In terms of taxes, an LLC can choose to be taxed as a pass-through entity, where the profits and losses "pass through" to the owners' individual tax returns, or it can elect to be taxed as a corporation. How do you know which one is right for you? We consulted with Shylene D’...
Illinois doesn’t issue generalstate businesslicenses, but some regulated professions require aprofessional license. There may be local city or county requirements, too. In Chicago,additional fees for specific industriesmay apply.Pop-up shops, for example, pay $25 for five days, $50 for 50 days...
The authors use data on all business parcels and property tax incentives in Cook County to analyze the use of business tax incentives from 2012 through 2014. Merriman, DavidDrucker, Joshua M.Funderburg, RichardWeber, Rachel N.Social Science Electronic Publishing...
A corporation’s income can be taxed twice: once on corporate income and again on an owner’s personal income from the business entity. Corporations are required to file acorporate income tax returnwith the state. Corporations mustfile articles of incorporationto do business in Illinois. LLCs Li...
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ILLINOIS BUSINESS CORPORATION ACT OF 1983 With amendments through July 1, 2006 Compliments of: David K. Staub Staub Anderson Green LLC 55 West Monroe Street Suite 1925 Chicago, Illinois 60603 Telephone: 312-345-0545 Fax: 312-345-0544 www.IllinoisBusinessAttorney.com DISCLAIMER While...
In Illinois, all businesses are required to file for a general business license (sometimes referred to as a business tax certificate). Business licenses are issued by cities and municipalities, and every city in Illinois differs in their requirements. If you plan on operating your business in mul...
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Pay Franchise Tax To incorporate in Illinois, the state charges a franchise tax at the time of incorporation. The initial franchise tax is assessed at the rate of 15/100 of 1 percent ($1.50 per $1,000) on the paid-in capital represented in Illinois. The minimum initial franchise tax is...
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