Small Business Basics: What Do You Need to Start a Business in Illinois?

An individual might start a business in Illinois for many reasons. Illinois has one of the world's busiest airports, O'Hare International Airport, and also is the center of the national rail network. According to the Illinois Business Portal, 90 percent of Illinois college students stay in Illinois to find work. Illinois also offers financial assistance as well as loans for business start-ups.

The first thing an individual or group will need is their business plan. A business plan will develop your business's credibility. It will also help you when managing your business and determining your finance situation.

Next, you will need to decide what type of ownership that your business has. Businesses have different types of structures, which determine how a business pays its taxes and employees. The types of ownerships of a business are sole proprietorship, limited partnership, Limited Liability Company, limited liability partnership, "C" corporation and "S" corporation.

Once you have created a plan and have established ownership, you will need to register your business. If a business owner's business name is not the same as their own, they are required to register their business with the county clerk in area where the business is. The county clerk is often located in your county court house.

In Illinois, you may need a specific license or permit before conducting business. Check with The Illinois Division of Professional Regulation to see if your business will require a license.

If your business has created a product or developed a logo, you will need to protect the rights for it. A patent, copyright and trademark will give you the legal rights to the product or logo. In Illinois, you may contact the Patent & Trademark Depository or The Harold Washington Library Center for patent and trademarks. You may also contact the Illinois Secretary of State for service marks and trade names.

Should you have more questions and need help starting your business in Illinois, The State of Illinois Business Portal, you can offer you a step by step guide to help you with your business as well as tools such as an Employer's Tax Guide, and a handbook for starting a business. There is also information regarding where to find your county clerk, and specific forms that you may need for beginning your business.

For those who have a dream of working from home, starting a business or turning a hobby into a new career, Illinois offers the help and tools that you need to begin a business. Illinois is an ideal place for new small business as it is rich in farming, tourism, education and much more.

http://business.illinois.gov/step_by_step_guides.cfm

http://business.illinois.gov/handbook.cfm