Illinois Corporation Commission: Everything You Need to Know
The Illinois Corporation Commission provides regulatory authority, handling numerous business and economic interests within the state. 3 min read
2. How to Incorporate in Illinois
3. Searching for Corporation/LLC
4. Registration of Notary Public Commissions
5. Liquor Licenses, Raffle Licenses, and More
The Illinois Corporation Commission provides regulatory authority, handling numerous business and economic interests within the state. For business owners, it can achieve a wide range of goals, including all aspects of registration, permits, licenses, and more. Whether you are interested in a name search or a Certificate of Good Standing, here is what you need to know.
About Illinois Business License, LLC Formation, and Incorporation
As home to the largest domestic transportation hub, Illinois is a great place to start and operate a business. More than 30 Fortune 500 companies operate out of this state, including Walgreens and McDonald's. With many other headquarters situated in the state, Illinois yields the nation's fifth-largest economy. Because of its high-tech and startup economy, which has ranked within the top 10 across the nation, many small businesses are deciding to incorporate.
How to Incorporate in Illinois
If you are considering incorporation for your company, you must first choose a unique name. Within the state of Illinois, corporation names should not cause any confusion in regards to another, separate corporation or LLC in the state. There are also specific words that need to be approved by the state, including such words as banking, bank, insurance, union, engineer, and banker.
If you are the business owner, your company name must be registered with the county clerk's office if it differs from your full legal name. Once this step is complete, you will be responsible for filing the Articles of Incorporation with the state's Secretary of State.
Here are some of the key points you should be aware of:
- If you're planning to hire employees or open a business bank account, you will also require an Employer Identification Number (EIN).
- At the time of incorporation, the state will charge you a franchise tax. This will be a minimum fee of $25 and is assessed at a rate of 15/100 of 1 percent on the paid-in capital.
- You will then need to register with the Illinois Department of Revenue. To do so, complete the REG-1 State of Illinois Business Registration Application. This step is required before you make any sales, hire employees, or make any purchases.
Searching for Corporation/LLC
In order to search for a name or filing number, you can head over to the Corporation/LLC Database. Your name should be unique and distinguishable. Once you do conduct a search, you will be shown a list of all possible matches.
Please note, this search is only a preliminary check and final availability regarding name availability is determined by the Secretary of State's office. This request can be made by calling 217-524-8008 for LLC availability and for corporate name availability, please call 217-782-6961.
Registration of Notary Public Commissions
In terms of Illinois Corporation Commission, applications can be downloaded and are also available through the Secretary of State's office. Once complete, this application should be mailed as instructed by the Secretary of State. Your Notary Commission Certificate will then be sent to the county clerk. If sent through the mail, a $10 signing fee will be administered. If you are signing in person, this fee will be $5.
Liquor Licenses, Raffle Licenses, and More
If applying for a liquor license:
- Your business will require proper zoning when applying for a Knox County Liquor License.
- You can obtain an application by calling the Knox County Clerk's Office at 309-342-3815.
- If you require a license for one day, these are available under Class G.
- If approved, you will then need to apply for an Illinois State Sales Tax Number.
If applying for raffle licenses:
- In Knox County, to obtain a raffle license you must be an educational, charitable, religious, labor, or veterans organization that operates as a not-for-profit. Your organization must also have been in existence for a consecutive period of five years.
- Within a single year, the retail value of prizes cannot exceed $50,000.
If applying for fireworks permits:
- Any group of three or more individuals, all who are 18-plus years of age, can apply for a display permit.
- The application for a permit must take place at least 15 days prior to the date of the display.
- No fireworks can legally be ignited or discharged within 600 feet of any hospital, infirmary, or asylum.
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