Procedures for incorporating in Illinois are very simple and can be done easily, or by seeking legal help. As there are numerous benefits, people are choosing to incorporate their new business ventures more readily.

Steps for Incorporating In Illinois:

It is best if an attorney is hired to guide you through the process of selecting the right legal structure for your business. It could be a C, S, Closed, professional, or non-profit corporation.

Selecting the right name is the next crucial step for incorporating your company. The name has to neither be original and not a duplicate of any other registered business nor be in the list of reserved names. Care should be taken to ensure that the name selected does not state or imply that the corporation is authorized to carry out business in insurance, assurance, indemnity, the acceptance of savings deposits, banking or as a corporate fiduciary unless authorized by the proper state agency to do so. And the name must contain the words “trust,” “pawners,” or “cooperative” if indeed it does engage in any such business. The corporation has to conduct business only under the registered name and it must end in the words or abbreviations of the words “Incorporated,” “Corporation,” “Company,” or “Limited.”

There must be a minimum of one incorporator and they may be natural persons above 18 years or be another corporation. They have to file the articles of incorporation with the Secretary of State of Illinois and pay a fee of $175. The state will process them within 20 business days.

The articles must contain additional documents providing:

Names and addresses of the incorporators.

Statement of purpose.

The number of shares authorized to be issued as well as the number of shares that the corporation proposes to issue and the consideration to be got for such shares has to be listed too.

Name and address of registered agent, who has to be a resident individual of this state, whose business office is the same as the registered office or a corporation with authority to transact business in this state. That is authorized by its articles of incorporation to act as such agent and whose business office is the same as the registered office. It is mandatory to file a copy of the articles in the county where the registered agent resides.

There has to be a minimum of one director and the board of directors may amend, repeal, or adopt bylaws. The bylaws have to be maintained in the principal executive office. Directors may appoint officers and delegate tasks such as preparing minutes and recording them.

Reports have to be filed annually with the Secretary of State at least 60 days prior to the month of incorporation. This must contain the name of the corporation, mailing address, address of its registered office and registered agent, names and addresses of directors and officers, and share details.

Taxes are based on the net taxable income. There is a franchise tax and license fee in this state.

These are a few guidelines for incorporating in Illinois.

There are firms that offer their services as well as products to help run a successful business.

Alexander Gordon is a writer for http://www.smallbusinessconsulting.com – The Small Business Consulting Community. Sign-up for the free success steps newsletter and get our booklet valued at $24.95 for free as a special bonus. The newsletter provides daily strategies on starting and significantly growing a business.

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Authors@Google: Garrett Peck