How to Form a Corporation in IllinoisNolo
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People also ask
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What is the difference between a corporation and an LLC?
The primary difference between an LLC and a corporation is that an LLC is owned by one or more members while a corporation is owned by shareholders. Both types of entities have the signNow legal advantage of helping to protect assets from creditors and providing an extra layer of protection against legal liability.
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How much does it cost to start as corp in Illinois?
How Much Is an S Corp in Illinois? Because you don't have to separately register an S Corp in Illinois, there's no state-based fee to obtain this tax election. However, you'll pay these fees to register your LLC with the state, which is required to become an S Corp: File articles of organization: $150.
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How do I serve a corporation in Illinois?
A private corporation may be served (1) by leaving a copy of the process with its registered agent or any officer or agent of the corporation found anywhere in the State; or (2) in any other manner now or hereafter permitted by law....
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What is the first step when starting a corporation?
Although actual requirements can vary depending on the state, they typically involve the following: Select a state of incorporation. ... Choose a business name. ... File incorporation paperwork. ... Appoint a registered agent. ... Prepare corporate bylaws. ... Draft a shareholders' agreement. ... Hold the first board meeting. ... Get an EIN.
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Is a corporation the easiest business to start?
Forming a corporation, or incorporating, is a major step in the life of an entrepreneur — and one that is not to be taken lightly. Some potential business owners consider a limited liability company (LLC) or a sole proprietorship, as both are easy to set up and operate.
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How to get articles of incorporation in Illinois?
To purchase a copy of a corporation's Articles of Incorporation, please visit the Illinois Secretary of State Department of Business Services website - https://.ilsos.gov/departments/business_services/howdoi.html - and scroll to the section titled Obtain a Corporation Annual Report or Articles of Incorporation.
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How to start a corporation in Illinois?
To start a corporation in Illinois, you'll need to do three things: appoint a registered agent, choose a name for your business, and file Articles of Incorporation with the Department of Business Services. The articles cost $150 to file (plus a $4 online processing fee).
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How to start as a corp in Illinois?
S-Corp Election Steps for LLCs Step 1 – Choose a business name. Step 2 – Choose a registered agent. Step 3 – File Illinois Articles of Organization. Step 4 – Create an operating agreement. Step 5 – Apply for an EIN. Step 6 – Apply for S Corp status with IRS Form 2553.
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