You must first be an Illinois resident. You must choose someone who is if you are not. The second requirement is that you have a physical address in Illinois where court papers can be sent. P.O. boxes and virtual office addresses are not acceptable. Finally, you must be accessible to receive legal documents during regular business hours. If you’re unavailable, your company could suffer major repercussions like missing crucial deadlines or being wrongfully sued. An Illustration of Incorporation
The procedure for creating a corporation is called incorporation. When a group of people want to launch a business and establish a corporation to safeguard their personal assets, this is an example of incorporation. The limited liability protection offered by incorporation protects shareholders from being held personally accountable for the debts and liabilities of the corporation.
How are the Articles of Incorporation of a Corporation Modified? A certificate of amendment must be submitted to the Illinois Secretary of State in order for a corporation to modify its articles of formation. The name of the corporation, the article or articles being altered, and the precise wording of the alteration must all be included on the certificate of amendment. The Illinois Secretary of State will additionally charge a filing fee to the corporation.
How Should Non-Profit Articles of Incorporation Be Written? There are a few key considerations while drafting articles of incorporation for a non-profit. The non-profit’s purpose, which must be for charitable, educational, religious, or scientific purposes, must first be stated in the articles of incorporation. Second, a clause declaring that the non-profit would refrain from political engagement must be included in the articles of incorporation. Third, the non-profit’s assets must be transferred to another non-profit if the organization is dissolved, according to a clause in the articles of incorporation. Can You Form a Corporation Without a Business?
You can incorporate without having a business, yes. Individuals may establish corporations in Illinois for any permissible reason. To hold assets like real estate or intellectual property or to offer personal services like advising or freelancing, you can create a corporation, according to this. However, keep in mind that creating a corporation entails obligations in terms of law and finances that might not be necessary if you’re just getting started. Before incorporating yourself, it’s crucial to seek legal or accounting advice.