What's Involved in Setting Up a Business in Illinois?
Last week, we talked about the intricacies of setting up a company in Missouri. That's great for all our readers in St. Louis and the western side of the river, but that doesn't mean we've forgotten our readers out east! So to follow up, here's a quick guide to help you through the steps in setting up a business in Illinois.
Research and plan it. Look at the market and figure out if there's enough business to support your company, figure out how your business will stand out from the crowd and then start putting together your business plan.
Consult with the professionals. Take some time to discuss your business with accountants, lawyers and other professionals to determine what will be required for licenses, permits and other details so you can keep your company in compliance with the law.
Decide on your business entity. Whether you choose to set your new company up as a corporation, sole proprietorship or somewhere in the middle, each organization type has different opportunities and drawbacks.
Register your business name and for sales and exemption taxes. You'll work with your local county clerk for your business name and the Illinois Department of Revenue for your sales tax certificate. Don't forget local taxes if required!
Get unemployment. Start with the Illinois Department of Employment Security to pay unemployment insurance so that any workers laid off can receive unemployment.
Are you hiring? You'll need a Federal ID Number with a basic form and worker's comp insurance in case you have employees with on-the-job injuries.
If your industry requires it, register with associated state agencies. There's a handy guide to these agencies off of the IDPRF website available here.
Check for required county and city licenses and permits, including health department inspections, alcohol licenses and other business permits.
Starting a business in Illinois seems confusing, but once you've determined what you need and want to get done, the process is relatively straightforward. Worried about having to go through the process alone and missing something vital? AccountRely's range of experienced business professionals can help guide you through the process. Please reach out today so that we can connect you to the right professional to start your company out properly.