Illinois has long been one of the strongest economic powerhouses in America. Not only is it home to the city of Chicago, which has been a major transport, shipping, and industrial hub for over a century, but the state is still a manufacturing leader and boasts a strong agricultural industry that continues to thrive off of Illinois’ rich soil.
Illinois is the fifth most populous state, though it is only the 25th largest state in terms of area. Most people in Illinois tend to settle around either Chicago or Springfield; Illinois’ centrally-located capital.
Despite of the many booming industries in Illinois, the state placed 38th in a Forbes list of the ‘Best States to do Business In.’ Unfortunately, a fairly high corporate tax rate combined with hefty state fees and a regulatory government has made it a tad difficult to run a business in Illinois. However, when you factor in population, GDP, and the proximity of major shipping hubs, Illinois is still a great state for starting a business.
In 2010, Illinois had a gross state product of $630 billion, the fifth highest in the USA. And though Chicago is an economic titan in its own right, the rest of Illinois plays a major role in boosting the state’s economy. Illinois is right inside the North American Corn Belt, and produces many large-field crops.
Manufacturing has fallen a tad over the years, but Illinois is still a major producer of machinery, metals, plastics, transportation equipment, and electronic products. The services and tourism industry are also both major contributors to Illinois’ economy.
If you are thinking about creating a business in one of those industries, or if you are just hoping to stay in the state you love while trying to turn your passion into a career, here is a brief rundown of what it takes to form a limited liability company or incorporate in Illinois:
- The Secretary of State oversees most corporate matters, and is where you would have to go to file your articles of incorporation or articles of organization. State fees are a bit steep, and Illinois charges an ‘expedited fee’ for all filings because every filing is reviewed within 24 hours. Limited Liability Companies have to pay a $500 filing fee on top of the expedited and payment fees, and corporations have to pay $150 on top of everything else.
- All corporations filed online can only issue one class of stock, which the state calls ‘Common Stock.’
- Every business entity in Illinois must specify the name and address of a registered agent willing to receive services of process and other pieces of important legal paperwork on the company’s behalf.
- Illinois sponsors a Small Business Development Center, with local branches scattered throughout the state. At these centers you can receive one-on-one business advice, find financial planning assistance, and enroll in business education courses.
Does the Land of Lincoln sound like the state for your business? Do you want to form an LLC or incorporate in Illinois? Or do you have any general questions about starting a business in Illinois? Give us a call at 1(877) 692-6772 or leave a comment below!