Qualifying to Do Business Out Of State
How much does it cost?
The prices vary depending on the cost to obtain the Certified Copy of Articles and/or Certificate of Good Standing in your state, if you want to expedite the process and any other items you may feel are necessary for your corporation.
AMC Legal will help you through the process, obtain your necessary paperwork and get your corporation qualified in Illinois.
What is Conducting Business?
The following are exceptions for doing business in Illinois. If you have no other ties to Illinois other than those listed below then you do not need to qualify your corporation in Illinois.
- maintaining, defending or settling any proceeding
- holding meetings in the state
- maintaining bank accounts
- maintaining offices for the registration of securities
- selling through independent contractors
- owning personal or real property in the state
- conducting an isolated transaction that is completed within 120 days and not a part of repeated transactions
- having an officer or director residing in the state
If you conduct other business in the State of Illinois then you will need to file for qualification.
What do I need to Qualify my Foreign Corporation?
If your name is available in Illinois you can keep your business name. If it is not available you will need to file an assumed name for your corporate name. This is an additional fee. You will need to follow the same guidelines as if you are filing a new corporation.
You will need a recent certified copy of your Articles of Incorporation (within 90 days). If you are an LLC you will also need a Certificate of Good standing for your company.
You will also need a registered agent located in Illinois. AMC Legal offers this service for an additional fee. You can file as your own registered agent if you have a physical address in Illinois.
There are other requirements which AMC Legal will help you with when filing.
It is best to Qualify in Illinois BEFORE transacting any business in the State so that you can avoid any potential penalties.
Can I move my business from another state to Illinois?
Some states do allow you to move your business into the state and domesticate it there. Unfortunately, Illinois is not one of those states. You can keep your foreign corporation and Qualify to do business in Illinois or you can dissolve your foreign corporation and start a new one in Illinois.
You should consult an attorney and a CPA to find out which may be best for you.