 2553, you must pay $275, which includes a $25 franchise tax fee, $150 filing fee, and $100 expedited fee. Payments must be on a credit card and include a 2.35 percent fee.

How much does it cost to form an S Corp in Illinois?

The filing fee is $150 plus an initial franchise tax payment assessed at rate of $1.50 per $1,000 of paid-in capital represented in Illinois. Technically, the minimum initial franchise tax is $25.

How are S corporations taxed in Illinois?

S corporations are subject to the Personal Property Tax Replacement Income Tax (replacement tax), but do not pay Illinois income tax. The income tax is paid at the shareholder’s level. Generally, income from an S corporation is passed on to the shareholders.

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How long does it take to get articles of incorporation in Illinois?

How long does it take to incorporate in Illinois? Regular processing of articles of incorporation takes about four weeks, plus an additional two or three days to mail the final documents. Regular filing time for an LLC (limited liability company) is between seven and ten business days.

Where can I find my articles of association?

A company’s articles will be displayed on public record. They can be changed at any time after incorporation at a general meeting of the members. Companies must also keep a copy of their articles at their registered office or SAIL address.

Are bylaws the same as articles of incorporation?

Bylaws are not the same as articles of incorporation —the articles are a short document filed with your state to form your business. Bylaws are a longer, more detailed, internal document. Both for-profit and nonprofit corporations should have bylaws.

Where is the best place to incorporate?

Since Delaware has become known as the most corporate-friendly state in the country, it has become one of the most desirable states to incorporate in. In fact, the Delaware Division of Corporations claims to be home to 66 percent of the country’s Fortune 500 companies.

What is the best state to incorporate an LLC?

Wyoming is a particularly friendly state when it comes to businesses. It is often regarded as the best state to form an LLC in. The state has no personal income tax or corporate income tax and the sales tax is a low 4.0%. This makes operating an LLC particularly advantageous here.

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