To start a small business in Illinois, there are several legal steps you need to take:
- Choose your business structure: The first step is to choose the legal structure of your business. Illinois recognizes several options, including sole proprietorship, partnership, corporation, and limited liability company (LLC).
- Register your business: Once you've chosen your business structure, you need to register your business with the Illinois Secretary of State. You can file online or by mail. The filing fee varies depending on your business structure.
- Obtain necessary licenses and permits: Depending on the type of business you want to start, you may need to obtain certain licenses or permits from the state or local government. For example, if you're planning to open a restaurant, you'll need to obtain a food service permit.
- Obtain an Employer Identification Number (EIN): If you plan to hire employees, you'll need to obtain an EIN from the Internal Revenue Service (IRS). This is also necessary if you plan to form a corporation or LLC.
- Obtain necessary insurance: Depending on your business, you may need to obtain various types of insurance, including general liability insurance, workers' compensation insurance, and professional liability insurance.
- Comply with tax obligations: All businesses in Illinois are subject to various taxes, including state and federal income taxes, sales taxes, and payroll taxes. You'll need to obtain a state tax ID number and register with the Illinois Department of Revenue.
- Create a business plan: While not a legal requirement, creating a business plan can help you organize your thoughts and better understand your business goals.
It's important to note that these steps may vary depending on the type of business you want to start and your specific circumstances. It's recommended that you consult with a licensed attorney and/or accountant to ensure that you comply with all legal requirements and obtain necessary permits and licenses.
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