FAQ on New Business Set-up

Q: How do I start the process of opening a new business?

A: In order to get started we need you to complete our New Business Set Up form and simply email it to us at tax@greatwaystax.com.

Q: How much will it cost to open a new S-Corporation , C-Corporation LLC (Limited Liability Company)?

A: To open a new corporation in the state of Illinois we charge a total of $600.00 which includes the following:State filing fee, Employer Identification number and Illinois Business Tax Identification number aka IBT, Corporation documentation (which includes the Share Certificate, By Laws, Minutes, Income and Expense worksheet) . 

Q: Is there only a onetime fee for the Business?

A: No. Once we form the company we have to file an annual report every year with the secretary of state on the anniversary month of when your business was opened and the total fee for that service is  $175.00 which includes the filing fee, franchise tax, and the registered agent fee.

Q: Who is a Registerd Agent and Do you provide the Registeed Agent Service?

A: Every state requires a Corporation or an LLC to have a Registered Agent (sometimes called a resident agent, statutory agent, or agent for service of process). The Registered Agent address is the address that will be used by the state for any official legal and tax correspondence. The Registered Agent address must be a physical, in-state street address; P.O. Boxes are not acceptable. A Registered Agent will act as the representative for accepting Service of Process served upon the company within the jurisdiction of any state where the company conducts business, and will also forward any other official legal and tax correspondence from the state.  

Q: Do you do Corporate Tax Returns?

A: Yes. Annual taxes need to be filed on or before March 15th of every year, we provide this service at no cost if you use our payroll service for the entire year. 

Q: What are the advantages of opening an S-Corp?

A: One of the biggest advantages of an S-Corporation is that it has the ability to pay out its earnings through dividend payouts to its owner, and it is the reason why S-Corps are the most common type of business in the US. This allows business owners to avoid paying the FICA tax which is 15.3%, but the owner or the officer must run a reasonable amount of compensation.

Q: If I have an S Corp do I have to run payroll?

A: Yes. One of the conditions to become an S Corp is that it must run a reasonable amount of compensation to its owners. For more information you can visit our blog

Q: How do I get started with the payroll service?

A: We will need you to complete our Information required to start the Payroll Service form and New Employee Data sheet which can be found in our website under Forms and email the completed forms to us at payroll@greatwaysinc.com.

Q: How much does the payroll service cost?

A: Our payroll service starts at $125.00 a month, which includes one location and up to 5 employees. It is $40.00 for each extra work locations and $40.00 for each group of five employees. For example if you have two work locations and five employees your fee would be $165.00

Q: How do I add a new employee?

A: In order to add a new employee you will need to complete the New Employee Data sheet and the New Employee Package which can be found in our website under Forms/Payroll. The New Employee Data sheet needs to be completed by the employer and emailed to our payroll email at payroll@greatwaysinc.com. The New Employee package should be completed by the employee and given to the employer to keep for their records.

Q: How do I set up to pay a contractor?

A: To set up a contractor you will need to have a W-9 form completed, which can be found in our website under FormsPayroll and signed by the contractor, you will also need to keep this for your records. Once you have the W-9 you will need to complete our New Contractor Data Sheet, which can be found below and email it to us at our payroll email at payroll@greatwaysinc.com. If the contractor is using his/her own SSN, we can give him/her a login option to check payment records, if it is a corporation they will not be able to login. All payments are done as direct deposit.

Q: How do I cancel your service?

A: If you need to cancel your payroll service, you will need to complete our Payroll Service Cancellation form which can be found in our website under Forms/Payroll and email it to us at payroll@greatwaysinc.com. In your email you must also specify if you want us to also close the business with the state and federal. If you are planning to close the payroll service in the middle of a quarter, we would recommend to wait until that quarter end to file the quarterly report and close properly. There won't be any cancelation fee but you will be charged our monthly service fee until you cancel the service regardless we run the payroll or not. We are getting charge from the software company we use to run the payroll as long as your company is active.

Q: If I have any more questions can I contact you?

A: You are always welcome to contact us by email payroll@greatwaysinc.com or by phone 630-663-1500 x 3 For Payroll Service and x 1 for Pramod Zacharias. Our preferred way of communication is Email.