Illinois Incorporation Requirements for
Not-For-Profit Corporations
(Read the entire article at: www.il-registered-agent.blogspot.com)
Those differences are reflected in the corporate name, the general purpose clause, the state board of director requirements and the lack of shareholders and stock issuances.
The information that is consistently required by the Secretary of State across all entity formations is the information about your registered agent. Who accepts your service of process and correspondence from the State of Illinois?
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The Illinois Secretary of State requires the following items listed on the Not-For-Profit Articles of Incorporation and each item should be included in your corporate filing. (If you are considering a tax exempt status, be sure to read the entire article posted on Blogspot for additional restrictions and requirements):
1. Company Name. A NFP corporation must have one of the following endings: Corporation, Incorporated, Company or Limited and may be an abbreviation of any of those endings. If the corporate name implies the corporation may be organized for any other purpose other than the acceptable specific purpose as set out in the purpose clause, you will be required to include NFP to the corporate name.
2. Registered Agent. The address of the initial registered office and its initial registered agent. (This is where we hope you will use our services; we are the most reasonably priced and reliable agent representation for Illinois on the web!)
3. Number of Directors. List the number of directors constituting the first board of directors and their names and addresses. (Illinois requires a minimum of 3 directors for a NFP corporation).
4. Purpose. Each company must specify a purpose for organization. The State of Illinois requires the purpose clause to be specific, unlike the for profit corporation requirements that allows for a general purpose, the purpose of a NFP must be focused and to the point. Once you pinpoint your purpose a more descriptive narrative can be included. Follow this link for the list of categories that are authorized by the Illinois Secretary of State as an acceptable purpose(s) for the formation of NFP corporations:
(If a NFP is organized to function as a club, you must include a statement that the corporation will comply with the State and local laws and ordinances relating to alcoholic liquors).
(If a NFP is organized as a tax exempt charitable organization, there may be additional registrations required by the Attorney General’s office).
5. Other. If you are applying for tax exempt status with the IRS you will be required to elaborate on your purpose clause and provide the limitations imposed by law on tax exempt organizations. This section must be written in compliance with the IRS Code and weighs heavily in the determination of your tax exempt status.
6. Incorporator. The name and address of each of your incorporators (Incorporator(s) refers to the person(s) filling out and filing the Articles of Incorporation forms for you).
Items that can be included in the Articles of Incorporation, but are not required by statute are more thoroughly spelled out in the article "Not-for-Profit Corporations are Not-So-Easy." Also provided within the article are links to the IRS forms and publications on filing for tax exempt status.
* Other registrations may be requird in Illinois for NFP entities depending on their tax exempt status with the IRS once your company is on file with the Illinois Secretary of State.
