Want to set up your own business? Follow these simple steps or contact us for a consultation!
1.Choose a Business Structure: Consider the different types of business entities available in Illinois (e.g., sole proprietorship, partnership, LLC, corporation) and the legal protections, tax implications, and filing requirements for each.
2.Name Your Business: Select a unique business name and check for name availability through the Illinois Secretary of State's website.
3.Register Your Business: Our office can assist in filing Articles of Incorporation (for corporations) or Articles of Organization (for LLCs) with the Illinois Secretary of State. We can assist in obtaining a corporate book, operating agreement or bylaws, and stock certificates.
4.Obtain Federal and State Tax IDs: We can help you apply for an Employer Identification Number (EIN) from the IRS. May need a state tax ID if the business will be selling goods or hiring employees.
5.Licenses and Permits: Depending on the business type, your business may need federal, state, and local permits and licenses (i.e. health permits, sales tax licenses, or professional licenses.)
6.Open a Business Bank Account: Must keep personal and business finances separate.
7.Understand Employer Responsibilities: If the business will have employees, understand the legal requirements for hiring, including employment eligibility verification, workers' compensation insurance, and compliance with employment laws.
