Illinois incorporation
Incorporating a business is a beneficial thing no matter where you are incorporating it. However, if you wish to incorporate in Illinois then there are a number of advantages that you can be entitled for. Let us see the process of incorporation in Illinois and why should you incorporate in this particular state..
How to start incorporation in Illinois?
When you opt to incorporate a business in Illinois then you can have three options. You can hire a lawyer, take the help of a professional incorporation company or do the incorporation by yourself.
Choosing a name : The first thing that is important for incorporating a business in the selection of the name. You should select your name with care and make sure that the name contains the words corporation company, incorporated or limited or an abbreviation for any of these. You should also take proper care that the name of the company should not indicate that the business functions in the area of assurance, insurance, acceptance of savings deposit, indemnity, corporate fiduciary or banking.
Moreover the name that you choose for the incorporation should not have been used previously by any company.
The articles of incorporation : When you wish file incorporation in Illinois then you are required to file some articles of incorporation. These include the following:
There should be at least one director for the incorporation and there is no age limit or residency requirement
. You are also supposed to pay franchise tax payable at 0.1% of the stated capital for a period of 12 months. The tax can be an amount less than $25 or more than $1 million on an annual basis.
. The filing fee is $15.
Income tax : In Illinois, incorporation is required to pay 4.8% of their net income.
By Laws : The bylaws govern the business affairs and the incorporation in a business corporation. The corporation is required to maintain its bylaws at the principal office and is not required to file with the government. The board of directors can repeal, amend or adopt the bylaws till the articles are reserved for the rights of the shareholders.
Registered agent : It is important that every corporation in Illinois should have a registered agent. A registered agent is a person or an office that can receive the correspondence of the corporation and deal with other paperwork.
The registered agent is required to be a resident individual of Illinois whose business office should be the same, as the registered office the registered agent should have the authority according to the articles of incorporation to act as the registered agent.
Why choose Illinois incorporation?
Often people ask this question, why should they choose Illinois for incorporation? The answer to this is that whatever you need is available here.
Illinois has a wonderful workforce that is one of the most productive and educated in the country. It has some of the best interstate highway networks and is also located at the center for the railroad network. These things have a lot of effect on businesses as it offers excellent transport facilities.
Illinois also is the home to O'Hare International Airport, which is one of the world's busiest. Besides this Illinois also has a number of district ports some of which are located in the Foreign Trade Zone and provide low-cost warehousing and production facilities for import and export products. Illinois also has one of the most advanced and cost-effective telecommunication and infrastructure in U.S.
There are also a lot of sources of energy supply and the electricity capacity of Illinois makes sure that the customers are provided with long term stability for the proper functioning of the businesses. Besides it is also one of the major nuclear power generators in U.S. and state holds 1/8 of the total U.S. reserves of coal.
There is abundance of land facilities that you can have and no matter the type of business that you wish to do you will definitely benefit by incorporating in Illinois. Illinois also offers different types of incentive programs for the businesses to function.
Companies helping in Illinois Incorporation
If you wish to incorporate in Illinois then you can have a number of companies and services that would be ready to help you. Some of these are mentioned below.
Parcorp Services, Ltd :
They help businesses incorporate anywhere throughout the globe. Their services are one of the best in helping you incorporate in Illinois and they provide you with all the information. You can contact them at Parcorp Services, Ltd.; 931 W. 75th Street, Ste. 137-317; Naperville, IL 60565-7202; E-mail: parcorp@parcorpsvcs.com.
Spiegel & Utrera, P.A. Services :
They help businesses incorporate in Illinois and have a generalized format for filing incorporation. They help both domestic as well as foreign companies in incorporating their business in Illinois. You can contact them at 123 West Madison Street, Suite 806
Chicago, IL 60602-4620; Toll Free: (888) 514-9800; (312) 443-1500; Fax: (312) 443-8900; Timothy J. Healy, Esq., Interim Managing Attorney.
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