Illinois Incorporation Benefits
Do you want to start a business of your own? It is always beneficial to incorporate a business rather than put up a sole proprietorship or a partnership. It doesn't matter where you are. Most of the time, the state laws are favorable to corporations in terms of fees, taxes, and benefits. So, if you are actually residing in Illinois and you don't want to incorporate your business offshore, if you want to avoid the hassle of registering in a different state, you would be pleased to know that there are a lot of benefits that you can get out of incorporating your business in Illinois.
The state of Illinois has all the resources that you would need for your business -- workforce, infrastructure, facilities, and networks. Illinois boasts of a highly skilled and productive workforce. In terms of state facilities, Illinois has access to an international airport, a number of ports, low-cost telecommunications, and excellent IT support. It also boasts of incentive programs that businesses could take advantage of.
Like in every other state, there are Illinois incorporation forms that have to be submitted. Primarily, the most important document that should be submitted is the Articles of Incorporation. However, there are other forms that must be submitted along with this document.
Articles of Incorporation The Articles of Incorporation must be filed with the Secretary of State. It should state the number of incorporators; a minimum of one would suffice. This incorporator could be a natural or a juridical person. If natural, he must be of legal age and must have the capacity to enter into contracts. If there is more than one incorporator, the names and addresses of these incorporators must be clearly stated in the Articles of Incorporation. In addition, the Articles of Incorporation must state the lawful purpose for which the business is being created. It shall also state the number of directors; a minimum of one director is allowed by Illinois law. However, only natural persons could be made directors of an Illinois incorporated company. They must also be of legal age and have the capacity to enter into contracts. The by-laws of the corporation may provide additional qualifications for directors. Annual Report In addition to the Articles of Incorporation, an applicant is required to submit an annual report which should be filed within 60 days prior to the month incorporation. The report must state the name and address of the corporation, the name of the corporation's registered agent, corporation's assets and location, and shares of stock authorized, issued and paid-up.
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