Do you have the perfect name idea for a new business entity in the state of Illinois, but you’re not quite ready to form your company?
Illinois allows you to reserve a business name until you’re prepared for the business formation process, but how does the reservation process work and how long will the state reserve the name for you? In this guide, we’ll run down all the important details of reserving a business name in Illinois.
Rocket Tip: If you’d rather officially incorporate in Illinois rather than file the extra paperwork to register a business name, there are many good incorporation services that can do it for you.
How to Reserve a Business Name in Illinois
The first step is to determine if your desired business name is even available in Illinois to begin with. To determine the availability of your desired name, simply search for the name using the Illinois Secretary of State’s business entity search tool. Once you’ve determined the availability of your desired name, you can begin the process of reserving it with the state.
Illinois does not offer online name reservations, so you will need to file the Application to Reserve a Name by mail. This form requires the following information: Secretary of State Department of Business Services
Limited Liability Division
501 S. Second St., Rm. 351
Springfield, IL 62756
When you are finished filling out the form, you will need to include a check for $25 (or $50 for expedited processing) made payable to the “Secretary of State.” Then, you can mail the check and two copies of the form to the following address:
How Long Is My Business Name Reserved For?
The state of Illinois will reserve your business name for a period of 90 days after filing the Application to Reserve a Name. If you are still not ready to form your business after 90 days, you will need to file the application and pay the fee again.
Conclusion
Just because you aren’t ready to form your Illinois business entity doesn’t mean you can’t lock down your desired business name.
If your desired name is available and you need some time to form your business, you should definitely reserve the name today. In Illinois, the paperwork is simple and the entire process is quick and inexpensive.