FAQs
How to register an S Corp in Illinois?
To register an S Corporation (S Corp) in Illinois, one undergoes some legal and taxation procedures to fulfill state and federal obligations. Proceed as follows:
1. Choose a Business Name
Your business name should be unique and fulfill Illinois naming requirements. Conduct a search to determine whether a name is available by utilizing the Illinois Secretary of State database.
2. File Articles of Incorporation
To form a corporation in Illinois, file Articles of Incorporation with the Illinois Secretary of State and pay a required filing fee. The Articles must include:
- Business name and address
- Registered agent information
- Number of shares the corporation can issue
- Incorporators' names and addresses
3. Select a Registered Agent
Illinois corporations are required to appoint a registered agent to accept official legal papers on their behalf. The agent's Illinois address is mandatory.
4. Obtain an EIN from the IRS
Get an Employer Identification Number (EIN) from the IRS, which is required for tax reporting, hiring employees, and opening a business bank account.
5. File Form 2553 with the IRS
To elect S Corporation status, file Form 2553 – Election by a Small Business Corporation with the IRS within 75 days of incorporation. This allows the corporation to benefit from pass-through taxation.
6. Register for State Taxes
Register with the Illinois Department of Revenue for any applicable state taxes, including sales tax and employer withholding tax.
7. Meet Ongoing Requirements
Illinois S Corps must file yearly reports with the Secretary of State and maintain corporate records available.
By following these steps, you can be capable of successfully register an Illinois S Corporation with full compliance to all tax and legal requirements. For professional business formation, tax advice, and regulation compliance assistance, One IBC USA offers professional assistance to simplify the process and promote business development.