You must first decide what kind of company entity you wish to create. There are many different kinds of business entities, but the limited liability company (LLC) and sole proprietorship are the most popular ones. LLC provides protection from personal liability, whereas single proprietorship is simpler to establish up. You must decide which one best meets your company’s requirements.
You must register your business with the Illinois Secretary of State after deciding on your business entity. This can be done by mail or online. Your company name, address, and other pertinent details must be provided. Depending on the kind of entity you select, registration fees change.
You must request a tax identification number from the Internal Revenue Service (IRS) after registering your firm. Also known as an Employer Identification Number (EIN), this number. An EIN can be obtained by mail or online. An EIN can be obtained for free.
You must register with the Illinois Department of Revenue after receiving your EIN. Your seller’s license can be obtained here. Your EIN, company details, and other pertinent data must be provided. Depending on the kind of business you run, a seller’s permit might cost anywhere from $100 to $500.
You are now prepared to begin selling physical things in Illinois after getting your seller’s permit. Depending on the kind of business you run, you might need to frequently renew your permission. Which is preferable, a single proprietorship or an LLC?
Depending on your company’s needs, you may choose to choose between a sole proprietorship and an LLC. LLC provides protection from personal liability, whereas single proprietorship is simpler to establish up. A single proprietorship can be your best option if you run a small business with few employees. An LLC, however, can be a better option if your company is bigger and has more staff.
Even though it can be difficult, starting a business with no money is doable. Offering a service at little or no cost is one technique to launch a business with little money. Start a business that only needs basic supplies or equipment as an alternative. You can also think about launching a business with a partner who can contribute the required capital.
You must register your business with the Illinois Secretary of State, receive an EIN from the IRS, and register with the Illinois Department of Revenue in order to obtain a single proprietorship business permit. Your license for a sole proprietorship business will subsequently be issued.
In Illinois, obtaining an EIN number is free of charge. Getting an EIN from the IRS is free.
Despite the fact that LegalZoom can offer useful tools and advice for obtaining a seller’s license in Illinois, it is crucial to remember that they are a private company and not a government body. Before employing the services of any company or service, it is advised to do some research and confirm their credibility.
Yes, you must have a registered agent in order to apply for a seller’s license in Illinois. Legal paperwork and other crucial communications should be delivered to the registered agent on behalf of the company. This agent may be a person or a business that is legally permitted to operate in Illinois.