It depends on the kind of business you wish to launch, is the succinct response. Although Illinois does not have a statewide business license, many of its cities and counties do. For instance, you must apply for a business license with the City of Chicago if you want to open a restaurant there. Before you launch your firm, it’s crucial to research the precise licensing requirements for your area and sector.
All businesses in Illinois are required to register with the Secretary of State. The first step is to select a name for your company and confirm its availability using the Illinois Business Entity Name Availability Database. The Secretary of State will then require that you file Articles of Incorporation or Articles of Organization, depending on the type of business organization you are forming. A corporation must pay $150 in filing fees, and an LLC must pay $150. You’ll get a Certificate of Incorporation or Certificate of Organization if your application is accepted.
In Illinois, forming an LLC costs $150. If you decide to expedite your filing or file online, there are additional costs. To keep your LLC status, you’ll also need to pay a $75 yearly report fee. The Best Ways to Launch Your Own Business Creating your own company doesn’t have to be a difficult endeavor. To get you started, consider the following broad steps:
1. Create a business plan: A business plan will aid in goal clarification, target audience identification, and the outlining of financial projections. 2. Select a legal framework: You must choose whether to set up your firm as a corporation, LLC, single proprietorship, or some other kind of entity. 3. Register your business: As previously said, you must register your business with the Secretary of State of Illinois. 4. Acquire any required licenses and permits: Obtaining additional licenses and permits could be necessary depending on your area and industry. It’s crucial to keep your personal and professional finances distinct, so open a business bank account.
It takes careful planning and attention to detail to launch a business in Illinois, but it can also be a rewarding and exciting experience. You may position yourself for success by doing your homework and adhering to these guidelines.
Depending on the kind of business and the area, a small business license in Illinois may cost more or less. However, the standard cost to register a small business in Illinois is $75 for sole proprietorships and partnerships and $150 for corporations and LLCs. Some companies can also need additional licenses and permits, which might cost more money.