what kind of lawyer needed to open business in illinois

Businesses that require professional certification, such as doctors and lawyers, must have Professional Limited Liability Company, P.L.L.C. or PLLC at the end of their company name. You can find out if you’re in a professionally regulated industry by visiting the Illinois Department of Financial and Professional Regulation.

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Why do I need a business lawyer in Illinois?

For full information on how local, state and federal laws would affect your business, you should consult your attorney at an early stage. Business lawyers can help you identify and manage the paperwork associated with the organization, licensing, contract, employment, and other laws and rules that you must obey if doing business in Illinois.

Where should you open a business in Illinois?

With 9.5 million of Illinois’ 12.7 million residents living in the Chicago metropolitan area, it’s likely that you’ll choose to open your business in–or around–the city of Chicago. Although central Illinois college towns such as Champaign and Bloomington-Normal offer alternatives, most startup activity in the state is focused in the Windy City.

Do I need to register my business in Illinois?

In Illinois, most business are required to be registered and/or licensed by the IDOR. If you plan to hire employees, buy or sell products wholesale or retail, or manufacture goods, you must register with the IDOR.

What can the Illinois Office of entrepreneurship do for You?

The Illinois Office of Entrepreneurship, Innovation and Technologysupports entrepreneurs through direct services and a network of resources by providing information, regulatory assistance, advocacy and business guidance to start-up and existing small businesses. Illinois Small Business Development Centers

What is needed to start a business in Illinois?

How to Start a Business in IllinoisChoose a Business Idea. ... Decide on a Legal Structure. ... Choose a Name. ... Create Your Business Entity. ... Apply for Licenses and Permits. ... Pick a Business Location and Check Zoning Regulations. ... Review Your Tax Registration and Reporting Requirements. ... Obtain Insurance.More items...

How much does it cost to get a business license in Illinois?

Business Licensing: What Do I Need?BUSINESS SECTOR/ActivityLICENSE TYPELICENSE APPLICATION FEE / 2 YEARSDebt Collections - Complete RequirementsRegulated Business$250Dry CleanerRegulated Business$250ExpediterRegulated Business$250General Retail Sales and ServicesLimited Business$25085 more rows

Do you need a business license to start a business in Illinois?

In Illinois, most business are required to be registered and/or licensed by the IDOR.

How much does an LLC cost in Illinois?

$150How much does it cost to form an LLC in Illinois? The Illinois Secretary of State charges $150 to file the Articles of Organization. You can reserve your LLC name with the Illinois Secretary of State for $25.

How much does it cost to register a small business in Illinois?

Top 5 Tips on Registering a Business in Illinois Forming an LLC costs $500 and a $250 annual fee. The fee for a corporation varies, but is usually $125 to start and $100 annually.

Does an LLC need a business license in Illinois?

The state of Illinois does not issue a state-level business license or business operating license, but local municipalities will likely require at least one type of business license or permit before you begin operating in the state of Illinois.

How do I register my business name in Illinois?

Business Registrationelectronically register through MyTax Illinois (approximately one to two days to process);complete and mail Form REG-1, Illinois Business Registration Application, to us at the address on the form (Form REG-1 is available on our web site as a fill-in and savable form. ... visit one of our offices.

How do I get an EIN number in Illinois?

You may apply for an EIN online if your principal business is located in the United States or U.S. Territories. The person applying online must have a valid Taxpayer Identification Number (SSN, ITIN, EIN). You are limited to one EIN per responsible party per day.

How do I get a small business license in Illinois?

Steps for Obtaining a Business License in IllinoisOPTION 1: Apply Online With MyTax Illinois.OPTION 2: Apply by Mail or in Person.Fee: None.Mailing Address: Central Registration Division. Illinois Department of Revenue. P.O. Box 19030. Springfield, IL 62794-9030.Office Address: Department of Revenue Regional Offices.

Do LLC pay taxes in Illinois?

In all states, including Illinois, LLCs are regarded as pass-through entities for tax purposes. This means that the LLC itself does not pay income taxes. Instead, business profits and losses pass through to each owner's personal tax return.

How long does it take for an LLC to be approved in Illinois?

3-4 weeksMail filings: In total, mail filing approvals for Illinois LLCs take 3-4 weeks. This accounts for the 10-15 business day processing time, plus the time your documents are in the mail. Online filings: In total, online filing approvals for Illinois LLCs take 7-10 business days.

Can I be my own registered agent in Illinois?

Yes, you can be your own registered agent in Illinois. However, after considering the registered agent requirements most business owners elect to hire a registered agent service instead.

How do I get a small business license in Illinois?

Steps for Obtaining a Business License in IllinoisOPTION 1: Apply Online With MyTax Illinois.OPTION 2: Apply by Mail or in Person.Fee: None.Mailing Address: Central Registration Division. Illinois Department of Revenue. P.O. Box 19030. Springfield, IL 62794-9030.Office Address: Department of Revenue Regional Offices.

How do I get an LLC license in Illinois?

Forming an LLC in IllinoisStep 1: Choose a name for your Illinois LLC. ... Step 2: Appoint an Illinois registered agent. ... Step 3: Check if you need an Illinois business license. ... Step 4: File articles of organization. ... Step 5: Draft an LLC operating agreement. ... Step 6: Comply With Employer Obligations.More items...

How do I get a business tax ID number in Illinois?

Your business must obtain an Illinois Business Tax number from the Illinois Department of Revenue....There are several ways to register:Online through their website,Mail in the appropriate form (and applicable schedule forms) available for printing off their website,Visit one their offices, or.Call (800) 356-6302.

What do you need to get a license in Illinois?

To obtain an Illinois Driver's License you must:Visit a Secretary of State facility, show required identification documents and have your photo taken.Surrender all valid out-of-state licenses, state ID cards, instruction permits and commercial driver's licenses.Pay the appropriate fee.More items...

What is Sole Proprietorship?

Founding a business a sole proprietorship (a single owner) or a partnership (two or more owners) requires following certain regulations. Business law in Illinois includes the Assumed Name Act, which states that any business that doesn't use the full proper name of its owners must register with their local county clerks office.

What is a Limited Liability Company?

Another option for new businesses it that of a limited liability company, or LLC. An LLC is an alternative to a corporation. They offer the same limited liability and flow-through tax treatment but also have more operating flexibility and allow the owners stricter control over the business. This is a good choice for all kinds of companies, the exceptions being insurance companies and banks, which are prohibited by business law in Illinois from being LLCs.

How to register a business in Illinois?

If your business will have employees, you must register with the DOR for employer withholding taxes. You can register for both types of tax, as well as other business taxes, either online via the MyTax Illinois website or on paper using Form REG-1, Illinois Business Registration Application.

How to create LLC in Illinois?

LLCs: To create an LLC in Illinois, you must file Articles of Organization with the Illinois SOS. You will also need to appoint a registered agent in Illinois for service of process. In addition, while not required by law, you should prepare an operating agreement to establish the basic rules about how your LLC will operate. The operating agreement is not filed with the state. For more information, see How to Form an LLC in Illinois and How to Form a Professional LLC in Illinois (for professionals).

How to reserve a name in Illinois?

You can reserve an available name for 90 days by filing an Application for Reservation of Name. There are certain name requirements for LLCs and corporations (like including a word such as "LLC" for LLCs or "Company" for corporations). See How to Form an LLC in Illinois and How to Form a Corporation in Illinois for more information.

What are the taxes for Illinois?

Illinois taxes every kind of business. More specifically, Illinois has a corporate income tax, a corporation franchise tax, and a personal property replacement tax. Most businesses (except sole proprietorships) will be subject to at least one of these three taxes.

How to pick a business location?

You'll need to pick a location for your business and check local zoning regulations. Before you commit to a location, take time to calculate the costs of running your business in the desired spot, including rent and utilities. You can refer back to your business plan to evaluate whether you can afford your desired location during your company's early months. You should also be sure to verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town's zoning or planning department. Read our article for more tips on picking a location.

How to create a corporation in Illinois?

Corporations: To create a corporation in Illinois, you must file Articles of Incorporation with the Illinois SOS. You will also need to appoint a registered agent in Illinois for service of process. Although not legally required, you also should prepare bylaws to establish your corporation's internal operating rules. Bylaws are not filed with the state. S Corporations must also file IRS Form 2553, Election by a Small Business Corporation, with the IRS. For more information, see How to Form a Corporation in Illinois.

What is business insurance?

Business insurance can protect your business and your personal assets from the fallout of unexpected disasters, such as personal injury lawsuits and natural catastrophes. An insurance agent can help you explore the different coverage options for your business, which might include general liability insurance to protect you against claims relating to bodily injury or property damage, or cyber liability insurance to cover litigation and settlement fees following a data security breach. To learn more, see Nolo's article, What Types of Insurances Does Your Small Business Need?

What to know before starting a business?

There are, of course, many questions to be answered before you launch your business. First, you must decide whether you have the experience, skill, business know-how, and sheer stamina it may take to be successful. You must decide what that business will be, where it will be located, whether you will start from scratch or buy an existing business, ...

What is the purpose of a business entity?

Forming a business entity allows each owner to receive ownership contributions, define owner rights to manage, contract for, or get paid by the entity, and to limit liability to customers and other non-owners. Owners may have “fiduciary duties” to each other, such as the obligation not to profit from business deals that should go to the entity, ...

What is LLC partnership?

Members contract with each other to define contributions, management rights, rights on purchase or sale of the entity or their interests in same, and authority to act for the entity in an Operating Agreement. LLC members are partners for federal income tax purposes unless they elect to be taxed otherwise.

Why do companies need liability insurance?

Depending upon the circumstances and the risks to be encountered by a company, some companies obtain liability insurance to cover costs of defense and any insurable claims resulting from employment practices violations. Good hiring, employment, and contracting practices should also be documented using the following:

How much does it cost to file an Articles of Incorporation?

The filing fee for Articles of Incorporation is at least $175 (more if invested capital is high), plus $100 for annual reports.

How long does a business license last?

Permits and other registrations, zoning determinations, or building code decisions may last until a change of operations requires new permissions, or for multiple years.

Does a business owner pay federal income tax?

The business owner puts in all the money, makes all decisions, pays federal income tax on net income using Schedule C to Form 1040, has no state level income tax to pay on earnings, and is fully liable for any contracts or wrongs the business makes with or does to others.

How to register a business in Illinois?

Once you have a registered agent, check the availability of your business name, and proceed to register your business through the Office of the Illinois Secretary of State. LLCs must file Articles of Organization, while corporations must file Articles of Incorporation. Filing can be done online or through the mail, and payment can be made with a major credit card.

How much does it cost to get a business name certificate in Illinois?

Next, you must file an assumed business name certificate at the local county clerk’s office, which usually costs $5, although in some municipalities the fee is higher.

How many startups survive in Illinois?

An average of 80% of Illinois startups survive beyond their first year of existence, which is the 19th highest rate in the U.S.

What is a sole proprietorship?

Sole proprietorship – The name for running a business by yourself. Legally, you and your business are one and the same, with no separate legal entity for your business.

Is location important for online business?

Whether you are running an online business or opening a restaurant, location is everything. Be aware of the demographics of the neighborhood or town that you are considering: Are the local residents likely to visit your business? Will nearby competitors take a share of your potential profits?

Is Chicago a good place to start a business?

Running a business is a lot easier when you love where you live: Chicago, Illinois’ largest city, was recently ranked the 3rd best city in the world–as well as the world’s happiest city–by Time Out Magazine.

Do you need a certificate of assumed business name in Illinois?

However, if you plan to operate your sole proprietorship under a business name separate from your given name, you must file a certificate of assumed business name.

How to organize a business in Illinois?

They are Sole Proprietorships, General and Limited Partnerships, Limited Liability Partnerships (LLP), Limited Liability Companies (LLC), "S" Corporations and "C" Corporations. Before selecting a business type, consult an attorney or accountant for assistance in determining which one is best for your business.

What is a sole proprietorship in Illinois?

Sole Proprietorship and General Partnership. When a business name is different from the owner (s) full legal name (s), the Illinois Assumed Name Act requires sole proprietorships and general partnerships to register with their local county clerk's office for registration under the Assumed Name Act.

How Do I Protect My invention, product or idea?

A trademark, servicemark or tradename is a word, name symbol, device or combination thereof, adopted and used by a manufacturer, service provider or merchant to identify goods and services in order to distinguish them from others. A patent gives legal recognition to the inventor, creator or discoverer of a new product, procedure or composition of matter. You may obtain a patent or federal trademark by fulfilling all the requirements of the U.S. Patent and Trademark Office. For more information, contact:

What is LLC in business?

A Limited Liability Company (LLC) is the non-corporate form of doing business that provides its owners with limited liability, flow-through tax treatment and operating flexibility through participation in management of the business. The LLC is well suited for every type of business venture, except banking and insurance which are prohibited by Statute. Examples of acceptable businesses are: farming, agricultural services, mining, construction, manufacturing, transportation, wholesale and retail trade, investment companies, insurance agents, real estate brokers, all types of real estate ventures, hotels, personal and business services, automotive sales and services, amusement and recreation, health services, accounting, architecture and other professions, just to name a few.

Who conducts small business tax workshops?

The Small Business Tax Workshops are conducted by the Internal Revenue Service, Illinois Department of Revenue, Illinois Department of Employment Security, Social Security Administration and the Small Business Administration. These workshops provide federal and state tax information for new and existing small business owners. For more information contact the local Small Business Coordinator at:

Who is the child support enforcement agency in Illinois?

The Illinois Department of Healthcare and Family Services is the Child Support Enforcement Agency for the State of Illinois. If you (as an employer) are served a Notice of Withholding, you are required by law to withhold a portion of an employee's income for payment of child support. For more information, contact:

How to contact First Stop Business Information Center?

If you have any questions contact the First Stop Business Information Center at 800.252.2923 (TTY: 800.785.6055) or Submit a Question and a staff member will assist you.

What is the Illinois Office of Entrepreneurship?

The Illinois Office of Entrepreneurship, Innovation and Technology supports entrepreneurs through direct services and a network of resources by providing information, regulatory assistance, advocacy and business guidance to start-up and existing small businesses.

What are the things to consider when starting a business?

Starting and owning a business can be exciting and frightening. There are so many things to consider - location, size, number of employees, ownership structure, and so on. Then, there are anxieties and concerns: “Where do I start?” “Am I in over my head?” “Will I make it?”

What is sole proprietorship?

A sole proprietorship is a business which is owned and operated by an individual. The advantages of this form of business structure include ease of formation, relative

What is Advantage Illinois?

Small businesses are the backbone of the Illinois economy, and the Advantage Illinois program is there to assist. By working with the state's banking community and venture capitalists, we'll help entrepreneurs and small businesses start up, expand and create new jobs at a faster rate. Illinois expects to generate a minimum "bang for the buck" of at approximately $10 in new private lending and investment for every $1 of federal funding provided through this program by the end of 2017, generating approximately $800 million in private investments in Illinois' small businesses. Advantage Illinois will accelerate investments and ease the credit crunch for small businesses, thanks to more than $78 million from the federal State Small Business Credit Initiative (SSBCI) of the Small Business Jobs Act of 2010. There are two programs to spur institutional lending to small businesses, the Participation Loan Program (PLP) and the Capital Access Program (CAP).

What is the Illinois New Markets Development Program?

The Illinois New Markets Development Program(NMDP) seeks to revitalizes low -income communities by encouraging the deployment of federal New Markets Tax Credit investments in Illinois.

What is Illinois First Stop?

The Illinois First Stop Business Information Center(First Stop) provides comprehensive information and technical support to businesses with questions and concerns about government regulations and assistance programs. First Stop also provides entrepreneurs and small business owners free business startup ki ts, online access to its searchable knowledgebase system for license and regulatory information, as well as easy to understand guides on various business issues.

What is the Illinois Enterprise Zone Program?

The Illinois Enterprise Zone Program is designed to stimulate economic growth and neighborhood revitalization in economically depressed areas of the state through state and local tax incentives , regulatory relief and improved governmental services. Businesses located or expanding in an Illinois enterprise zone may be eligible for the following state and local tax incentives:

What can a lawyer do for a business?

A lawyer can review your business plan and flag issues of concern. Or they can draft your plan for you. Since a sound business plan is critical to get a business loan or investors on board, it is worth the investment to have an attorney review it.

What can a business attorney do?

A business attorney can help you draft documents and agreements for your business. For example, when you start your company, you may need an operating agreement or bylaws.

How can a tax lawyer help you?

Tax lawyers can also advise on business strategies to reduce taxes. For example, they might recommend launching or expanding your business in one state instead of another. As a result, you might save thousands of dollars in taxes by paying a few hundred in legal fees.

Why is it important to have an attorney for a partnership?

Equally important is addressing how a partnership may change as the business grows (i.e., one partner wants to leave the company). Again, enlisting the services of an attorney will define the relationship and avoid future conflicts.

What documents do business owners use?

In addition, business owners frequently use sales contracts, delivery agreements, and equipment leases. Having an attorney review these documents and advocate for your interests can save you time and trouble in the future.

What is the best legal advice for a business?

Probably the best legal advice a business attorney can give is how to correctly set up your company to minimize your taxes and business liabilities. An attorney can show you the advantages and drawbacks of your business formation to tailor the right one for you.

What to do if you have employees?

If you have employees, you will want employment agreements spelling out the terms of the working relationship. Additionally, you want to avoid potential lawsuits if you need to discipline or terminate the employee.