As an AI language model, I can provide general information about your options for forming a business in Illinois.
The State of Illinois provides several options for establishing a business, including:
- Sole proprietorships
- Partnerships
- Limited liability companies (LLCs)
- Corporations
Sole Proprietorship: A sole proprietorship is the simplest and most common form of business, where the owner has complete control over the business but also assumes all the risks and liabilities.
Partnership: A partnership is similar to a sole proprietorship, but with two or more owners.
LLC: An LLC is a popular choice for small businesses as it provides limited liability protection for its owners, and allows for flexibility in management and tax treatment. To set up an LLC in Illinois, you must file Articles of Organization with the Illinois Secretary of State and pay a fee.
Corporation: A corporation is a separate legal entity from its owners, offering significant liability protection. To form a corporation in Illinois, you must file Articles of Incorporation with the Illinois Secretary of State, adopt by-laws, issue stock, and pay a fee.
Other factors that businesses should consider include obtaining necessary licenses and permits, complying with state and federal tax laws, and deciding on the structure of the business's internal management.
It's essential to consult with a licensed attorney to determine the best option for your specific business goals and circumstances, as well as to understand any limitations or exceptions that may apply.
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