After forming a corporation, you must undertake certain steps on an ongoing basis to keep your business in compliance. These steps are also important in preserving the limited liability a corporation provides its owners. This guide outlines the ongoing requirements for Illinois corporations.
Illinois corporate records
Illinois corporations must keep complete corporate records at the principal place of business.
Illinois corporate taxes and fees
The following are taxation requirements and ongoing fees for Illinois corporations:
- Annual report and franchise tax. Illinois requires corporations to file an annual report and pay a franchise tax each year within the 60-day period immediately preceding the first day of the anniversary month of the incorporation date. The fee is $75 plus an amount that is calculated based on paid-in capital.
- Taxes. For complete details on state taxes for Illinois corporations, visit Business Owner's Toolkit or the State of Illinois.
- Federal tax identification number (EIN). An EIN is required for corporations that will have employees. Additionally, most banks require an EIN in order to open a business bank account.
- State tax identification number. Illinois requires a state tax identification number.
Illinois business licenses
Business licenses and/or permits are required for most businesses. The BizFilings Business License Application Package can help you stay on top of these requirements.
S corporation election
Illinois recognizes the federal S corporation election and does not require a state-level S corporation election.
Additional Illinois information
View the following additional resources BizFilings has for forming and maintaining companies in Illinois:
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