illinois articles of incorporation how do I allocate shares?

[Pongo]

Hello my wife and I are starting a business, where it will be a female owned business.

I am confused about the following
4. Paragraph 1 — Authorized Shares, Issued Shares and Consideration Received

Filing online, I have the shares listed as common 100,000 allocated issued 1000 at $ .01 would his work with the online filing? I read somewhere that online you can only do 1000 shares, I could be wrong.

Where do I indicate she is 51% owner? In the By laws?

How do I create the By laws? Are they filed with the state?

Any help would be greatly appreciated.

Pongo

[vangogh]

Welcome to the forum Pongo. First let me apologize, because I really don't know the answer to your questions. I did want to help keep your thread active though until someone who can help sees it. You may have already seen this, but I found a PDF with instructions for the online application your filling out. It's A Guide For Organizing Domestic Corporations (PDF) (http://www.cyberdriveillinois.com/publications/pdf_publications/c179.pdf) and it comes from the office of the Secretary of State for Illinois. Thought I'd provide a link in case it was something you hadn't seen.

Admittedly I'm only scanning the PDF, but I didn't see where there's a limit on how many shares you can allocate.

If you're a corporation I don't think there is an owner. Whoever owns shares owns that much of the company. If you wife holds 51% of the shares then she essentially owns the company because she has more say than anyone else. If you mean to set this up as a partnership between the two of you then I wouldn't think you'd need to incorporate. Granted I'm not familiar with how this works in Illinois, but I would think there's a partnership form to fill out and in there the two of you could agree to any split of the business that you want. At least that's how it works here in Colorado.

One of our members is an attorney in Illinois and I feel confident he'll be able to help. It might be a few days before he checks in, but if you keep replying I will to and we can keep the thread active.