Incorporating a business in Illinois can stand out a better chance if all the involved procedures are followed in an organized way. Several requirements contribute towards successful establishment of a corporation in Illinois. The most important among them is obtaining the Certificate of Articles that guarantees success. If you have been thinking, “How do I incorporate my business in Illinois” follow the below-mentioned ideas and tips.
How to Incorporate a Business in Illinois?
The incorporation procedure of a business in Illinois is looked after by the Department of Business Services. This department functions under the Secretary of State. The Department of Business Services is known to examine, process, file and maintain documents that help all types of domestic corporations, foreign corporations and LLC that exist and operate in Illinois. Let’s explore into what constitutes doing business in Illinois.
Main requirement of incorporating a business in Illinois is Articles of Incorporation. In order to fulfill this requirement, you require to follow these tips.
- Choose a name for your proposed business. Your selected name should end with any of these words – corporation, incorporated, company or limited.
- While naming your business, make sure that you do not use any of these words – trust, trustee or fiduciary. These words can only be used by any corporation if it complies with Section 19 of Corporate Fiduciary Act.
- Make sure that the name you have settled for your proposed business is available. You can be informed of it after seeking online help. You can take a look at the online database of the existing and reserved names of the domestic and foreign corporations. You can also pick up the information directly from the office of the Secretary of State.
- Your next step should involve formation of a board of directors. It should be done in accordance with prescribed regulation. There must exist at least one director on the board. There is no specific regulation regarding the age limit of the director. He or she may also belong to a state other than Illinois.
- Submit proper paperwork to the filing office of Illinois. Since you are going to start a corporation, you require to file “Articles of Incorporation.
- Now, you should call organizational meeting and adopt company’s Bylaws.
- Finally, you require to get FEIN (Federal Employer Identification Number). It would help you open a bank account in the name of your company.
After you fulfill all these formalities, you would qualify to receive a local business license. It would be issued from the county or city where you have established the business.