subject: Forming An Illinois Llc Or Corporation Expeditiously [print this page] Need to quickly set up a new corporation or limited liability company in Illinois? Fortunately (and unlike some other states), Illinois provides opportunities for small business owners, investors and entrepreneurs to accelerate the process of forming an Illinois corporation or Illinois limited liability company.
Trick #1: Use the Online Application Process
Absurdly, some other states don't let business people form corporations and limited liability companies online. California, for example, doesn't let its entrepreneurs file online articles of incorporation. Which is crazy...
Thankfully, the state of Illinois does let you file your corporation's or limited liability company's articles of organization or incorporation online. And, just as significantly, the online application process itself is straight-forward and simple. You just fill in blanks on webpage forms. The name for a new limited liability company, for example, gets input into a box labeled "limited liability company name."
Online application costs a little bit more. For a corporation, the state charges $275 rather than the usual $175. And for a limited liability company, the state charges $600 rather than the usual $500. But by filing your organizational documents online, you should get 24-hour processing.
Tip: The precise Internet address you use to start an online application changes. But if you visit the cyberdriveillinois dot gov web site or Google on the phrase cyberdriveillinois, you should get to a page that include links that start the online application processes.
Tip: After you get your incorporation paperwork processed by the state, you may also want to electronically apply for your new corporation's or LLC's employer identification number. To do this, visit the www dot irs dor gov website. Look for the home page link that's labeled, "Apply Online for an Employer Identification Number."
Trick #2: Consider Do-it-yourself Incorporation or LLC Organization
Here's another tip for speeding up the incorporation process: Consider preparing the paperwork yourself. As the Illinois Secretary of State website points out, preparing and filing the paperwork takes only a few minutes. And the Secretary of State's website provides free forms and instructions that guide you through the process.
Tip: The Secretary of State suggests you download and complete the paper forms available at the cyberdriveillinois website even if you will ultimately file your articles online. By going through the paper form and instructions first, you'll probably answer many questions you have about the process ahead of time.
Yes, of course, you can get lots of valuable help if you work with a local attorney or accountant who can advise you upfront on all the legal subtleties and tax nuances related to setting up your new corporation or LLC. But scheduling an appointment with this professionaland then waiting for him or her to get the paperwork done takes time. You may instead want to just sprint through the setup process... and then get any needed professional help later on.
Trick #3: Use Boilerplate Governing Documents
And there's one other simple idea you can consider, too, for expediting the formation of a new corporation or limited liablity company in Illinois.
A new corporation will need corporate by-laws and a new LLC will require an operating agreement. These important documents lay down the rules, so to speak, about how the entity and its owners will operate and how the owners will interact with the corporation or LLC.
You can spend lots of time (or pay an attorney to spend lots of time) writing one of these documents. But in some situations common to a small business venture, you may want to skip a long, drawn-out drafting process. You may instead just want to use some boilerplate corporate by-laws or use a boilerplate operating agreement. Typically, you can find low-cost, downloadable sample corporate by-laws and sample LLC operating agreements available for sale on the Internet. And at a very modest price.
