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People from all over the world form Delaware corporations every day. This is attributed to the popularity of Delaware’s corporate law structure, which has been ranked No.1 in the world.
By forming a company in Delaware, business owners are able to benefit from this corporate law structure.
When operating a Delaware corporation or LLC in Illinois, your company will be labeled as a foreign entity.
While a Delaware company can operate all over the world, there are often additional steps to make sure your Delaware corporation is compliant in the state in which it is operating—in this case, Illinois.
This process is called Foreign Qualification. It is another way of saying that Illinois grants you permission to operate there with a Delaware corporation. In order to run a Delaware company in the state of Illinois, you will need to file for Foreign Qualification in Illinois.
There are a few requirements to register a Delaware corporation in Illinois as a foreign entity. Illinois, like most states, has an application process and a state filing fee.
Along with the Application for Authority and the state filing fee, Illinois also requires a certified copy of your Articles of Incorporation, along with any mergers and/or amendments from Delaware. These documents from Delaware can be no more than 90 days old.
An authorized officer will need to sign the application; however, the signatures do not need to be originals. We would be happy to prepare the application for you. We will prepare the documents, obtain the certified copy of your Articles of Incorporation from Delaware and email the package to you for signature.
We will then file it with Illinois, along with the state fee. The typical turnaround time is 10 business days. We can also act as the Registered Agent in Illinois for $99 per year.
Once you register a Delaware corporation for Foreign Qualification in Illinois, you will be responsible for the state's annual reporting requirements. The Illinois annual report is due the day before the first day of your anniversary month. There will also be a minimum Franchise Tax of $25 due.
For assistance in registering a Delaware corporation for Foreign Qualification in Illinois, please call 1-800-345-2677, Ext. 6130 or email email@example.com.
THE AUTHOR OF THIS BLOG ARTICLE IS NOT A LAWYER AND HARVARD BUSINESS SERVICES, INC. IS NOT A LAW FIRM. THE ARTICLE ABOVE IS NOT INTENDED AS LEGAL ADVICE AND SHOULD NOT BE TAKEN AS LEGAL ADVICE. THIS SHORT ARTICLE IS STRICTLY TO MENTION SOME ASPECTS OF DELAWARE’S CORPORATION LAWS AND/OR LAWS RELATING TO OTHER FORMS OF ENTITIES WHICH YOU MAY NOT BE FAMILIAR WITH. WE RECOMMEND THAT YOU CONSULT WITH A LAWYER BEFORE FORMULATING A STRATEGY WHICH WILL BE SUITABLE FOR YOUR SPECIFIC CASE.