To start a small business in Illinois, there are several legal requirements that must be fulfilled.
First, you must choose a legal structure for your business, such as a sole proprietorship, partnership, Limited Liability Company (LLC), or corporation. Each structure has different legal and tax implications.
Second, you must obtain any necessary licenses and permits required for your specific type of business by contacting the Secretary of State’s Office, the Department of Revenue, or the City/Town Village Clerk. The type of license or permit needed will depend on the nature of your business and its location.
Third, you must register your business with the Illinois Secretary of State’s Office by filing articles of incorporation or articles of organization for an LLC.
Fourth, you need to obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) if your business has employees.
Fifth, you must obtain any necessary insurance, such as liability insurance, property insurance, or workers' compensation insurance.
Last but not least, it is important to comply with all applicable local, state, and federal tax requirements, including registering for sales and use tax, and filing tax returns.
It is important to note that this is general advice, and there may be specific requirements or exceptions that apply to your individual business. It is highly recommended to consult with a licensed attorney familiar with Illinois business laws to ensure that you have fulfilled all legal requirements for starting your small business in Illinois.
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