The Illinois Secretary of State Corporations is responsible for licensing and regulating corporations in the State of Illinois. This Department investigates any claims made against businesses that are operating in the State and enforces the laws and regulations pertaining to business and financial services.
The Department maintains strict regulations regarding who must register with the Secretary of State Corporations. For example, any individual who is advising five or more consumers about investments or financial planning must register with the Department as an investment adviser. There are also specific requirements about the registration of business brokers, loan brokers, and small businesses.
It is important that an individual review State legislation prior to offering financial services, as the laws surrounding this behavior vary by state and it is likely that an individual who is receiving compensation for financial advising will be required to register with the Illinois Secretary of State Corporations.
The Illinois Secretary of State Corporations maintains information about all business and corporate entities that operate in the State of Illinois. Consumers are able to access this information online. Information about a variety of different types of business entities are contained within the Department’s database, including details about limited liability partnerships, limited liability companies, non-profit corporations, and corporations.
The Secretary of State Corporations produces a variety of publications related to these business entities and the laws and regulations that pertain to operating business entities. An individual can obtain additional information about operating a business in the State of Illinois by visiting the Illinois Secretary of State Corporations online.