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.
What follows is necessary for the formation of an LLC: the full names and addresses of: the company's principal and the registered agent; the purpose of the LLC; the type of management; the full name, address and signature of the organizer; the member's liability, and the exact period the LLC is not perpetual.
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.
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.
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.
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.
What follows is necessary for the formation of an LLC: the full names and addresses of: the company's principal and the registered agent; the purpose of the LLC; the type of management; the full name, address and signature of the organizer; the member's liability, and the exact period the LLC is not perpetual.
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.
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.
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.
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.
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