If you're thinking of starting a business in Illinois, you may be considering forming a corporation. A corporation is a separate legal entity from its owners, with its own rights and obligations. In Illinois, forming a corporation is fairly straightforward, but there are some steps you'll need to take.
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Choose a Name
The first thing you'll need to do is choose a name for your corporation. You'll want to make sure it's not already taken by another business. The Illinois Secretary of State provides a database where you can search for existing business names.
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Once you've chosen a name, you'll need to make sure it's available for use as a corporation. To do this, you'll need to request an availability inquiry through the Illinois Secretary of State's website.
File Articles of Incorporation
The next step is to file Articles of Incorporation with the Illinois Secretary of State. This document specifies the name of the corporation, its purpose, and the names and addresses of its directors and incorporators.
You can file online or by mail. There is a fee to file, which varies depending on the type of corporation you're forming.
Elect Directors
After you've filed the Articles of Incorporation, you'll need to elect the corporation's initial board of directors. The board of directors is responsible for making important decisions about the corporation's direction and management.
You can do this by holding an organizational meeting of the corporation's incorporators. At the meeting, you'll elect the board of directors and approve the corporation's bylaws.
Obtain Business License
If your corporation will conduct business in Illinois, you'll need to obtain a business license from the Illinois Department of Revenue. You may also need to obtain additional licenses and permits depending on your business's industry.
Register for Taxes
Next, you'll need to register for state and federal taxes. If you have employees, you'll need to obtain an Employer Identification Number (EIN) from the Internal Revenue Service. You'll also need to register for state taxes with the Illinois Department of Revenue.
Create Bylaws
Once your corporation is formed, you'll want to create bylaws. Bylaws are rules and regulations that govern how the corporation will operate. They set out the duties of the board of directors and officers, and outline how decisions will be made.
Your corporation's bylaws should be tailored to the specific needs of your business. If you're not familiar with creating bylaws, you may want to consult an attorney.
Obtain Insurance
Finally, you'll want to obtain the necessary insurance coverage for your business. The type of insurance you need will depend on your industry and the size of your corporation.
You may need general liability insurance, workers' compensation insurance, or a business owner's policy (BOP).
Conclusion
Starting a corporation in Illinois involves several steps, but it's not difficult if you follow the process. You'll need to choose a name, file Articles of Incorporation, elect directors, obtain a business license, register for taxes, create bylaws, and obtain insurance.
Once you've completed these steps, your corporation will be ready to conduct business in Illinois. Good luck on your new venture!
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