How do I register a small business in Illinois?

How much does it cost to register a business in IL?

Top 5 Tips on Registering a Business in Illinois

Forming an LLC costs $500 and a $250 annual fee. The fee for a corporation varies, but is usually $125 to start and $100 annually. Illinois offers a wide variety of business structures.

Do you have to register a small business in Illinois?

Illinois Department Of Revenue (IDOR)

In Illinois, most business are required to be registered and/or licensed by the IDOR. If you plan to hire employees, buy or sell products wholesale or retail, or manufacture goods, you must register with the IDOR.

How do you register a business in Illinois?

Business Registration

  1. electronically register through MyTax Illinois (approximately one to two days to process);
  2. complete and mail Form REG-1, Illinois Business Registration Application, to us at the address on the form (Form REG-1 is available on our web site as a fill-in and savable form. …
  3. visit one of our offices.
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How much does it cost to get a small business license in Illinois?

The fee to incorporate in Illinois is $125.00 with an additional fee for expedited filings. Before hiring any employees or making any sales or purchases, you must complete the REG-1 State of Illinois Business Registration Application with the Illinois Department of Revenue.

Can I start a business without registering it?

It is entirely legal to operate as a sole proprietorship without registering your company. … All you need for IRS recognition is that you file your first business tax return, as required by federal law.

How long does it take for an LLC to be approved in Illinois?

How long does it take to incorporate in Illinois? Regular processing of articles of incorporation takes about four weeks, plus an additional two or three days to mail the final documents. Regular filing time for an LLC (limited liability company) is between seven and ten business days.

How much is a vendor’s license in Illinois?

Business Licensing: What Do I Need?

BUSINESS SECTOR/Activity LICENSE TYPE LICENSE APPLICATION FEE / 2 YEARS
Mobile Frozen Desserts, Non-Motorized Mobile Food $275
Mobile Frozen Desserts, Motorized (2 or 3 wheels) Mobile Food $275
Mobile Prepared Food Vendor – Complete Requirements Mobile Food $100
Produce Merchant Mobile Food $100

How much is a seller’s permit in Illinois?

5. How much does it cost to apply for a sales tax permit in Illinois? It is free to apply for a sales tax permit in Illinois.

Is an LLC and a business license the same thing?

A business license is not the same as forming an LLC (limited liability company) or other legal business entity. An LLC is a legally recognized business entity while a business license gives you permission to engage in a specific type of business in a certain jurisdiction.

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How much does it cost to start an LLC in Illinois?

How much does it cost to form an LLC in Illinois? The Illinois Secretary of State charges $150 to file the Articles of Organization. You can reserve your LLC name with the Illinois Secretary of State for $25.

Is an S Corp better than an LLC?

If there will be multiple people involved in running the company, an S corp would be better than an LLC since there would be oversight via the board of directors. Also, members can be employees, and an S corp allows the members to receive cash dividends from company profits, which can be a great employee perk.

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