HOW TO REGISTER A COMPANY IN CHICAGO

HOW TO REGISTER A COMPANY IN CHICAGO

Starting a company in Chicago can really be a rewarding experience. Follow the guideline to company registrations.

Registering a business in Chicago is very straightforward. The process of using online forms with accompanying support documents makes it possible to register your company without the assistance of lawyers. In general, you will be dealing with the Office of the Secretary of State and the Department of Revenue. Follow the instructions in your own county or town if your company is not going to be set up in Chicago.

• Pick a name and do names search

If you have the plan to establish a sole proprietor or partnership, you will be required to register using your own name or names. But to register a business name which is different from your own name, you need file a DBA (Doing Business As) with your local county clerk’s office. Limited partnerships, LLCs, and corporations need to complete forms to take up an assumed name and file an application with the Chicago Secretary of State. Prior to selecting a name for your business, search the Chicago Secretary of State office’s database of Corporate and LLCs to make sure your business name is not already in use.

• Next is the federal government

You will apply to the IRS for a Federal Employer Identification Number (EIN). Although the EIN has employer in its title, this serves as a business’s taxpayer identification number, which is very the equivalent of a social security number for all businesses, including those with no employees.

• Complete the Chicago business registration application

If you have intentions to manufacture goods or buy and sell products, either retail or wholesale, or to hire employees, you need to register your business with the Chicago Department of Revenue for tax purposes. The quickest way to register is online. Online applications have a two-day processing time. If you want to register by mail, download the Chicago Business Registration Application (Form REG-1) after completion of the forms, submit to the Chicago Department of Revenue. The processing time for mailed applications is six to eight weeks. If your application is processed, you will receive Certificate of Registration and a taxpayer ID number. Chicago Revenue Department will also send you forms needed to file your taxes with the state.

• Some other forms you may need to file

In the event that you are a professional who is going to be offering services to the public, you will need a professional license from the Chicago Department of Financial with Professional Regulations (IDFPR) prior registering your company. The IDFPR regulates occupational and healthcare-related professions. Apply for a professional license at the IDFPR website.

Some other municipalities or counties may have additional requirements. Ensure to check with the County Clerk’s office and the city or town hall where you want to do business to determine if you need to register with a local government agency.

 Create TaxNet account to pay unemployment insurance contributions

Many employers are required to make quarterly payments to the state Unemployment Insurance Fund (UIF). You need an Unemployment Insurance ID number, even though if you are not required to pay unemployment insurance taxes. Chicago Department of Employee Security streamlines this process with TaxNet, the online system for reporting and paying state taxes. From TaxNet home page, follow screen prompts to create account. The state will give your unemployment insurance account number if your application has been accepted. You will be given the option to register a bank account from which payment may be made, but this is not required.