Frequently Asked Questions Regarding Incorporation in Chicago
Incorporation is an important step for businesses of any size2 min read
Incorporation is an important step for businesses of any size. Incorporation not only dictates how a business is managed but also how it will be taxed. Having an understanding of the various regulations and processes related to incorporating in Chicago is important for any business owner. This article outlines some of the most common questions about incorporation in Chicago and provides information about resources such as UpCounsel that can help businesses navigate the process.
What is the Process for Incorporating in Chicago?
The first step in incorporating a business in Chicago is filing a Form LLC-5.1 to create a limited liability company (LLC) or a Form BCA-13.17 to create a corporation. These forms will need to be submitted to the Illinois Secretary of State and must include information about the company and its members or officers. After submission, the company will be required to obtain a business license, if necessary, and open a business bank account. Finally, the company must identify a registered agent to accept service of process on behalf of the company.
What are the Benefits of Incorporating in Chicago?
There are several benefits to incorporating a business in Chicago. First, incorporation protects the owner from personal liability. If a business is sued or incurs debt, the owners’ personal assets are not at risk. Additionally, incorporating a business allows the owner to have control over how assets of the company are structured, as well as how the company will be managed.
Finally, incorporating a business may provide a variety of tax benefits. Businesses that incorporate may be able to take advantage of deductions that are not available to sole proprietorships and the ability to take advantage of certain tax credits.
Where Can I Get Help With Incorporating in Chicago?
For businesses looking to incorporate in Chicago, UpCounsel can provide experienced legal counsel to ensure the process goes smoothly. UpCounsel’s network of attorneys have an average of 14 years of experience and their profiles contain ratings and reviews from past clients, providing assurance that businesses are making an educated decision when choosing legal representation. From one-time advice to long-term comprehensive support, UpCounsel can provide the legal help businesses need to properly start or restructure a business in Illinois.