Start a Business in Illinois
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This guide on starting your business in Illinois provides step-by-step instructions on the paperwork to file formation documents, obtain tax IDs, and set up company records.
Step-By-Step Startup
Below is an overview of the paperwork, cost, and time to form each of the most popular business structures. Simply click on the link for your desired structure to view detailed step-by-step instructions.
- If you have not decided whether you want to form an LLC, corporation, or other business structure, click here.
- If wish to form your business in a different state than Illinois, click here.
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Illinois Limited Liability Company Click for step-by-step instructions |
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Illinois Corporation Click for step-by-step instructions |
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Illinois Nonprofit Click for step-by-step instructions |
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Top 5 Tips on Registering a Business in Illinois
- Plan for your expenses. The fee for an LLC is slightly higher than other states. Forming an LLC costs $500 and a $250 annual fee. The fee for a corporation varies, but is usually $125 to start and $100 annually.
- Illinois offers a wide variety of business structures. In addition to a traditional LLC, you can choose from a Series LLC or an L3C. Illinois offers over 5 different type of business corporations. The most common is simply called a "business corporation". Check that you desire this type of corporation before you get started... we'll explain these options.
- A common source of confusion is the franchise tax for corporations. It is based on the value of paid-in-capital. Say you authorize 1,000 shares at $2.50 per share - the paid-in-capital is then $2,500. You'll look up the amount of franchise tax due based on a paid-in value of $2,500, which happens to be a $25 franchise tax.
- Filing your Illinois annual report requires original signatures. Changing your registered agent requires a separate form.
- The Illinois Secretary of State branded their online filing system "cyberdriveillinois". You'll use this website if you choose to file your formation documents online.