FAQ: How To Apply For An Llc In Illinois?

How much does it cost to set up an LLC in Illinois?

How much does it cost to form an LLC in Illinois? The Illinois Secretary of State charges $150 to file the Articles of Organization. You can reserve your LLC name with the Illinois Secretary of State for $25.

How long does it take for an LLC to be approved 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.

Do LLCs pay taxes in Illinois?

The LLC has no Illinois income tax filing requirements. If the LLC is a subchapter S Corporation for federal income tax purposes, and files a U.S. Form 1120S, U.S. Income Tax Return for an S Corporation, for Illinois purposes the LLC will file Form IL-1120-ST, Illinois Small Business Corporation Replacement Tax Return.

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Is an LLC easy to start?

An LLC is a popular and flexible business option that works well for many small business owners. In most states, LLCs are relatively easy to set up and maintain. However, it’s important to fill out the paperwork properly and have an operating agreement that defines the members’ rights and responsibilities.

What is the downside of an LLC?

Profits subject to social security and medicare taxes. In some circumstances, owners of an LLC may end up paying more taxes than owners of a corporation. Salaries and profits of an LLC are subject to self-employment taxes, currently equal to a combined 15.3%.

What if your LLC makes no money?

LLCs that have become inactive or have no income may still be mandated to file a federal income tax return. Filing requirements will depend on how the LLC is taxed. An LLC may be taxed as a corporation or partnership, or it may be totally disregarded as an entity with no requirement to file.

Why is it taking so long for my LLC to be approved?

How long does LLC filing take? It depends on how fast the state processes business filings. As a rule, it takes between a week and ten business days to process. In some states, provided that your intake information has been received, a state agency can often issue an approval for the LLC within three business days.

Can I be my own registered agent in Illinois?

Can I Be My Own Registered Agent In Illinois? Yes, any owner or employee of a business can be its registered agent in Illinois as long as they are over the age of 18, and have a street address in Illinois.

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How do I get an EIN number in Illinois?

This is done by filing IRS Form SS-4 or by calling the IRS at (800) 829-4933. If you call, it is best to have a blank copy of Form SS-4 on the table in front of you. The form can be downloaded from the IRS website. The company must also obtain an Illinois Business Tax number from the Illinois Department of Revenue.

Is Illinois a good state for LLC?

An Illinois LLC is considered advantageous because it offers the same limited liability as a corporation, but with less formality in its creation and operation.

What taxes does an LLC pay in Illinois?

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). Use Form IL-1065 to pay the tax. In some cases, the owners of an LLC choose to have their business treated like a corporation for tax purposes.

What are the benefits of an LLC in Illinois?

Briefly, the benefits of starting an Illinois LLC include:

  • Separating and limiting your personal liability from your business liability and debts.
  • Quick and simple filing, management, compliance, regulations and administration of your Illinois LLC.
  • Easy tax filing and potential advantages for tax treatment.

How do I start a small LLC?

Steps to Form an LLC

  1. Choose a name for your LLC.
  2. File Articles of Organization.
  3. Choose a registered agent.
  4. Decide on member vs. manager management.
  5. Create an LLC operating agreement.
  6. Comply with other tax and regulatory requirements.
  7. File annual reports.
  8. Out of state LLC registration.
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Do I need an agent for my LLC?

No matter where you’re starting your business, if you’re forming an LLC or corporation, you’re required to have a registered agent and a registered office. But this doesn’t mean you need to hire a registered agent service.

How do I file an LLC for free?

How to Create and File an LLC for Free

  1. Six Steps to Forming an LLC for Free.
  2. Gather Information.
  3. Get a Business Name and Address.
  4. Get the Formation Document From the Secretary of State Website.
  5. Get a Registered Agent.
  6. Look at Other LLC Formation Options.
  7. LLC Paperwork: Fill Out and File the Formation Document.

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