LLC is the abbreviation for "Limited Liability Company", a certain, flexible business structure. First of all, it is important to clarify what Illinois llC formation is. As the name suggests LLCs offer limited liability to their members. In LLCs can be corporations, partnerships or single-member companies.
The first essential steps in order to set up an LLC in this State are the following: full name and address of the LLC's principal; full name and address of the registered agent; full name and address of the organizer (plus his original signature; a statement of the LLC's purpose and its type of management; the definition of its member's liability, and the period that the LLC is not perpetual.
The next stage is to name your LLC. The purpose of a company's name is to make it stand out from the pack - that is why it has to be unique. In order to achieve that consult the Secretary of State Business. After some research you will find out if your company's name is similar to another's. If that is the case, act accordingly and change it. The name of your LLC must and can only be followed by the abbreviation LLC, L. L. C. Or the full designation "Limited Liability Company".
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.
Then you have to generate an operating agreement, which states who the owner of the LLC is and what operating procedures are followed. It is a very important document since the State of Illinois recognizes it as the one governing the LLC. Though not mandatory, you are advised to create an operating agreement especially if your LLC has more than a single member. Get in touch with a lawyer to create your LLC's operating agreement.
One other document you should focus on is the annual report. Your LLC is legally obliged to provide the State of Illinois with these reports each year before the anniversary of your LLC's founding, either online or by mail. The filling of the annual reports can be carried out either by the manager or a member of the LLC and comes at a cost of $250. Since the fees are susceptible to changes refer to the State Department of Business Services for further information. Bear in mind though that should you fill the annual reports later than expected you will be penalized with a fee of $300.
Late submission of the annual report two months after the due date incurs a penalty of $300. The State Department of Business Services can alter the amount of fees so consult its website for up-to-date information. Your Illinois LLC is subject to taxation. The amount of the tax depends on the type of taxation you will choose.
The first essential steps in order to set up an LLC in this State are the following: full name and address of the LLC's principal; full name and address of the registered agent; full name and address of the organizer (plus his original signature; a statement of the LLC's purpose and its type of management; the definition of its member's liability, and the period that the LLC is not perpetual.
The next stage is to name your LLC. The purpose of a company's name is to make it stand out from the pack - that is why it has to be unique. In order to achieve that consult the Secretary of State Business. After some research you will find out if your company's name is similar to another's. If that is the case, act accordingly and change it. The name of your LLC must and can only be followed by the abbreviation LLC, L. L. C. Or the full designation "Limited Liability Company".
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.
Then you have to generate an operating agreement, which states who the owner of the LLC is and what operating procedures are followed. It is a very important document since the State of Illinois recognizes it as the one governing the LLC. Though not mandatory, you are advised to create an operating agreement especially if your LLC has more than a single member. Get in touch with a lawyer to create your LLC's operating agreement.
One other document you should focus on is the annual report. Your LLC is legally obliged to provide the State of Illinois with these reports each year before the anniversary of your LLC's founding, either online or by mail. The filling of the annual reports can be carried out either by the manager or a member of the LLC and comes at a cost of $250. Since the fees are susceptible to changes refer to the State Department of Business Services for further information. Bear in mind though that should you fill the annual reports later than expected you will be penalized with a fee of $300.
Late submission of the annual report two months after the due date incurs a penalty of $300. The State Department of Business Services can alter the amount of fees so consult its website for up-to-date information. Your Illinois LLC is subject to taxation. The amount of the tax depends on the type of taxation you will choose.
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