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FAQ: Frequently Asked Questions For Illinois
Name Endings
1. Can I use LTD in my corporation name?
Yes. The corporate name must include one of the following words or abbreviations: Corporation,
Company, Incorporated, Limited, Corp., Co., Inc. or Ltd..
2. Is the word BANK available as my corporation name?
The name shall not contain any word or phrase indicating or implying it is organized to conduct the
business of insurance, assurance, indemnity, acceptance of savings deposit, banking, or corporate
fiduciary.
3. Are designators used for a Limited Liability Company name?
Yes. The name of a LLC must end with “Limited Liability Company,” “LLC,” or “L.L.C.”
Article Requirements
1. How many Directors and Officers do I need for my Corporation?
The minimum number is one. One person can be listed as more than one officer.
2. Does Illinois require a Purpose?
All corporations filed on-line will have the following purpose: "The transaction of any or all lawful
purposes for which corporations may be incorporated under the Illinois Business Corporation Act."
3. Can my corporation have more than one kind of stock?
All corporations filed on-line will have only one class of stock, which will be named "Common Stock".
The number of shares of common stock to be authorized must be set forth along with the number of
shares of common stock proposed to be issued without further report to the Secretary of State.
4. Are Managers or Members required to be listed on the LLC Articles?
Members or managers are required to be listed in the articles of organization
5. What is the difference between a Manager and a Member for an LLC?
You can only list one or the other on your articles of organization. Managers are employees of the
company and members are owners. A Manager may be an owner.
Taxes and Fees
1. Does Illinois have annual fees and reports?
The annual report for corporations is due by the first of the month of your incorporation date. The fee
is for the annual report and the franchise tax. The annual report for LLCs are due by the first day of
the month of set up (i.e. Setup date is November 15, the annual report is due by Oct. 31st).
2. Are S Corporations recognized in Illinois?
S Corporation status is recognized by the State of Illinois, however, S corporations are subject to
Illinois' personal property replacement income tax of 1.5%. A separate state election from the federal
election is not required.
Compliance Requirements
1. Will Illinois require me to have a local bank account?
Illinois does not require a local bank account to run your business from the state.
2. Does Illinois require me to have a local business address?
Corporations are not required to list a business address but a Limited Liability Company does.
3. Does Illinois require the publication of Articles?
Illinois does not require publication of Articles, but they do require the publication of Dissolutions.
Filing Process
1. What is the process to file a new company in Illinois?
The Nevada Secretary of State averages around three (3) weeks to file new articles. They also have
an expedite service that can reduce your time to less than 5 days.
Illinois Order Forms
1. Illinois Corporations
2. Illinois Limited Liability Companies
3. Illinois Doing Business As (DBA)
4. Illinois UCC Statement
5. Illinois Foreign Qualification
6. Illinois Mail Forwarding Service
7. Illinois Bookkeeping Service
8. Illinois Amendment
1. Can I use LTD in my corporation name?
Yes. The corporate name must include one of the following words or abbreviations: Corporation,
Company, Incorporated, Limited, Corp., Co., Inc. or Ltd..
2. Is the word BANK available as my corporation name?
The name shall not contain any word or phrase indicating or implying it is organized to conduct the
business of insurance, assurance, indemnity, acceptance of savings deposit, banking, or corporate
fiduciary.
3. Are designators used for a Limited Liability Company name?
Yes. The name of a LLC must end with “Limited Liability Company,” “LLC,” or “L.L.C.”
Article Requirements
1. How many Directors and Officers do I need for my Corporation?
The minimum number is one. One person can be listed as more than one officer.
2. Does Illinois require a Purpose?
All corporations filed on-line will have the following purpose: "The transaction of any or all lawful
purposes for which corporations may be incorporated under the Illinois Business Corporation Act."
3. Can my corporation have more than one kind of stock?
All corporations filed on-line will have only one class of stock, which will be named "Common Stock".
The number of shares of common stock to be authorized must be set forth along with the number of
shares of common stock proposed to be issued without further report to the Secretary of State.
4. Are Managers or Members required to be listed on the LLC Articles?
Members or managers are required to be listed in the articles of organization
5. What is the difference between a Manager and a Member for an LLC?
You can only list one or the other on your articles of organization. Managers are employees of the
company and members are owners. A Manager may be an owner.
Taxes and Fees
1. Does Illinois have annual fees and reports?
The annual report for corporations is due by the first of the month of your incorporation date. The fee
is for the annual report and the franchise tax. The annual report for LLCs are due by the first day of
the month of set up (i.e. Setup date is November 15, the annual report is due by Oct. 31st).
2. Are S Corporations recognized in Illinois?
S Corporation status is recognized by the State of Illinois, however, S corporations are subject to
Illinois' personal property replacement income tax of 1.5%. A separate state election from the federal
election is not required.
Compliance Requirements
1. Will Illinois require me to have a local bank account?
Illinois does not require a local bank account to run your business from the state.
2. Does Illinois require me to have a local business address?
Corporations are not required to list a business address but a Limited Liability Company does.
3. Does Illinois require the publication of Articles?
Illinois does not require publication of Articles, but they do require the publication of Dissolutions.
Filing Process
1. What is the process to file a new company in Illinois?
- Choose a Name for your LLC or Corporation
- File your Articles with the Illinois Secretary of State
- Order your Tax ID Number
- Order your State Business License
- Receive copy of documents by email and originals by US Post
- Open a business checking account
The Nevada Secretary of State averages around three (3) weeks to file new articles. They also have
an expedite service that can reduce your time to less than 5 days.
Illinois Order Forms
1. Illinois Corporations
2. Illinois Limited Liability Companies
3. Illinois Doing Business As (DBA)
4. Illinois UCC Statement
5. Illinois Foreign Qualification
6. Illinois Mail Forwarding Service
7. Illinois Bookkeeping Service
8. Illinois Amendment
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