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When incorporating your small business, the name of your corporation must comply with the rules of your state's corporation division. You should contact your state's office for specific rules, but the following guidelines generally apply.
The name cannot contain certain words prohibited by the state, such as Bank, Cooperative, Federal, National, United States or Reserve.
Types of Ownership Structures
Learning about the various types of legal structures available for your business: corporation, LLC, partnership and sole proprietorship.
To decide on an ownership structure for your small business, you must learn about how each structure works. Here are the forms of doing business:
Elk Grove Village village sole proprietorship
IL partnership
Elk Grove Village village limited partnership
Illinois limited liability company (LLC)
IL corporation (for-profit)
Illinois nonprofit corporation (not-for-profit)
Elk Grove Village village cooperative.
LLCs are similar to corporations because they also provide limited personal liability for business debts and claims. But when it comes to taxes, LLCs are more like partnerships: the owners of an LLC pay taxes on their shares of the business income on their personal tax returns.
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