Key Takeaways

  • Incorporating in Illinois takes about four weeks for corporations with standard filing; expedited service is available for LLCs and corporations.
  • LLCs in Illinois can be formed in as little as 24 hours with expedited filing; regular processing is 7–10 business days.
  • Corporations require more steps than LLCs, including filing Articles of Incorporation, preparing bylaws, and appointing directors.
  • Costs vary depending on entity type and filing method: LLCs typically cost $500–$750, while corporations pay a $150 filing fee plus franchise taxes.
  • Ongoing requirements include annual reports, registered agent maintenance, and tax compliance at both state and federal levels.

How long does it take to incorporate in Illinois? Regular processing of articles of incorporation takes about four weeks, plus an additional two or three days to mail the final documents.

Regular filing time for an LLC (limited liability company) is between seven and ten business days. Expedited filing time only takes about 24 hours, although additional fees will apply.

Illinois LLC

If you intend to establish a limited liability company in Illinois, you'll need to pay some mandatory costs, and possibly some optional ones too. Mandatory costs include government fees associated with required state forms. Optional costs include those for professional services (attorneys, accountants, etc.) or those for private companies that assist you in filing the necessary forms.

In Illinois, an LLC is officially formed when the articles of organization are accepted for filing by the Illinois Secretary of State office. This preprinted document is available from the office and specifies the information legally required in order to form an LLC. Required information includes a name that complies with the state's LLC law. Noncompliant names will cause the articles to be rejected.

Before you prepare the form, you can check whether a potential LLC name is available and acceptable by getting in touch with the Department of Business Services. If so, you'll have the option of reserving the name for a period of 90 days. This might avoid your articles being rejected. Reserving a name requires a $300 fee (as of December 2010).

As you submit your articles of organization for filing, you'll also need to submit the appropriate mandatory fee. There are two different fees which apply:

  • For a basic LLC, use Form LLC-5.5 and submit the $500 filing fee (as of December 2010).
  • For a series LLC, use Form LLC-5.5(S) and submit the $750 filing fee.

Illinois requires the listing of members and managers within a company's articles of organization. Neither a minimum age limit nor in-state address is required in order to be a member.

Processing Times and Costs for Illinois LLCs

The Illinois Secretary of State typically processes LLC filings in 7–10 business days if filed online. Paper filings may take longer depending on mail and office backlog. For businesses that need to operate immediately, expedited filing is available, which allows approval within 24 hours for an additional fee.

Filing fees are:

  • Standard LLC (Form LLC-5.5): $500
  • Series LLC (Form LLC-5.5(S)): $750
  • Expedited Processing (optional): $100 extra

In addition to the initial filing fee, LLCs must file an annual report with a $75 fee. Failure to file can result in late penalties or administrative dissolution.

Illinois Corporation

Formally incorporating within the State of Illinois requires more steps than establishing an LLC:

  1. Decide on a name for your corporation. The name must be distinguishable from other corporations operating within the state. Common endings include "Corporation," "Incorporated," and "Inc." If your chosen name is already in use by an active corporation or LLC in Illinois, you can still register a "Doing Business As" (DBA) with the country recorder of each county in which you'd like to conduct business.
  2. Select a registered agent and official address. Your registered agent must have a physical office within the state and must be available during normal business hours.
  3. Decide who will be on the board of directors. Illinois does not require you to list them within your articles of incorporation.
  4. Decide who will be officers. Illinois does not require you to list them within your articles of incorporation.
  5. Determine how you'd like your corporation to be taxed.
  6. File articles of incorporation with the Secretary of State.
  7. Obtain a federal employer identification number (EIN). Applying for an EIN only takes 15 minutes and can be done online.
  8. Issue stock to initial shareholders. Your state filing fee may be affected by the number of shares and par value.

Once you've formally incorporated in Illinois, you'll need to take some additional steps to fully establish your corporation:

  1. Hold an initial meeting of the board of directors. Adopt corporate bylaws.
  2. Open a corporate bank account.
  3. Acquire business licenses from cities and counties where you intend to conduct business.
  4. Hold annual shareholders' and directors' meetings.
  5. File necessary reports.
  6. Maintain accurate and thorough records on file.

Specific types of corporations include professional corporations, domestic corporations, and foreign corporations. If your business requires obtaining some type of license before you may legally market your skills within the State of Illinois, then you'll probably need to form an Illinois professional corporation. If you have registered as a domestic corporation in a state other than Illinois, then you must register with the Illinois Secretary of State as a foreign corporation.

Illinois does not require the involvement of a lawyer to form a corporation within the state.

Processing Times and Costs for Illinois Corporations

Corporations in Illinois generally take 3–4 weeks for regular processing of Articles of Incorporation. If filed online, the timeline can be shorter. Businesses that choose expedited service can expect processing in 24 hours, though this requires an additional $100 fee.

Filing fees include:

  • Articles of Incorporation: $150
  • Franchise Tax: Based on the number of shares and their par value (minimum $25)
  • Expedited Service (optional): $100

After incorporation, corporations must file an annual report by the first day of the corporation’s anniversary month each year. The filing fee for annual reports is $75. Missing deadlines results in late penalties and possible dissolution

Post-Incorporation Compliance in Illinois

After filing, Illinois corporations must take specific steps to remain compliant:

  • Corporate Bylaws: While not filed with the state, bylaws are required to govern internal management.
  • Annual Reports: Due each year with a $75 fee, submitted online or by mail.
  • Registered Agent: Corporations must maintain an in-state registered agent with a physical Illinois address.
  • Franchise Taxes: Calculated on issued shares and must be paid annually in addition to report fees.
  • Business Licenses: Depending on your industry, you may need local or state-level licenses to operate legally.

Failure to comply with these obligations can result in penalties, suspension of good standing, or administrative dissolution

Frequently Asked Questions

1. How long does it take to incorporate in Illinois?

Corporations take about four weeks for standard processing, while LLCs typically process in 7–10 business days. Expedited service shortens both to 24 hours.

2. How much does it cost to incorporate in Illinois?

LLCs cost $500–$750 to form, plus $75 annually. Corporations pay $150 plus franchise taxes and $75 annual report fees.

3. Can I file incorporation documents online in Illinois?

Yes. Both LLC and corporation filings can be completed online through the Illinois Secretary of State, which speeds up processing compared to mail.

4. What happens if I miss my annual report filing?

Late filings incur penalties and can lead to administrative dissolution of the business. It’s important to calendar annual report deadlines.

5. Do I need a registered agent in Illinois?

Yes. All corporations and LLCs must maintain a registered agent with a physical address in Illinois to receive legal documents.

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