Illinois Corporate Records: Everything You Need to Know
Illinois corporate records refer to the records that a corporation requires to show that it is following the guidelines established by the Internal Revenue Service as well as the laws of the state of Illinois.3 min read
Illinois corporate records refer to the records that a corporation requires to show that it is following the guidelines established by the Internal Revenue Service as well as the laws of the state of Illinois.
Illinois Corporation Requirements
The state of Illinois doesn't require corporations to undergo the process of name reservation. However, the name reservation process is an effective way for owners to confirm that the name they have selected for the company is available. The name reservation process also makes sure that the name will remain available to the owners until they're ready to file the necessary forms for incorporation in Illinois.
After you form a corporation, you are required to undergo certain steps on a regular basis to make sure your company remains in compliance. You will also need to take certain steps to preserve the limited liability that a corporation allows its owners to enjoy.
The principal place of business of an Illinois corporation needs to have the complete corporate records. While it is not necessary for the owners of a corporation to submit bylaws, it is recommended that the owners create bylaws during the process of forming their company. Bylaws serve as a blueprint that owners can use to govern the operations of their newly formed company.
It is not required to publicize business registration of an Illinois corporation. Also, there are no follow-up requirements that you will need to fulfill after filing.
Incorporating Illinois Corporations
The first step of incorporating in the state of Illinois is selecting a name that is original, and that is not currently in use by another Illinois corporation.
The state of Illinois requires corporations to be given names that cannot be confused with the names of other Illinois corporations or LLCs. The name must also not be similar to the names of any existing limited liability companies, not-for-profit, or registered or reserved names.
Some of the permitted designations for Illinois corporate names include the following:
In the state of Illinois, if the business name differs from the full legal name of the owner, the Assumed Name Act requires the owner to register the organization's name with the office of the county clerk. This must be done no matter the entity type.
You can use a file number or a name to search through the Corporation/LLC database.
You can view file detail reports on a limited liability company or corporation, get a Certificate of Good Standing for an existing organization, or perform a preliminary search on name availability because the database is being updated constantly and in real time.
You can also email or call 217-782-6961 to check the availability of a name for a corporation. Call the number 217-524-8008 for LLC name availability. You may need to pay expedited processing fees for these transactions.
The articles of incorporation for your organization should include vital information such as the name as well as the purpose of the organization. You also should consider including the names of the directors in the articles of incorporation. In the state of Illinois, it is required for a corporation to have one or more directors. However, you do not need to include the names and addresses on the articles of incorporation.
You are not required to provide the official number of directors making up the initial board of directors as well as the contact information of the individuals serving as directors until the first shareholders meeting.
The articles of incorporation need to include the names, addresses, and signatures of every incorporator. If another corporation is acting as one of the incorporators, you should list the name and state of the corporator. An officer belonging to the organization should sign on behalf of the corporation.
You will also need to state the limitations, preferences, qualifications, special rights, or relative rights pertaining to the shares for each class. Keep in mind that a rise in the number of shares can have an impact on initial filing fees because of franchise tax.
Other provisions include the denial of cumulative voting, the authorization of preemptive rights, voting majority requirements, the regulation of internal affairs, and director qualifications. These can be attached to another sheet.
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