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Incorporating a business in Illinois requires careful attention to the state's specific requirements, and the Articles of Incorporation form is a crucial document in this process. This form serves as the official declaration of your business's existence and outlines key information about your corporation. Essential details include the corporation's name, which must be unique and comply with state naming rules, as well as the purpose of the business, which should clearly state what the corporation intends to do. Additionally, the form requires the listing of the registered agent, who will act as the official point of contact for legal documents. The Articles of Incorporation also necessitate the identification of the corporation's initial directors and the number of shares the corporation is authorized to issue. By understanding these major aspects, individuals can ensure they complete the form accurately and comply with Illinois law, paving the way for a successful business launch.
Things to Know About This Form
What is the Illinois Articles of Incorporation form?
The Illinois Articles of Incorporation form is a legal document required to establish a corporation in the state of Illinois. This form outlines the basic structure of the corporation, including its name, purpose, and registered agent. Filing this document with the Illinois Secretary of State is the first step in forming a corporation in the state.
Who needs to file the Articles of Incorporation?
Any individual or group looking to create a corporation in Illinois must file the Articles of Incorporation. This includes businesses of all types, such as for-profit corporations, non-profit organizations, and professional corporations. It is essential to file this document to gain legal recognition as a corporation.
What information is required on the form?
The form requires several key pieces of information. You must provide the corporation's name, the purpose of the corporation, the duration of the corporation (if not perpetual), the address of the registered office, and the name and address of the registered agent. Additionally, you will need to include the names and addresses of the incorporators.
How much does it cost to file the Articles of Incorporation?
The filing fee for the Articles of Incorporation in Illinois typically ranges from $150 to $250, depending on the type of corporation being formed. It's important to check the latest fee schedule on the Illinois Secretary of State's website, as fees may change over time.
How long does it take to process the Articles of Incorporation?
Processing times can vary. Generally, the Illinois Secretary of State's office processes Articles of Incorporation within 10 to 15 business days. However, expedited services are available for an additional fee, which can significantly reduce processing time.
Can I file the Articles of Incorporation online?
Yes, you can file the Articles of Incorporation online through the Illinois Secretary of State's website. Online filing is often faster and more convenient than submitting a paper form. Be sure to have all necessary information ready before starting the online process.
What happens after I file the Articles of Incorporation?
Once the Articles of Incorporation are filed and approved, the corporation is officially formed. You will receive a certificate of incorporation, which serves as proof of your corporation's existence. After this, you must comply with ongoing requirements, such as obtaining an Employer Identification Number (EIN) and filing annual reports.
Do I need a lawyer to file the Articles of Incorporation?
While it is not mandatory to hire a lawyer to file the Articles of Incorporation, consulting with one can be beneficial. A lawyer can help ensure that the form is filled out correctly and that your corporation complies with all relevant laws and regulations.
What if I make a mistake on the Articles of Incorporation?
If you discover an error after filing the Articles of Incorporation, you can submit an amendment to correct the mistake. This process involves filling out a specific form and paying a fee. It's important to address any errors promptly to avoid complications with your corporation's legal status.
Key takeaways
When filling out and using the Illinois Articles of Incorporation form, keep the following key points in mind:
- Accurate Information: Ensure that all information provided is accurate and up-to-date. This includes the name of the corporation, its purpose, and the names and addresses of the incorporators.
- Filing Fee: Be prepared to pay the required filing fee when submitting the form. Check the Illinois Secretary of State’s website for the current fee amount.
- Registered Agent: Designate a registered agent who will receive legal documents on behalf of the corporation. This person or entity must have a physical address in Illinois.
- Review Before Submission: Double-check the completed form for any errors or omissions. An incomplete or incorrect form may delay the incorporation process.
Common mistakes
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Failing to choose a unique name for the corporation. The name must not be identical or too similar to an existing business entity registered in Illinois.
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Not including the correct designation in the name. The corporation's name must end with “Corporation,” “Incorporated,” or an abbreviation like “Corp.” or “Inc.”
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Omitting the purpose of the corporation. This section should clearly state the business activities the corporation intends to engage in.
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Incorrectly filling out the registered agent information. The registered agent must have a physical address in Illinois and be available during business hours.
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Not specifying the number of shares the corporation is authorized to issue. This information is crucial for understanding the structure of the corporation's equity.
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Leaving out the names and addresses of the initial directors. This information is necessary for the formation and governance of the corporation.
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Failing to sign the Articles of Incorporation. The form must be signed by an incorporator, and missing this step can delay the process.
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Not providing the correct filing fee. Each submission requires a specific payment, and failing to include the correct amount can result in rejection.
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Using outdated forms. It's important to ensure that the most current version of the Articles of Incorporation is being used to avoid compliance issues.
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Neglecting to review the completed form for errors. Simple typos or omissions can lead to delays or complications in the incorporation process.
How to Fill Out Illinois Articles of Incorporation
After obtaining the Illinois Articles of Incorporation form, it’s time to fill it out carefully. Each section requires specific information about your business. Accurate completion of this form is crucial, as it lays the foundation for your corporation’s legal existence. Once you’ve filled it out, you’ll be ready to submit it to the appropriate state office along with the required fees.
- Begin with the corporation name. Choose a unique name that complies with Illinois naming requirements. Ensure it includes “Corporation,” “Incorporated,” or an abbreviation like “Inc.”
- Next, provide the purpose of the corporation. This can be a brief statement describing what your business will do.
- Fill in the registered agent’s name and address. This individual or business will receive legal documents on behalf of the corporation.
- Specify the number of shares the corporation is authorized to issue. Decide whether you will issue common or preferred stock.
- Indicate the address of the corporation’s principal office. This is where the main business activities will take place.
- Include the names and addresses of the incorporators. These are the individuals responsible for setting up the corporation.
- Provide the duration of the corporation. Most corporations are set up to exist perpetually, but you can specify a limited duration if desired.
- Finally, sign and date the form. Ensure that the incorporators sign in the designated areas.
Once you have completed all these steps, review the form for accuracy. Any errors could delay the processing of your application. After confirming everything is correct, submit the form along with the necessary filing fee to the Illinois Secretary of State’s office.
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