| ILLINOIS |
| Name |
Must contain words Corporation, Company, Incorporated, Inc., Co., Corp., Limited Liability Company, Limited Partnership, L.L.C., L.P. or Ltd. Fictitious name can be filed with the Secretary of State or with Illinois counties. |
| Information about Directors and Officers |
Company must have at least one Director, who can hold all officers position. No requirements for age or residence. It is not required to list Directors and Officers in the Articles of Incorporation. |
| Requirements for address |
Home or Office street can be considered as company address. P.O. Box is not admissible. |
| Registered Agent |
Registered Agent is required if you do not live or have an office in Illinois. Otherwise, you can be your Own Registered Agent. |
| Shares/Stock information |
Number of shares at a par value is at your discretion. Initial filing fees do not change with an increase in shares or par value, but it franchise tax does. |
| Annual statement |
An annual report form must be filed each year within 60 days immediately preceding the first day of the anniversary month of corporation (or in the case of a Corporation that has established an extended filing month, the extended filing month of the Corporation each year). |
| State fees |
State filing fee is $75 plus $25 franchise tax. Expedited services add $50. |
| Income tax rate |
4.8% of taxable income. In addition, Illinois assesses a personal property replacement tax based on net income (2.5% for Corporations, 1.5% for S Corporations and all other incorporated entities) on all businesses. |
| Franchise tax |
The annual franchise tax is [is $25 if corporations receives up to $16,667 from shareholders] computed by multiplying your Corporation's paid in capital by the franchise tax rate of 0.1%. The tax cannot be less than $25 or more than $1 million per year. |
| S Corporations |
Status is recognized by the State; however, S Corporations are subject to Illinois' property replacement income tax of 1.5%. A separate State election from federal election is not required. |
| License requirements |
Illinois requires most businesses to obtain a license and pay a fee if operating in the State. Check with the state to make sure your business is complying with the license requirements for your particular profession. |
| Corporate records |
The corporation must keep a record of shareholders at its registered office or principal place of business within the State. |
