Business

Opening A Startup in Illinois – What to Know and How to Do? 

Illinois is known as the Land of Lincoln and is also known as The Prairie State. The overall population of this place is around 2.7 million and is considered the capital of global architecture. This place even takes pride in being one of the important business centers in the world.

If you are planning to start a business in Illinois and have decided on relocation to this place, then Ship a Car, Inc. will be your helping guide. They are the best auto haulers in Illinois and can help in the easy relocation of your automobiles as safely as possible. You can visit their webpage to know more about the way they work.

Startup in Chicago

The startup in Chicago has not been the best in the recent years. However, this does not prove the fact that Chicago is not the right place for the startup of a business. Female founders have successfully made quite a name as solid entrepreneurs in Chicago.

How to start a business in Illinois?

Here are some of the options for starting a business.

  • Decide a Business Structure 

You can finalize a business structure based on three options.

A Corporation – that includes officers, shareholders, directors, and so on. A professional corporation for architects, lawyers, doctors, etc., is much preferred.

A DBA – Doing Business As or also known as Fictitious Business Name. This is a business name that partners come up with just like that.

An LLC – Limited Liability Company. This is a new type of business where the business will be a separate entity. This company provides liability protection, and this will be with less complexity.

  • Finalize a Name 

You cannot just randomly settle with a name to your business, and it is easier said than done, with the idea of changing in the future. While choosing a name, you should cover some basics such as being easy to pronounce, understand, and can survive over time.

Research in Google to know whether your company name already exists or can raise an issue in future.

  • Register Your Business 

Look through the database of Illinois and start the registration process of your company name. You can call your County recorder to check your business name after the registration. Get a form from your County Office and fill all the required boxes in it. Some forms might require notary registration and you need to get such forms notarized.

  • Forming a Corporation 

With the help of the State of Illinois website and Illinois Business Entity Database, you can search for your registered company name. You need to be specific in your search and give extra importance to the plurals, spellings, and so on.

  • Get Your Federal Employer Identification Number 

Your EIN is the Company’s Social Security Number. This is the best way of avoiding the chances of identity theft as well.

  • Open Credit Accounts and Company Bank Accounts 

You can open a bank account in your company name in many Illinois banks.

Now that you know the process of opening a company in Illinois, all that is remaining is the relocation to the place. Plan your relocation today.

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