That is basic details of which the public and Government are entitled to know about the Corporation. The name, purpose, owners, registered agent, address and other important details relating to the formation of the corporation are filed with the State. After filing the articles of incorporation and paying the prescribed fees and after approval by the State, the corporation officially comes into existence legally. So till this stage, the concept of separate legal entity does not come into beginning.

The procedures, formalities and benefits of Incorporation in illinois are discussed in this article. The Department of Business Services under Secretary of State of ILLINOIS handles all business Incorporation in illinois. The procedure for incorporation in the State of Illinois is not complicated. The legal requirements are easy to understand under the Business Corporation Act

1. Select the Name of the Corporation

The first step to incorporate is selecting the name for

the company. The name cannot infringe on a trademark or service mark. The name shall not contain the word which indicates business of insurance, assurance, indemnity, acceptance of savings deposit, banking. The name is to be differentiable from the existing registered name.

The legal concept of Incorporation in illinois is recognized all over the world. In the United States, Corporations are identified by the term incorporated added after the business name such as XYZ Instruments, Incorporated, or by putting the word corporation in the name of the company, as in Netscape Communications Corporation. In Germany, Austria and Switzerland, the GmbH (limited liability business association) as well as the AG (stock market traded business association) are the most common comparable concepts. In the United Kingdom, the titles Ltd (abbreviation for limited company) or plc (abbreviation

For public limited company) are used for corporations. In France, Spain, Portugal, Poland, Romania and South America the title S.A. is used for corporations. Norway used AS for stock corporations and Sweden uses AB, Italy uses Srl (limited Liability Company) and SpA (stock Corporation). The Netherlands uses NV and Singapore uses Pte Ltd meaning private limited which is the equivalent of a U.S. incorporated entity. In India Ltd is used to denote public limited company and Pvt Ltd is used to denote private limited company.

ARTICLES OF INCORPORATION IN ILLINOIS

The name of the corporation must include a corporate suffix such as Corporation, Corp., Incorporated, Inc., Company or Co...

Number of shares the corporation is authorized to issue.

The main business of the Corporation is to be mentioned. Location of the principle place of business is to be mentioned. Also location of the registered office of the corporation is to be mentioned.

Particulars of Directors are not required to be mentioned in the articles of incorporation. The details required to be mentioned are number of initial directors, their names and addresses. Details of Owners or shareholders of the Corporation need not be filed with the Corporation. The details of officers of the Corporation are not required to be listed in the Articles of Incorporation, the Principal place of business and mailing address of the corporation, the name and address, name and the initial of registered agent, address and signature of the registered agent are to be effected here. Registered Agent is the person authorized to receive service of court papers etc and to be personally located at the registered office, the initial principal address of the Corporation, name and address of the Incorporator and his signature.

Other aspects in ILLINOIS are:

1. Annual Statements to be filed

2. The annual franchise tax payable by corporation is to be calculated at the rate of

0.10% of stated capital for the 12 month period. The minimum tax amount is

USD 25 and maximum of USD 1 million.

3. The annual report is to be filed within 60 days of the year completion.

4. The income tax rate at Illinois is 4.80% of the Corporations net income.

One of the recent trends in USA, China and India is greater movement towards federal structure whereby various states have different legal provisions. These states in turn are competing with each other to attract investments and new business incorporations in their respective regions so as to increase the employment levels and revenue earning sources. Special economic Zones, Export orient units, Export Processing Zones, Tax holiday islands all are output of such ideology. These regions have received huge investments in terms of billions of dollars in the last decade as inward investments. This investments and revenue have helped those regional governments to improve their infrastructure facilities at comparable levels that are exist anywhere in the world. Change Airport in Singapore, the new face of Beijing in China and changing face of business map in India are there for all of us to see and understand.

But the above recent development is not without flip side. There is uneven flow of capital investment among states in a particular country and fiscal discipline is thrown out of winds Because of political compulsions, States have started competing with each other on uneven scale and have made legal provisions which are not in conformity with central provisions or federal provisions. These issues are to be rightly addressed by economists.

PARADOXY AND CONTRADICTORY DEVELOPMENTS IN FREE MARKET CAPITALISM IN USA WITH PARTICULAR REFERENCE TO DEVELOPMENT OF CORPORATE PRACTICES AND INCORPORATIONS:

The readers of all the articles on various procedures in incorporating a company in different states of USA might be tempted to come to the conclusion that Perhaps Incorporation is the best panacea for business and incorporation solves all problems associated with single ownership or partnership type of business. This is because the incorporation procedures are easy and gives income tax and state tax benefits to corporations when compared to other forms of business ownership. Another important aspect is recognition of separate legal existence of the company in the eyes of law. But the real purpose of incorporation that is to make the ownership public and wide in the hands of vast majority of people of USA and to collect the huge amount of funds required for huge projects require public listing of shares in stock exchanges. This is the main purpose and fundamental basis of incorporation. Like female conception, labor pain, delivery, growth of child, education, employment, marriage, children are evolution of human beings, incorporation, growth, fund requirement, Public issue of shares, initial public offer, listing of shares in stock exchanges are normal evolution in a corporations existence. Then comes the issue of corporate governance compliance, minority shareholder rights, generating return higher than other asset class so that investors in equity of a corporation are kept happy is issues which are evolving in recent times.