Form a S-Corp in Illinois
Everything you need to know about forming a S-Corp in Illinois. Filing fees, requirements, timeline, and step-by-step guidance.
How to File
Choose Corporate Name
Select a unique name ending with 'Corporation', 'Corp.', 'Incorporated', or 'Inc.' Check availability through Illinois Secretary of State database.
30 minutes
Appoint Registered Agent
Designate a registered agent with Illinois address to receive legal documents. Can be yourself, employee, or professional service.
15 minutes
File Articles of Incorporation
Submit Articles of Incorporation with Illinois Secretary of State including corporate name, registered agent, shares authorized, and incorporator information.
45 minutes
Obtain EIN from IRS
Apply for Federal Employer Identification Number (EIN) from the IRS online, by phone, or mail for tax purposes.
15 minutes
What's Next After Filing
Once your S-Corp is officially formed, you'll want to complete these important steps:
- •File Form 2553 for S-Corp Election — Submit IRS Form 2553 within 75 days of incorporation to elect S-Corporation tax status. All shareholders must sign the form.
- •Create Corporate Bylaws — Draft corporate bylaws outlining internal governance, shareholder rights, director duties, and meeting procedures.
- •Hold Organizational Meeting — Conduct first board meeting to adopt bylaws, issue stock certificates, elect officers, and complete other organizational matters.
Advantages
- ✓Pass-through taxation avoids double taxation on corporate profits
- ✓Limited liability protection for shareholders from business debts
- ✓Enhanced credibility and professional image for business operations
- ✓Ability to have up to 100 shareholders with voting and non-voting shares
Considerations
- •Strict IRS requirements including one class of stock and US citizen shareholders only
- •Required payroll taxes on owner-employee reasonable salaries
- •More complex tax filings and corporate formalities than sole proprietorship
Annual Obligations
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