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What legal forms are required to set up a small business in Illinois?

Picture of Chris Battis By   ·  1 minute read

To set up a small business in Illinois, there are a number of legal forms and requirements that must be met. The specific forms that are required will depend on the type of business entity you are creating, as well as any additional requirements specific to your industry or location. Here are some of the common forms and requirements that you may need to consider:

  1. Choose a business entity: The first step in setting up a small business in Illinois is to decide on the appropriate legal structure for your business. You may choose to operate as a sole proprietorship, partnership, LLC, or corporation. Each of these business entities has different legal requirements and implications, so it is important to carefully consider the pros and cons of each before making a decision.
  2. Register your business: Once you have chosen a legal structure for your business, you will need to register your business with the Illinois Secretary of State. This typically involves filing articles of incorporation or organization, depending on the type of entity you are forming. Other forms may be required as well, such as a business license or tax registration.
  3. Obtain necessary licenses and permits: Depending on the type of business you are operating, you may need to obtain additional licenses and permits to comply with Illinois state and local regulations. This may include zoning permits, health permits, building permits, and more. Be sure to research the specific requirements for your industry and location to ensure that you are in compliance with all relevant regulations.
  4. Obtain an EIN: If you plan to hire employees or operate as a corporation, you will need to obtain an Employer Identification Number (EIN) from the IRS. This is a unique identifier that is used for tax purposes and is required for various business activities such as opening a bank account or filing tax returns.

Overall, setting up a small business in Illinois can be a complex process that requires careful attention to detail and compliance with a range of legal requirements. It is important to work with an experienced attorney or business advisor who can help you navigate the process and ensure that your business is set up for success.