Incorporate your business in Illinois;
Our Incorporation information is to help you with the small
business startup process. The Illinois Incorporation info can
help answer questions like "How do I form an LLC in Illinois?"
or "What type of Incorporation entity should I be? An Illinois
S-Corporation or an Illinois C-Corporation?" or "What are the
requirements for an Illinois Corporation?" It's easy to set up
an Illinois Corporation with our Incorporation Software. It has
this and other Incorporation info right on the software. So
once you know, your ready to go!
Corporate Name Endings
The name shall contain the word "Corporation,"
"Company," "Incorporated," "Limited," or an abbreviation thereof.
The name shall 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. The name shall be distinguishable from
the name of any domestic or foreign corporation authorized to
transact business or a name exclusive right to which is, at
the time, reserved or registered.
Corporation Requirements
Director Information
Minimum Number - One or more.
Residence Requirements - No provision.
Age Requirements - None.
Directors are not required to be listed in the articles
of incorporation.
Officer Information
Officers are not required to be listed in the articles
of incorporation.
Stock Information
An increase in shares may cause an increase in initial
filing fees.
Corporate Records
The corporation must keep a record of shareholders
at its registered office or principal place of business
within the state.
Tax and Fees
Annual Statements
The annual franchise tax is computed by multiplying
your corporation's paid-in capital by the franchise
tax rate of 0.1%. The minimum tax is $25. An annual
report form must be filed each year within 60 days immediately
proceeding the first day of the anniversary month of
incorporating (or in the case of a corporation that
has established an extended filing month, the extended
filing month of the corporation each year). The filing
fee is $25.
Income Tax Rate
The income tax rate is 4.8% of the corporation's
net income. In addition, Illinois assesses a personal
property replacement tax based on net income (2.5% for
corporations, 1.5% for S corporations and all other
incorporated entities) on all businesses.
S Corporation
S Corporation status is recognized by the State of
Illinois; however, S corporations are subject to Illinois'
personal property replacement income tax of 1.5%. A
separate state election from the federal election is
not required.
License Requirements
Illinois requires many businesses to obtain a license
and pay a fee if operating in the state. Please check
with the state to make sure your business is complying
with the license requirements for your particular profession.
