One of the most important steps in starting a business in Illinois is registering it with the government. Choosing a company entity, selecting a name, acquiring the required licenses and permits, and submitting the required documentation to the Illinois Secretary of State’s office are all phases in the registration process for a business in Illinois. We’ll walk you through the procedure of registering a business in Illinois in this article.
Select a business entity in the first step. The proper business entity must be chosen before a business may be registered in Illinois. In Illinois, sole proprietorships, partnerships, corporations, and limited liability companies (LLCs) are the most popular business structures. Selecting the entity that is most appropriate for your company is crucial because each has different legal and tax ramifications.
Step 2: Select a Name The next step is picking a name for your firm after establishing a business entity. The name must to be distinctive and easy to tell apart from those of other firms in Illinois. By using a search engine or the Illinois Secretary of State’s website, you can determine whether a business name is available.
Step 3: Obtain All Required Licenses and Permits You might need to apply for permissions and licenses from the state, county, or local government depending on the type of your business. For instance, you’ll need to acquire food service and liquor licenses if you’re opening a restaurant in Illinois. To find out the exact permissions and licenses your company needs, check the Illinois Business Portal.
Step 4: Submit the Required Documentation The filing of the required documentation with the Illinois Secretary of State’s office is the last step in the registration of a business in Illinois. Depending on the type of business entity you’ve chosen, the documentation may include the Articles of Incorporation, Articles of Organization, or Certificate of Registration. The amount of the filing cost varies according on the entity type and other elements, from $50 to $500. In Illinois, how much does it cost to register a business? In Illinois, the cost to register a business varies based on the type of entity, how the application is submitted, and other elements. A sole proprietorship must pay a $5 filing fee, but corporations and LLCs must pay filing fees between $150 and $500. For an extra cost, expedited filing options are also available. How Can You Determine Whether a Business Is Registered in Illinois? By conducting a search on the Illinois Secretary of State’s website, you may determine whether a company is registered in Illinois. You can use the website’s Corporations Search function to look up companies by name or corporate filing number. To verify a company’s legal position, you can also ask the Secretary of State’s office for a certificate of good standing. Do I Need a Business License in Illinois to Sell Online? In Illinois, selling online does indeed require a business license. A Retailer’s Occupation Tax (ROT) registration with the Illinois Department of Revenue is required if you are selling tangible products. You must register for the Service Occupation Tax (SOT) if you are selling services. Depending on the nature of your firm, you might additionally require extra permits and licenses. What Constitutes Conducting Business in Illinois? In Illinois, doing business is generally defined as engaging in any operations that result in revenue or financial gain. This include conducting business in Illinois, operating a physical facility or office, and employing people there. You should speak with a business attorney or accountant if you’re unsure whether the operations of your company constitute doing business in Illinois.