How do I become incorporated, licensed and bonded to accept and perform jobs in the state of Illinois?
Before starting the process of incorporating your business, you need to decide whether incorporation is right for you and your business. The main benefit of becoming incorporated is the limited liability status that incorporation affords the company’s owners. Personal liability of the owners is restricted to their capital invested. The primary disadvantages of incorporation are double taxation and the additional burden of statutory controls and record keeping. Double taxation relates to the taxation of the corporation’s profits and the taxation of the dividends from the net profits. It may be possible to avoid the double taxation through filing to the IRS to become an S-Corporation (professional taxation advice should be sought on these matters). Once it is decided that becoming incorporated is the right course of action for your business you need to decide on a company name and in which state to incorporate. Name availability can be checked with the secretary of state for your chosen
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- How do I become incorporated, licensed and bonded to accept and perform jobs in the state of Illinois?
