1. File your Articles of Incorporation
To incorporate you must fill out and file Articles of Incorporation with the Illinois Secretary of State. The form and easy to follow instructions can be downloaded from the Illinois Secretary of State website. The filing fee is found on the form. Each year after the first, the corporation will have to file an Annual Report and pay an additional fee, depending on how much money it is making.
2. Consider becoming an S corporation
Subchapter S of the Internal Revenue Code allows corporations to receive favorable tax treatment. The requirements of Subchapter S are complicated, and there are disadvantages. Therefore, it is best to ask a professional if it is a good idea for the company to become an S corporation.