1. File your Articles of Organization
Becoming a limited liability company (LLC) is one option for your business. It is more expensive to set up and maintain than a corporation, but it has many advantages and could result in lower federal and state income taxes. To form an LLC, you must fill out and file Articles of Organization with the Secretary of State. The first year filing fee and the Annual Report fee for the LLC can be found on the official form. Forms can be found on the Illinois Secretary of State website. These are not easy to understand, but there are lawyers, CPA's, commercial filing services, and small business centers that can help you.
2. Use the Illinois Secretary of State website
The Illinois Secretary of State provides various online instructions from which you can obtain information about bylaws, officers and directors, capital stock, and other legal formalities that you will have to follow when you form your corporation or LLC.
3. Write an agreement with your business partner
It is important that you have a written agreement with any business partner (including close friends or family members), regardless of whether the entity you pick is a partnership, a corporation, or an LLC. These are relatively complex documents. You will need legal help to prepare an appropriate agreement.