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.
After naming your LLC you should consider hiring a registered agent. Though not mandatory, it is highly recommended. Your LLC's legal agent may be an individual or another company authorized to carry out business permanently based in Illinois. A registered agent's primary tasks involve accepting legal documents for the LLC and brief its members.
Ensure you get Employer Identification Number (EIN). Most LLC have more than two members and hence are required to have the Employer Identification Number. The IRS issues the EIN. EIN is used for tax purposes. Register with the Illinois Department of Revenue and it is mandatory. It involves filling online forms or registering through mail, and then submit registration application form for your business.
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.
Finally, focus on delivering on time your LLC's annual reports. An annual report is another very important document which every LLC has to submit to the State of Illinois each year prior to its anniversary. Annual reports cost $250 and can be filled by the manager or one of the LLC's members.
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 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.
After naming your LLC you should consider hiring a registered agent. Though not mandatory, it is highly recommended. Your LLC's legal agent may be an individual or another company authorized to carry out business permanently based in Illinois. A registered agent's primary tasks involve accepting legal documents for the LLC and brief its members.
Ensure you get Employer Identification Number (EIN). Most LLC have more than two members and hence are required to have the Employer Identification Number. The IRS issues the EIN. EIN is used for tax purposes. Register with the Illinois Department of Revenue and it is mandatory. It involves filling online forms or registering through mail, and then submit registration application form for your business.
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.
Finally, focus on delivering on time your LLC's annual reports. An annual report is another very important document which every LLC has to submit to the State of Illinois each year prior to its anniversary. Annual reports cost $250 and can be filled by the manager or one of the LLC's members.
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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