Quick Answer: How To Register A Company In Illinois?

How much does it cost to register a company 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 register my corporation in Illinois?

How to Form a Corporation in Illinois

  1. Choose a Corporate Name.
  2. File Articles of Incorporation.
  3. Appoint a Registered Agent.
  4. Prepare Corporate Bylaws.
  5. Appoint Directors and Hold First Board Meeting.
  6. File Annual Report.
  7. Obtain an EIN.

Do you have to register your business in Illinois?

In Illinois, most business are required to be registered and/or licensed by the IDOR. If you plan to hire employees, buy or sell products wholesale or retail, or manufacture goods, you must register with the IDOR.

How do you register a company legally?

Here’s an easy-to-follow guide for starting your business legally:

  1. Create a LLC or Corporation.
  2. Register Your Business Name.
  3. Apply for a Federal Tax ID Number.
  4. Determine If You Need a State Tax ID Number.
  5. Obtain Business Permits and Licenses.
  6. Protect Your Business with Insurance.
  7. Open a Business Bank Account.
You might be interested:  What Is The Minimum Wage In Illinois 2020?

How long does it take to register a company 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.

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

The cost to start an Illinois limited liability company (LLC) online is $150. This fee is paid to the Illinois Secretary of State when filing the LLC’s Articles of Organization.

Does a sole proprietor need articles of organization?

There are no documents to file to begin a sole proprietorship or a partnership. However, businesses are required to file articles of incorporation, also known as a certificate of formation, to legally form a corporation in any state. This requirement is not imposed on sole proprietorships or partnerships.

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.

Can I run a business without registering?

It is entirely legal to operate as a sole proprietorship without registering your company. All you need for IRS recognition is that you file your first business tax return, as required by federal law.

What legal documents do I need to start a business?

Here are 10 must-have legal documents you need to start a new business.

  • Business Plan.
  • DBA.
  • Partnership Agreement.
  • Incorporation Documents.
  • LLC Articles of Organization.
  • Foreign Qualification.
  • Apostille.
  • Business Licenses and Permits.
You might be interested:  Readers ask: Which Sears Stores Are Closing In Illinois?

What are the legal requirements to start a business?

Legal Basics that Every Indian Startup Should Know

  • Formalizing a business structure and founders agreement.
  • Applying for business licenses.
  • Understanding taxation and accounting laws.
  • Adhering to labour laws.
  • Ensuring protection of intellectual property.
  • Ensuring effective contract management.

Leave a Reply

Your email address will not be published. Required fields are marked *