Each state has different requirements for forming a corporation. Whether you are starting a business or incorporating a business already in existence, you’ll want to understand state requirements for Illinois incorporation.
The name must contain the word "Corporation," "Company," "Incorporated," "Limited" or an abbreviation thereof. Use of dashes in a name often is not approved by the state. The name must not contain any word or phrase indicating or implying it is organized to conduct the business of insurance, assurance, indemnity, acceptance of savings deposit, banking or corporate fiduciary. Words such as "Bank," "Trust" or variations thereof require approval from the Department of Banks and Trusts. The name must be distinguishable from that of any domestic or foreign corporation authorized to transact business or a name to which exclusive right is, at the time, reserved or registered.
The following are Illinois’s requirements for directors of corporations:
The document required to form a corporation in Illinois is called the Articles of Incorporation. The information required in the formation document varies by state. The requirements in Illinois include:
Illinois allows professionals, such as accountants, attorneys and physicians, to form a professional corporation (PC).
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 corporations must keep complete corporate records at the principal place of business.
The following are taxation requirements and ongoing fees for Illinois corporations:
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.
Illinois recognizes the federal S corporation election and does not require a state-level S corporation election.
The state in which you form your company can provide certain benefits.
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