How do I file for an S corp in Illinois?
Start an S Corp in Illinois in 5 Steps
- Choose a name.
- Select a registered agent.
- Choose directors or managers.
- File Articles of Incorporation/Organization with the Illinois Secretary of State.
- File Form 2553 to turn business into an S Corporation.
How much is is to register an S corp in Illinois?
When you file IRS Form 2553, you must pay $275, which includes a $25 franchise tax fee, $150 filing fee, and $100 expedited fee. Payments must be on a credit card and include a 2.35 percent fee. Limited liability coverage. This is one of the main reasons owners incorporate in Illinois.
Can I set up an S corp myself?
Key takeaway: To start your S-corp, fill out the articles of incorporation form with all your company’s information and file Form 2553 through the IRS. To be eligible, your company must be based in the U.S. and have no more than 100 shareholders and one class of stock.
Does Illinois recognize S corp?
S corporations do not pay Illinois Income Tax. Generally, income from an S corporation is passed on to the shareholders. The shareholders must include this income in their federal adjusted gross income (for individuals) or federal taxable income (for other taxpayers).
How do I change my LLC to an S Corp in Illinois?
To convert your Illinois LLC to an Illinois corporation via a statutory merger, you need to:
- create a new corporation.
- prepare a plan of merger.
- obtain LLC member approval of the plan of merger.
- have your corporation’s board of directors adopt the plan of merger.
- obtain shareholder approval of the plan of merger;and.
Do I need a new EIN If I convert to an S Corp?
Generally, businesses need a new EIN when their ownership or structure has changed. Although changing the name of your business does not require you to obtain a new EIN, you may wish to visit the Business Name Change page to find out what actions are required if you change the name of your business.