What are the steps I need to take in order to start a business in Illinois?
To start a business in Illinois, here are the steps you need to take:
-
Choose a business structure:
The first step in starting a business in Illinois is determining the legal structure you want for your business. The common business structures in Illinois are sole proprietorship, partnership, limited liability company (LLC), corporation, and cooperative. Each of these structures has different legal requirements and tax implications.
-
Register your business with the Illinois Secretary of State:
You must register your business with the Illinois Secretary of State. To do this, you need to file the appropriate paperwork, pay the required fees, and choose a registered agent for service of process. You can register your business online using the Illinois Business Portal.
-
Obtain necessary licenses and permits:
Depending on the nature of your business, you may need to obtain licenses and permits from the state, county, or city. For example, if you plan to sell alcohol, you will need to obtain a liquor license.
-
Obtain an Employer Identification Number (EIN):
If you plan to hire employees or operate as a partnership or corporation, you will need to obtain an EIN from the Internal Revenue Service (IRS). You can apply for an EIN online for free.
-
Register for state taxes:
You must register your business with the Illinois Department of Revenue and obtain a tax identification number. You may also need to register for other taxes, such as sales tax or withholding tax.
-
Obtain insurance:
Depending on the nature of your business, you may need to obtain business insurance, such as liability insurance, workers’ compensation insurance, or property insurance.
-
Comply with labor laws:
If you plan to hire employees, you must comply with federal and state labor laws, such as minimum wage laws, overtime laws, and anti-discrimination laws.
These are the general steps you need to take to start a business in Illinois. However, there may be additional requirements based on the specific nature of your business. Therefore, it is advisable to consult with a licensed attorney or other professional to ensure that you are meeting all legal requirements.