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Illinois has certain incorporation standards that are good to know about when you incorporate in Illinois. These include corporate director requirements, standards for your corporation’s name, the information in your Articles of Incorporation when you incorporate, and more.
When you incorporate in Illinois, your business name needs to include one of the following:
Other standards apply as well. For example, words such as “Bank” or “Trust” require approval from the appropriate department. The corporate name can’t imply or indicate that your corporation is organized to conduct the business of banking, indemnity, acceptance of savings deposit, corporate fiduciary, assurance or insurance.
With respect to similarity of names, the name generally needs to be distinguishable from any domestic or authorized foreign corporation and from a name to which exclusive right is registered or reserved. Often, the state may not approve the use of dashes in the corporate name.
An Articles of Incorporation document is required when you incorporate in Illinois. Your Articles of Incorporation include the name and address of your registered agent with a physical address in Illinois. The state does not allow post office boxes.
CT Tip: The registered agent has to be available during normal business hours to accept official papers.
Authorized shares are listed in the Articles of Incorporation and an increase in the number of authorized shares can affect initial filing fees.
Officer names and addresses are not required to be listed in the Articles of Incorporation although director names and addresses may be listed.
A corporation needs to have one or more directors. Directors must be at least age 18 and Illinois does not have a provision specifying where directors must reside.
Illinois allows a professional (e.g., physician, accountant, attorney) to form a professional corporation.
For more information on Illinois state fees when you incorporate in Illinois and our incorporation services, contact a CT Specialist. We're here to help!
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