How to Set Up a Small Business in Illinois

Setting up a small business in Illinois requires a variety of registrations, licenses and protocol, varying depending on the type of business. You should have a business plan in hand. The Illinois Department of Commerce and Economic Opportunity explains that "a well-prepared business plan . . . is a basic management tool that helps guide the future direction of your company (and) it is a mandatory document if you plan to seek business financing."

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Instructions

- 1
  
  Select a business structure that works best for your immediate needs. These include sole proprietorship, general and limited partnership, limited liability partnership, limited liability company, and S and C corporations. Consult an attorney or accountant to help determine the best option for your particular business. Visit the Illinois Business Portal "Step-by-Step Guide" to obtain forms for each business structure option.
- 2
  
  Register the business name with your county clerk.
- 3
  
  Obtain an Employer Identification Number (EIN) from the Internal Revenue Service through its online application process.
- 4
  
  Get federal tax information for your selected business structure. Familiarize yourself with how to file federal taxes for your particular structure.
- 5
  
  Register and license your business with the Illinois Department of Revenue if you plan to manufacture goods and buy and sell items at wholesale and resale. Fill out Form Reg-1 and mail to the address on the form, or register electronically at the Illinois Business Gateway.
- 6
  
  Find out if your city imposes any additional local taxes by contacting your local revenue department. For example, the city of Chicago requires additional taxes for businesses practicing within the city limits.
- 7
  
  Obtain a license to practice in your industry if required by the Illinois Division of Professional Regulation. The department website provides a searchable database of regulations and information on how to obtain a particular required license.

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How to Set Up a Small Business in Illinois

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