What is an Illinois domestic BCA?
Domestic BCA Any company that files Articles of Incorporation in the State of Illinois under the Business Corporation Act of 1983, as amended is considered a domestic corporation in the State of Illinois.
How do I fill out Articles of Incorporation in Illinois?
The articles must include the corporate name; the name and street address of an agent for service of process; its purpose; the number of shares the corporation is authorized to issue and the consideration (money or property) the corporation will receive for the shares; and the names and addresses of the incorporators.
What corporate endings can be used in a corporate name in IL?
The name of the corporation must comply with all the requirements of the Business Corporation Act of 1983 (see Article 1: Corporate Name on page 1), except that the name must end with one of the following words or abbreviations: “CHAR- TERED,” “LIMITED,” “LTD.,” “SERVICE CORPORATION,” or “S.C. ” [§15/4].
Does Illinois require corporate bylaws?
Step 5: Create Corporate Bylaws Although Illinois does not require your company to file these bylaws, it does require bylaws to be established, agreed to by the shareholders, and denotes that corporation bylaws cannot be in conflict with state law or your Articles of Incorporation.
What is consideration received therefor?
Consideration Received means the amount of cash and the Fair Market Value, as of the Consummation Date, of consideration other than cash received by the stockholder.
How much is the Illinois Franchise Tax?
0.1%
Illinois imposes an annual franchise tax on both Illinois corporations and non-Illinois corporations for the privilege of doing business in the State. You calculate the corporation franchise tax by multiplying your corporation’s paid-in capital by the franchise tax rate of 0.1%.
How do I form a professional corporation in Illinois?
How to Form an Illinois Professional Corporation (in 11 Steps)
- Step One) Choose a Name.
- Step Two) Select a Registered Agent.
- Step Three) Complete Your Articles of Incorporation.
- Step Four) Establish a Corporate Record.
- Step Five) Designate a Board of Directors.
- Step Six) Create Corporate Bylaws.
How much does it cost to incorporate a business in Illinois?
Incorporation: $150 filing fee + franchise tax ($25 minimum) + optional $100 expedite fee. The expedite fee is required if you file online. Franchise tax is calculated as $1.50 per $1,000 on the paid-in capital represented in this state.
What should I put at the end of my business name?
Your business’s name must end with the words “Limited Liability Company” or the abbreviations “LLC” or “L.L.C.” You can even opt to abbreviate the words “Limited” and “Company” as “Ltd.” and “Co.” Most people just stick with “LLC”.
What is a valid corporate indicator?
A word, or abbreviation of such word, that must be included in a company’s legal name that indicates its legal status. Some valid indicators are incorporated, limited, corporation, inc., ltd., corp., Limited Liability Company and LLC.
Are corporate seals required in Illinois?
Having a corporate seal is no longer mandatory by Illinois statute, but including this language will document the fact that the company either does or does not use a seal.
How is Illinois franchise tax calculated?
To calculate the franchise tax:
- Take the total value of property owned in Illinois + total gross assets earned from business conducted in Illinois during the previous fiscal year.
- Take the total value of property owned (anywhere) + total gross assets earned during the previous fiscal year (all locations).