How to Get Started with Registering a C-Corp in Chicago
Starting a Business in Chicago: Strategies for a Smooth Transition2 min read
Starting a business in Chicago can be daunting, but with the right knowledge and legal support, it doesn’t have to be a difficult journey. Many entrepreneurs and business owners choose to establish a C-corp to take advantage of favorable tax benefits, protection of personal assets, and other benefits the business structure provides. If you’re based in Chicago and looking to get started with a C-corp structure, this article can provide the knowledge you need to make the process as streamlined and easy as possible.
The first step is to check that the desired business name doesn’t conflict with any existing businesses in the state. This can be done through the Illinois Secretary of State Business Services Division. Upon finding that the business name is available, it’s then time to organize the articles of incorporation. This formal document should include the name and address of the C-corp, the name and address of the business’s registered agent, description of the business structure, officer names and info, and other details pertaining to how the business will be managed.
Once the articles of incorporation have been drafted, you’ll need to obtain a Certificate of Incorporation from the Secretary of State in order to restore several key benefits. These include the exclusive right to the business name, protection from personal liability and the ability to open a bank account in the name of the business. Filing the articles of incorporation with a $150 filing fee is the first step towards obtaining the certification.
After filing, businesses must also obtain local business licenses, permits, and taxes from the City of Chicago and other applicable municipal governments. These are often necessary to legally operate in a given geographic location.
The C-corp will also require certain formalities and paperwork to be carried out on an ongoing basis. This includes maintaining corporate records such as minutes from all board and shareholder meetings, maintaining complete ownership records, and filing all taxes in a timely and accurate manner.
Although the process of setting up a C-corp in Chicago can be handled independently, it’s always a good idea to have experienced legal counsel to make sure that everything is done properly to protect the company. Working with a team of experienced business lawyers from UpCounsel can provide the services your company needs to help make the transition to C-corp status a smooth one. From filing the articles of incorporation to helping register business licenses, permits, and taxes, to ongoing corporate compliance and advisory services, UpCounsel is the perfect choice for businesses of any size looking to establish a C-corp in Chicago.