A small company venture in Illinois can be thrilling and lucrative. However, if you don’t know where to start, it can also be a difficult procedure. This article will walk you through the procedures you must follow in order to launch a small business in Illinois and provide answers to some frequently asked issues.
Select a business structure in the first step. Choosing the appropriate business form is the first step in launching a small business in Illinois. A sole proprietorship or a limited liability company (LLC) are the two most popular options. The simplest and least expensive alternative is a sole proprietorship, but it does not provide liability protection. However, if you wish to preserve your personal assets, an LLC is a preferable choice because it provides liability protection.
Step 2: Declare Your Company
You must register your company with the state of Illinois after deciding on your business structure. A sole proprietorship must pay $25 to register, while an LLC must pay $150. Through the website of the Illinois Secretary of State, you can electronically register your business.
Step 3: Obtain Required Licenses and Permits
The licenses and permits you need will depend on the type of business you are launching. An example of when you might require a food service license is if you were opening a restaurant. Depending on the license type you require, different small company licenses in Illinois cost different amounts. To find out what licenses and permits you require and how much they cost, get in touch with your local government.
File Annual Reports and Pay Annual Fees in Step Four The yearly report fee for an LLC is $75 and must be sent to the state of Illinois once your company has been registered. By the anniversary of the registration of your business, this report is due each year. Failure to submit an annual report may incur late costs and potentially result in the closure of your company.
In conclusion, starting a small business in Illinois requires selecting the appropriate business structure, filing annual reports, paying annual fees, and getting required licenses and permits. You can launch your own company and start your entrepreneurial adventure by adhering to these procedures.
You may look for your company’s status in Illinois by going to the Illinois Secretary of State’s website and using the Business Services section to search for it. To confirm that your business complies with state requirements, you can also ask the Secretary of State for a Certificate of Good Standing. Additionally, you can confirm that your company is tax-registered and has the required permits and licenses by contacting the Illinois Department of Revenue.