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What is a foreign corporation in Illinois?

DEFINITION. A foreign corporation is a corporation organized under the laws of a state or country other than Illinois.

Do I need to register as a foreign corporation in Illinois?

According to Illinois's LLC Act, you are required to register your foreign company with the state of Illinois if you are "transacting business" in Illinois.

What is franchise tax in Illinois?

This method is based on the amount of money your business earns from its shareholders in exchange for stock. The first year, you'll pay 0.15% of your total paid in capital. Afterwards, you'll pay 0.1%.

What is considered doing business in Illinois?

Simply put, qualifying means that your company will be required to provide some corporate, financial, organizational and officer information to the Secretary of State on their prescribed forms and obtain and attach copies of the certified evidence of your company's filing history and evidence of your company's status ...

What is an example of a franchise tax?

For example, if a corporation does only 70% of its business in that state, then tax will be calculated on a 70% margin. For a corporation that operates entirely in the state will pay franchise tax on 100% of profits. The margin calculated is then taxed as per applicable tax rates of the state.

il bca 14 05

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Is annual report mandatory?

Annual reports became a regulatory requirement for public companies following the stock market crash of 1929 when lawmakers mandated standardized corporate financial reporting.

What is a domestic LLC in Illinois?

A domestic limited liability company is a legal entity that establishes a company within the business owner's state. Domestic limited liability companies are limited liability companies that register in the state they intend to do business in.

How do I form a professional corporation in Illinois?

Steps for Forming an Illinois Professional Corporation. ... Step 1: Choose a name for your Illinois PC. ... Step 2: Select an Illinois registered agent. ... Step 3: Complete your Illinois Articles of Incorporation. ... Step 4: Establish a corporate record in Illinois. ... Step 5: Designate an Illinois PC board of directors.

What is an annual report Canada?

An annual report outlines an organisation's financial and corporate conditions. Publicly traded companies are required by law to publish an annual report. Universities, government bodies, and non-profit organisations also produce annual reports.

How do I dissolve a foreign corporation in Illinois?

To withdraw your foreign corporation in Illinois, you must complete and submit BCA 13.45, Application for Withdrawal and Final Report form in duplicate, by mail or in person to the Illinois Secretary of State, with the filing fee.

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