How to Start a Business in Illinois | Business Peak
To establish your own company in Illinois, here is a list of the main actions you’ll need to follow.
Decide on a Business Concept to Launch
Take some time to think about and investigate new company ideas. Consider your personal interests, abilities, resources, and availability, as well as the reasons you want to start a company, at this point. You should also consider the interests of your community and whether or not your company concept will satisfy an unmet need when evaluating the possibility of success. Check out our blog for additional advice on evaluating company concepts.
A business plan may help you figure out whether your concept is a good match for your company. A business plan will provide you a better picture of the initial expenses, your competitors, and the best ways to generate income. Before offering financial help, investors and lenders will want to study your business plan. You may be more prepared if you develop a strategy ahead of time.
2. Select a Form of Organization
For a small company, the most frequent legal structures include:
Limited liability company (LLC), corporation, and single proprietorship.
Limited partnerships and S corporations are only two examples of unique forms of these organizations. You should think about what kind of liability protection and tax, financing, and financial advantages you and your company want from the business entity form you choose. To learn more about the ideal ownership structure for your company, check out our post.
Decide on a Nickname
Make sure your LLC or corporation’s name is distinct from the names of other business organizations already registered in Illinois (SOS). You may run a name search on the SOS website to see whether a name is available. An Application for Reservation of Name may be used to reserve a name for up to 90 days. LLCs and businesses must adhere to a set of naming guidelines (like including a word such as “LLC” for LLCs or “Company” for corporations). There is a lot of information available on how to create an LLC and how to form a corporation in Illinois.
It’s important to know whether you’re running a single proprietorship or a partnership that has a separate legal name or surnames for each of the partners if you’re using a different company name. If that’s the case, you’ll need to have an assumed business name registered with the county clerk where your firm is located. As a last step, you’ll need to publish your application for an assumed name. For further information, see the county’s website.
Consider registering your company name as a domain name in the event you want to do business online. For further information, see Choosing a Domain Name and Registering It. A federal and state trademark check should also be performed to ensure that the name you want to employ is not identical to or confusingly similar to one that is currently in use. For further information, see How to Conduct a Trademark Search.
Create a Legal Entity for Your Company
A sole proprietorship in Illinois does not need the submission of any official paperwork to the state. Visit Illinois Sole Proprietorship Formation to learn more.
In order to form a general partnership in the state of Illinois, no state-required paperwork is required. All partnerships should have a formal partnership agreement, even if it isn’t required by law. If there is ever a disagreement between the partners, the partnership agreement may be quite useful. Check out our guide on forming a partnership in Illinois for more information on this topic. You must submit a Statement of Qualification with the Illinois SOS in order to create a limited liability partnership (typically utilized by professionals). You may learn more about forming a limited liability company in Illinois by checking out our guide on the subject.
Articles of Organization must be submitted to the Illinois Secretary of State’s office in order to form an Illinois Limited Liability Company (LLC). A registered agent in Illinois will also be required to receive service of process on your behalf.
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