| In this economic climate where layoffs and business | | | | $77.75 |
| closings are continuing at a high rate, an alternative to | | | | To develop a for-profit corporation the following steps |
| continually looking for a job and being disappointed is to | | | | need to be completed:a. Choose a name for the |
| a start an enterprise. There are different models you | | | | corporation, address, and registered agentb. Determine |
| can choose to start your enterprise. However, the two | | | | how many shares of stock to be issuedc. Make sure |
| main corporate models are the non-profit corporation | | | | your corporation has a lawful purposed. Submit the |
| and the for-profit corporation.The term non-profit | | | | registration fee of $281.25. |
| should not deter you from exploration. It might be the | | | | After these steps have been completed and |
| best way to go. | | | | approved, the state will then issue you a charter and |
| Here is a comparison taking the requirements in Illinois | | | | you can then begin operating. Depending upon |
| as an example. Other states have similar requirements. | | | | whatever business model you choose, both are |
| Check with your Secretary of State. To start a | | | | considered to be legal entities. And as such, you will |
| non-profit organization in Illinois, you need at a minimum | | | | find both non-profit and for-profit organizations selling |
| three people to occupy significant positions. These | | | | clothing, books, food, real estate, furniture and various |
| positions are president, secretary, and treasurer. There | | | | other items. The only difference is that the income |
| may be more people on the board of directors, but the | | | | from the non-profit organization can only be for |
| key is to have these three positions filled. | | | | expenses associated with the organization and its |
| Afterwards, the following steps need to be | | | | purpose, including salaries, rent, equipment, etc. and for |
| completed:a. Choose a name for the corporationb. | | | | for-profit organizations, the purpose is to make a profit |
| Develop your purposec. Designate a location and the | | | | and that profit is then taxed. |
| designated agentd. Submit the registration fee of | | | | |