What do you need to start a business in Illinois?

It requires careful planning to start a business in Illinois as well as to comply with the state's policies. One IBC USA provides expert guidance to ensure a smooth registration.

1. Choose a Business Structure

Choose an appropriate legal form, i.e., LLC, corporation, or sole proprietorship. Each has different tax requirements and liability protections.

2. Register Your Business

File formation documents with the Illinois Secretary of State. LLCs file Articles of Organization, and corporations file Articles of Incorporation. A registered agent needs to have a physical Illinois address.

3. Obtain an EIN

Apply to the IRS for an Employer Identification Number (EIN) to handle tax and payroll obligations.

4. Obtain Licenses and Permits

There could be business-specific permits at the state or local level. Research industry-specific licensing requirements to comply.

5. Register for State Taxes

Register with the Illinois Department of Revenue for state tax collection if employees are being hired or taxable products are being sold.

6. Open a Business Bank Account

Open a business bank account to keep personal and business finances separate, maintaining financial transparency and credibility.

By doing these steps, business owners can set up a compliant and profitable business in Illinois. Getting the help of professionals can make it easier and reduce legal complications.