How to Form an S-Corporation in Illinois
Nicknamed “the Prairie State,” Illinois is a midwestern state bordering alongside the Mississippi River known for its farmland, forest, rolling hills, wetlands, and the city metropolitan of Chicago—one of the largest cities in the United States. As the fifth largest GDP in the country, Illinois lies within both the old industrial belt and the fertile agricultural heart of the country.
When forming an S-Corporation in the state of Illinois, you must complete the following requirements:
- Select a business name according to requirements
- File all necessary articles of organization and submit filing fees
- Appoint a registered agent
- Register your federal tax ID number with the IRS
- Complete annual reports
- Establish at least one director
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Select Business Name According to State Requirements
- Choose an original name not already in use by another business in the state. Illinois requires corporations to have names that cannot be confused with the names of any corporation or LLC in Illinois, assumed corporate or limited liability company, not-for-profit, or reserved or registered names.
- Illinois corporate names may be followed by several approved designations, including:
- Co.
- Company
- Corp.
- Corporation
- Inc.
- Incorporated
- Limited
- Ltd.
- The use of certain words and phrases in corporate names is considered “restricted” in Illinois, meaning they require special approval by the state. These include:
- Engineer
- Engineering
- Insurance
- Union
- Bank
- Banker
- Banking
- When the business name is different from the owner’s full legal name, Illinois’ “Assumed Name Act” requires you to register the business name with your county clerk’s office, regardless of your entity type.
File Articles of Organization and Submit Filing Fees
- You will need to file the Illinois Articles of Incorporation to set up a corporation in Illinois. This document that officially creates your Illinois corporation.
- File online, by mail, or in person with the Illinois Secretary of State.
- Fee is $150.
- You must submit the completed form in duplicate if you file a hard copy.
Appoint a Registered Agent
- Include the name and street address of a registered agent in Illinois on articles of incorporation.
- The registered agent is the person to whom the state will send all official correspondence.
Register Your Federal Tax ID Number with the IRS
- Required for corporations that will have employees. Additionally, most banks require an EIN before opening a business bank account.
Complete Annual Reports
- File with the Illinois Secretary of State by the first day of the month that marks the anniversary of incorporation.
- The filing fee is $75.
- Only company officers are authorized to sign annual reports. Emailed or faxed signatures are accepted.
- If you need a filing extension, you may apply for an extended filing month. This then becomes your anniversary for annual filing, replacing the date of your initial Illinois business registration.
- If you make any changes to issued shares and paid-in capital, you will also need to file a Cumulative Report, and may have to pay additional franchise tax and fees.
Establish at Least One Director
- Corporations must have one or more directors.
- Directors must be at least 18 years old.
- Director names and addresses are required to be listed in the Articles of Incorporation.
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