How to Get Started on Your Chicago C Corp
Starting a Business in Chicago: Extra Steps for Incorporating a C Corp2 min read
Starting a business in Chicago takes a lot of work, and if you want to incorporate your business as a C Corp, you'll need to take some extra steps to make sure everything is done correctly. This guide will walk you through what you need to do to get up and running with a C Corp in Chicago.
A C Corp is a distinct legal entity, and it provides limited liability protection to its owners. This is important for any business owner in Chicago, because it means that the business’s creditors cannot go after the owner's personal assets if the business runs into financial difficulty.
The first step to setting up a C Corp in Chicago is to choose a company name and organization type. You can either select a pre-existing C Corp, or create your own. Once you have decided on the precise name of your C Corp, you must register it with the Illinois Secretary of State. This involves submitting a corporation registration form, paying a registration fee, and following the Illinois State Board of Elections requirements.
The next step is to obtain a federal employer identification number (FEIN). This number uniquely identifies the business and is needed to file taxes and open certain bank accounts.
You'll also need to create articles of incorporation, which specifies the duties, liabilities, and rights of the corporation. This document should include the name of the corporation, the purpose of the corporation, the street address of the business, and the names and addresses of the directors, officers, and shareholders.
Once you have submitted your documents to the Secretary of State, you'll need to obtain any required business licenses or permits. Depending on your type of business, you may need to get a general business permit, which can be obtained through the Illinois Department of Business and Economic Opportunity. If your business involves working with special industry-specific products or services, you may need to get industry-specific permits.
Finally, you'll need to register for various taxes, which may include federal, state, and local taxes. Depending on the complexity of your business, it is always recommended to seek legal counsel for help with setting up the right tax structure that works best for your business.
Once you’ve registered your business and filed the necessary documents with the government, you're finally ready to form your C Corp and start doing business. To ensure that everything goes smoothly and that your C Corp is compliant with all the applicable laws and regulations, consider working with experienced legal counsel to ensure that you take all the necessary steps. Whether you need a one-time consultation or an entire freelance legal department, UpCounsel’s network of experienced lawyers has you covered. From small businesses to the Fortune 1000, groundbreaking companies of all sizes trust UpCounsel and its attorney community to provide high-quality, cost-effective legal services. With access to high-quality attorneys on demand, business attorneys having an average of 14 years of experience, and profiles of our online attorneys displaying client ratings and reviews of recent work, UpCounsel’s platform gives you the advantage you need to get started in the right direction.