Limited liability company is abbreviated by LLC. Before the process of Illinois LLC formation, you need to know what is meant by LLC. Limited liability company refers to the business structure with a flexible organization. LLC Illinois offers limited liability to its members. LLC in this State are considered as corporations, limited liability partnerships. It can also be single-member LLC.
The following are essential information needed for LLC formation: name and address of LLC's principal, name and address of the registered agent, the purpose of the Illinois LLC, management type, organizer's name, address and signature, and members' liability and the period of the LLC when it is not perpetual. The names that you provide must be full names.
At the first stage you have to give your LLC a name. What you need is a unique name that distinguishes your business from others in the industry. Run a research through the Secretary of State Business to see if your company's name shares similarities with another company's name. Your LLC's name must include L. L. C., LLC or the whole "Limited Liability Company", not corp. Or Ltd.
You are recommended to choose a registered agent for your LLC. Agents can be individuals or company and they have the authority to carry out businesses with permanent address to this State. The agent will accept legal documents for the LLC and notify all its members. File the Articles of the organization by the secretary of State Department of Business Services. The articles must contain all the requirements required for forming an Illinois LLC, mentioned initially.
Then make sure you receive an EIN (Employer Identification Number), a requirement if your LLC has more than two members. The EIN is issued by the IRS and is used for tax purposes. It is mandatory to register with the Illinois Department of Revenue either via e-mail or by filling an online form.
Create an operating agreement. Operating agreement states the ownership and the operating procedures for any LLC. LLC operating agreement is not a must for LLC in Illinois but it is advisable to have one in case your LLC have more than one member. The state acknowledges the Limited Liability Company operating agreement as the document governing it. You can create an operating agreement through a lawyer. Operating agreement is important when creating relationship with co-owners for an established business.
Familiarizing with legal obligations of LLC is needed. The continuing legal obligations are specifically the annual reports. These annual reports are submitted to the State annually prior the anniversary of your LLC by mail or online. The annual reports can be filled either a manager or member. The filling is done at fee of $250 annually. You are penalized for late filling, two months after the due date, with a fee of $300. The fees may change hence you need to check with the State Department of Business Services after some period.
The State's website also provides information on types of taxation. LLCs are of course subject to federal income tax, the amount of which depends on the type of taxation you will choose. Visit the website, get informed and conclude on what suits you best.
The following are essential information needed for LLC formation: name and address of LLC's principal, name and address of the registered agent, the purpose of the Illinois LLC, management type, organizer's name, address and signature, and members' liability and the period of the LLC when it is not perpetual. The names that you provide must be full names.
At the first stage you have to give your LLC a name. What you need is a unique name that distinguishes your business from others in the industry. Run a research through the Secretary of State Business to see if your company's name shares similarities with another company's name. Your LLC's name must include L. L. C., LLC or the whole "Limited Liability Company", not corp. Or Ltd.
You are recommended to choose a registered agent for your LLC. Agents can be individuals or company and they have the authority to carry out businesses with permanent address to this State. The agent will accept legal documents for the LLC and notify all its members. File the Articles of the organization by the secretary of State Department of Business Services. The articles must contain all the requirements required for forming an Illinois LLC, mentioned initially.
Then make sure you receive an EIN (Employer Identification Number), a requirement if your LLC has more than two members. The EIN is issued by the IRS and is used for tax purposes. It is mandatory to register with the Illinois Department of Revenue either via e-mail or by filling an online form.
Create an operating agreement. Operating agreement states the ownership and the operating procedures for any LLC. LLC operating agreement is not a must for LLC in Illinois but it is advisable to have one in case your LLC have more than one member. The state acknowledges the Limited Liability Company operating agreement as the document governing it. You can create an operating agreement through a lawyer. Operating agreement is important when creating relationship with co-owners for an established business.
Familiarizing with legal obligations of LLC is needed. The continuing legal obligations are specifically the annual reports. These annual reports are submitted to the State annually prior the anniversary of your LLC by mail or online. The annual reports can be filled either a manager or member. The filling is done at fee of $250 annually. You are penalized for late filling, two months after the due date, with a fee of $300. The fees may change hence you need to check with the State Department of Business Services after some period.
The State's website also provides information on types of taxation. LLCs are of course subject to federal income tax, the amount of which depends on the type of taxation you will choose. Visit the website, get informed and conclude on what suits you best.
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