How to Incorporate a Business in Illinois (IL)
Whether you’re an entrepreneur, a CPA or a lawyer, you will find that our Illinois incorporation and formation services are always a step ahead of the industry standard. We specialize in corporate filings with the IL Secretary of State. Active Filings has formed thousands of corporations, nonprofit and limited liability companies in your state.
Requirements to Incorporate a Business in Illinois
Articles of Incorporation Requirements
Corporate Name Endings
The name shall contain word “corporation”, “company”, “incorporated” or “limited” or an abbreviation thereof. The name shall not contain any word or phrase which indicates or implies that it is organized to conduct 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.
* Minimum Number – One or more.
* Residence Requirements. – No provision.
* Age Requirements – None.
* Directors are not required to be listed in the articles of incorporation.
* The officers are not required to be listed in the articles of incorporation.
* An increase in the shares may cause an increase in the initial filing fee.
* Annual Statements
* The annual franchise tax payable by each domestic or foreign corporation is computed at the rate of 0.1% of stated capital for the 12-month period beginning on the 1st day of the anniversary month. The tax cannot be less than $25 or more than $1 million per year.
* The annual report must be filed within 60 days immediately preceding the first day of the anniversary month of corporation each year (or in the case of a corporation which has established an extended filing month, the extended filing month of the corporation each year). Filing fee, $15.
Income Tax Rate
* 4.8% of the corporation’s net income.
Franchise Tax Rates
* The basis for an additional franchise tax payable by a domestic corporation is (1) the increased amount represented in Illinois of its paid-in capital, or (2) in the case of a merger or consolidation, the increased amount represented in Illinois of the paid-in capital of the surviving or new corporation.
* The basis for the annual franchise tax payable by a domestic corporation is the amount represented in Illinois of its paid-in capital on the last day of the 3rd month preceding the anniversary month. The “taxable period” is the 12-month period commencing with the first day of the second month preceding the corporation’s anniversary month in the preceding year and prior to the first day of the second month immediately preceding its anniversary month in the current year.
* The annual franchise tax payable by each domestic or foreign corporation is computed at the rate of 0.1% for the 12-month period beginning on the 1st day of the anniversary month. The tax cannot be less than $25 or more than $1 million per year.
Illinois Secretary of State
The Secretary of State, through the Department of Business Services is responsible for examining, processing, filing and maintaining documents related to the existence and structure of Illinois domestic corporations or LLC and foreign (out of state or country) corporations or LLC qualified to transact business in Illinois.
The department of Business Services is a centralized repository for business filings in six areas. Through fees and taxes, the department generates approximately 69 percent of the money deposited into the General Revenue Fund by the Secretary of State’s office. Available documents at both office locations include pamphlets, forms, Certificates of Good Standing and No record
Through their Business Portal, the State’s provides a central location for the filing of business entities, trade and service marks, judgment liens, and fictitious name registrations. In essence, the Departmentn provides a statewide registry and information resource for almost all business activity in Illinois..
Michael J. Howlett Bldg.
501 S. 2nd St., Rm 328
Springfield, IL 62756
Phone: (217) 782-6961
Hours: Monday – Friday
8:00 a.m. – 4:30 p.m.
69 W. Washington
Chicago, IL 60602
Phone: (312) 793-3380
Hours: Monday – Friday
8:00 a.m.- 5:00 p.m.
Cost of Incorporating in Illinois
ONLY $59.00 + State Fees!
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