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Steps to Forming an Illinois Corporation

Information We Need From You to Start Your Corporation

1: Select a Name: Your company names must contain the word Corporation, Company, Incorporated, Limited or an abbreviation of one of those words.

2: Authorize Shares: A corporation is owned by its shareholders, who own shares of stock in the company. Illinois requires you to identify the initial number of shares you are authorizing, their class of stock, as well as the number of shares you will issue and their par value. Typically, you will authorize an easily divisible number of shares, say 100. Most corporations issue only one class of stock: common stock. You will issue 51 of those shares to yourself at your first shareholders meeting, enough to give control. The par value is not the actual value, but rather the lowest amount for which the stock can be sold.

3: Choose Management: All corporations are managed by their Directors. Directors control major company policy, the setting of salaries and bonuses, the issuing of stock, and the appointing of corporate officers (President, Secretary, Treasurer). In most cases, you would simply appoint yourself the sole Director and take on the roles of all the corporate officers.

4: Remaining Info Needed to File:

  • Registered Agent: a legal registered agent must maintain a physical street address in the state where they can receive service of process. This is called a registered office (no PO boxes). Our Speedy filings come with one free year of Illinois registered agent service by Northwest Registered Agent. This service keeps your private home and office addresses out of the public record while also fulfilling the registered agent, mailing and principal address requirements.

  • Corporate purpose: the lawful business your corporation intends to perform.

  • Directors: names and addresses of initial directors (optional)

  • Value of assets: the value of property owned by the corporation and the estimated amount of business that will be transacted in the following year (optional)

Form Your Corporation Here Online

Steps to Forming an Illinois LLC

Information We Need From You to Start Your LLC

1: Select a Name: Your company name must include the words Limited Liability Company, L.L.C. or LLC. It cannot contain the words Corporation, Corp., Incorporated, Inc., Limited Partnership or L.P. If you want to see if your company name is currently available, you can perform an Illinois business name search.

2: Membership: LLCs are owned by their members. There is no stock issued as there would be in a corporation. Instead, members are simply assigned an ownership percentage. The percentage is usually based upon the investment made by each member.

3: Choose Management: LLCs are typically managed by their members. Members oversee company policy and take part in the daily business activities. However, members can also choose to appoint a manager to run the business. Managers can be either members or outside third parties.

4: Remaining Info Needed to File:

  • Principal place of business: the physical street address where your business records and company financial books are kept.

  • Effective date: Illinois asks you to choose the date of your formation, the first day your LLC officially exists. This can be either the filing date or a later date (not to exceed 60 days after the filing date).

  • Registered Agent: legal registered agents must have a physical street address in the state, which is known as a registered office (no PO boxes). Speedy filings come with one free year of Illinois registered agent service. This service keeps your private home and office address off the public records and fulfills the registered agent, mailing and principal office requirements.

  • Company purpose: the lawful business your company will perform.

  • Dissolution date: if you wish to have your LLC dissolve upon a certain date, you must specify that date.

  • Management: you must designate how your LLC will be managed (by its members or by appointed managers). You must list the names and addresses of either the members or the managers.

Form Your LLC Here Online

Testimonials

I never guessed that forming an LLC could be so simple. Fill out a form, pay and the next thing you know, I’m a proud business owner. Thanks Speedy. ” - James G., Decatur, Illinois

Quick, quick, quick service. Thanks for all of your help with my incorporation process and I wish us both much future success in business.” - Jeff B., Waterloo, Illinois

Great job on the incorporation and great prices. I’m glad I chose your company to form my business online for me. you lived up to my expectations.” - Grace Y., Oak Park, Illinois