You asked: What does it take to start an LLC in Illinois?

How much does it cost to start a LLC in Illinois?

Forming an LLC in Illinois Is easy. To form an Illinois LLC you will need to file the Articles of Organization with the Illinois Secretary of State, which costs $150. You can apply online or by mail. The Articles of Organization is the legal document that officially creates your Illinois limited liability company.

How do I start an LLC in Illinois?

Forming an LLC in Illinois

  1. Step 1: Choose a name for your Illinois LLC. …
  2. Step 2: Appoint an Illinois registered agent. …
  3. Step 3: Check if you need an Illinois business license. …
  4. Step 4: File articles of organization. …
  5. Step 5: Draft an LLC operating agreement. …
  6. Step 6: Comply With Employer Obligations.

How long does it take to start an LLC in Illinois?

It normally takes 3-4 weeks for the LLC paperwork to be approved in Illinois. Expedited processing (typically 1 business day) is also available for an additional fee.

IT IS IMPORTANT:  Your question: How do I get customers for my painting business?

Do LLCs pay taxes in Illinois?

Illinois, however, imposes a separate state tax directly on LLCs. Illinois more specifically calls this a personal property replacement tax. For typical LLCs (those not electing to be taxed as corporations) the tax is 1.5% of net income. The tax is payable to the Illinois Department of Revenue (IDOR).

Does my LLC need a bank account?

As a technical legal matter, the owners of an LLC are not required by state LLC statutes or federal tax law to have a separate bank account for the business, but there are several reasons lawyers and accountants strongly recommend having a dedicated account for an LLC.

Can you form an LLC by yourself?

To form an LLC by yourself, you need to reserve a business name, appoint a registered agent, file the Articles of Organization, obtain an Employer Identification Number, and open a business bank account. The time and money you need to file an LLC yourself depend on the state where you are filing.

Do I need a EIN for my LLC?

An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed below. Most new single-member LLCs classified as disregarded entities will need to obtain an EIN. An LLC applies for an EIN by filing Form SS-4, Application for Employer Identification Number.

Does an LLC cost money?

The cost can be as little as $10 or up to $50. Reserving an LLC name is purely optional. You don’t have to reserve a name before you file your articles of organization.

IT IS IMPORTANT:  Can a charity open a business account?

What is better for a small business LLC or S corporation?

What Is the Difference Between an LLC and an S Corp? A limited liability company is easier to establish and has fewer regulatory requirements than other corporations. LLCs allow for personal liability protection, which means creditors cannot go after the owner’s personal assets.

How much does an LLC cost yearly?

As of 2021, the average LLC annual fee in the US is $91. Most states call this the Annual Report, however, it has many other names: Annual Certificate.

What is the disadvantage of an LLC?

Disadvantages of creating an LLC

Cost: An LLC usually costs more to form and maintain than a sole proprietorship or general partnership. States charge an initial formation fee. Many states also impose ongoing fees, such as annual report and/or franchise tax fees.

Is an LLC good for a small business?

Starting a limited liability company (LLC) is the best business structure for most small businesses because they are inexpensive, easy to form, and simple to maintain. An LLC is the right choice for business owners who are looking to: Protect their personal assets. Have tax choices that benefit their bottom line.