|
Illinois has a fairly low personal income tax, and the only special tax
it has is estate tax. However Illinois rates a 29 on the Tax Foundation's
Corporate Tax Ranking Index because of their 7.3% corporate income tax. Illinois
allows series LLC's, though Nevada's other asset protections make Nevada
a better state for incorporation. In Nevada charging order is a creditor's
sole remedy, and officers, employees and directors have statutory indemnification.
See the compiled list below to help you decide whether to incorporate your
business in Nevada or Illinois.
| |
Nevada |
Illinois |
|
State Corporate Income Tax ? |
None |
7.30% |
Tax Foundation's, Corporate Tax Ranking Index ? |
1 |
29 |
Personal Income Tax ? |
None |
3% |
Tax Foundations, Personal Income Tax Ranking Index |
1 |
12 |
Franchise Tax ? |
|
|
Tax on corp shares ? |
|
|
Gift Tax ? |
|
|
Unitary Tax ? |
|
|
Estate Tax ? |
|
|
Statutory Indemnification of Officers, Directors & Employees ? |
|
|
Charging Order Protection for Corporation ? |
|
|
Charging Order is Creditor's Sole Remedy for LLC or Corporation ? |
|
|
Highest Standard of Corporate Veil Protection ? |
|
|
Series LLC Allowed ? |
|
|
Business Court* |
|
|
|
Glossary of terms
|
|
|
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