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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.
What follows is the acquiring of an Employer identification Number, abbreviated EIN. EIN is necessary for LLC that have two members or more since it is used for tax purposed. The IRS is responsible for issuing the EIN. Make sure you register with the Illinois Department of Revenue either by filling a form online or by sending an e-mail in the respective address.
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.
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.
What follows is the acquiring of an Employer identification Number, abbreviated EIN. EIN is necessary for LLC that have two members or more since it is used for tax purposed. The IRS is responsible for issuing the EIN. Make sure you register with the Illinois Department of Revenue either by filling a form online or by sending an e-mail in the respective address.
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.
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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