Forming a corporation, prospective shareholders exchange money, property, or both, for the corporation's capital stock. A corporation generally takes the same deductions as a sole proprietorship to figure its taxable income. A corporation can also take special deductions. The primary advantage of a corporation is that its owners, known as stockholders or shareholders, are not personally liable for the debts and liabilities of the corporation. It can own and operate a business, hire employees, buy and sell goods and services, enter into contracts, lease or buy real estate, maintain its own checking and savings accounts, and sue and are sued. A corporation is not ...view middle of the document...
Typically, the state requires a filing fee with the annual report.
iv. Tax Returns
Corporations must file a separate federal corporate tax return.
B. Illinois Business Tax (IBT) Number
IBT number is the identification number assigned by the Illinois Department of Revenue (IDOR) and is required if you conduct business in Illinois or with Illinois customers.
C. Employer Identification Number
The employer identification number is a unique number that identifies the organization to the Internal Revenue Service.
D. Business License
I. City of Chicago business Limited license: A business license is a type of legal authorization to operate a business in a city, county, or state. A license may even be required on a federal level. Typically issued in document form, a business license gives a business owner the right to conduct entrepreneurial activities as set forth in the license application. A Limited Business License (LBL) is required for businesses in the City of Chicago engaged in general sales, that provide a service, engage in office operations or businesses that do not fall under another license category.
II. city of Chicago Massage Establishment license: A Massage Establishment is any place of business where any person, for any consideration whatsoever, engages in the practice of massage but does...