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 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.
During LLC formation, you first have to name your LLC. Give your LLC a unique name that will enable your business distinguishable from other businesses. You can research on your LLC's name through the Secretary of state Business to see if it is similar to another LLC's name. It is advisable to change it when the name of your LLC matches another LLC. Your name must have Limited Liability Company, L. L. C. Or LLC. Words such as corp., corporation, Ltd etc. Are prohibited.
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 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.
During LLC formation, you first have to name your LLC. Give your LLC a unique name that will enable your business distinguishable from other businesses. You can research on your LLC's name through the Secretary of state Business to see if it is similar to another LLC's name. It is advisable to change it when the name of your LLC matches another LLC. Your name must have Limited Liability Company, L. L. C. Or LLC. Words such as corp., corporation, Ltd etc. Are prohibited.
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.
About the Author:
You can visit illinoisregisteredagent.com for more helpful information about How To Create An Illinois LLC Formation.
Aucun commentaire:
Enregistrer un commentaire