Articles of Incorporation
The Illinois Secretary of State furnishes fill-in-the-blank articles of incorporation that business owners can use to establish the legal existence of a corporation. The articles require you to provide information regarding the number of shares the company has the authority to issue, as well as the legal name and principal address of the company. You must identify the name and address of the company's registered agent, since the registered agent's address represents where the corporation's lawsuit documents get delivered. You have to list the name and address of each incorporator. An incorporator has the duty of delivering the company's articles to the Illinois secretary of state. As of 2011, it costs $150 to file articles of incorporation with the Illinois secretary of state. The fee must be paid at the time of filing.
Assumed Name
An Illinois corporation that chooses to operate using a name other than the one listed in the articles of incorporation must file an assumed name with the Illinois secretary of state. You can print an application to adopt an assumed name from the Illinois Secretary of State website. You need to supply such information as the corporation's legal name, listed in the articles of incorporation, as well as the date of incorporation and the proposed assumed name. As of 2011, corporations in Illinois must pay $120 to file an application to adopt an assumed name with the Illinois secretary of state.
Other Fees
Illinois corporations must pay a franchise tax at the time when articles of incorporation are filed. As of 2011, Illinois corporations must pay a minimum of $25 for franchise taxes at the time of incorporation. This means, as of 2011, you will pay at least $175 to incorporate in Illinois. The maximum amount an Illinois corporation pays for franchise taxes, as of 2011, is $2 million. Illinois imposes a franchise tax rate of .15 percent on the company's paid-in capital received in exchange for shares of the stock. In addition, businesses that file articles of incorporation online using the Illinois secretary of state website must pay an expedited fee of $100, as of 2011.
Foreign Corporation
Any corporation formed in another state that wishes to conduct business in the state of Illinois must file an application for authority to transact business in Illinois with the Illinois Secretary of State. You can print the application for authority to transact business in Illinois from the Illinois Secretary of State website. The foreign corporation has to have good standing in its home state, as a condition of conducting business in Illinois. This means the foreign corporation has paid all fees and taxes due to its home state. As of 2011, it costs $150 to file an application for authority to transact business in Illinois.