LLC stands for "Limited Liability Company". Prior to explaining how to proceed with the Illinois llc formation, there is the need to make clear what LLC means. It denotes a business structure that focuses on flexibility, given that the members of an LLC enjoy limited liability. In the State of Illinois there exist LLCs that are corporations, partnerships or even single-member.
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.
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".
It is recommended that you select a registered agent for your LLC. A registered agent can be either an individual or a company that is legally permitted to conduct business in Illinois. The agent will handle legal documents on behalf of the LLC and notify its members accordingly.
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.
Next, you should create an operating agreement. This is a document where the ownership status and the operational procedures of an LLC are stated. It is the document recognized by the State of Illinois as the one governing the LLC. It is not mandatory for an LLC to operate under one such agreement but it is nevertheless recommended, particularly if your LLC has two members or more and if you want to build a healthy relationship with co-owners. In order to create an operating agreement you need to contact a lawyer.
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.
Illinois LLCs are subject to taxation, federal income tax. The tax will depend on the type of taxation you will prefer. You can learn the types of taxation on the State's website.
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.
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".
It is recommended that you select a registered agent for your LLC. A registered agent can be either an individual or a company that is legally permitted to conduct business in Illinois. The agent will handle legal documents on behalf of the LLC and notify its members accordingly.
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.
Next, you should create an operating agreement. This is a document where the ownership status and the operational procedures of an LLC are stated. It is the document recognized by the State of Illinois as the one governing the LLC. It is not mandatory for an LLC to operate under one such agreement but it is nevertheless recommended, particularly if your LLC has two members or more and if you want to build a healthy relationship with co-owners. In order to create an operating agreement you need to contact a lawyer.
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.
Illinois LLCs are subject to taxation, federal income tax. The tax will depend on the type of taxation you will prefer. You can learn the types of taxation on the State's website.
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