- 1 How much does it cost to register a business name in Illinois?
- 2 How do I register a business name in Illinois?
- 3 How do I create an LLC in Illinois?
- 4 How much does an LLC cost in Illinois?
- 5 How long does it take for an LLC to be approved in Illinois?
- 6 Is my business name available in Illinois?
- 7 What is the downside of an LLC?
- 8 How is an LLC taxed in Illinois?
- 9 Can you be your own registered agent in Illinois?
- 10 What are the benefits of an LLC in Illinois?
- 11 How do I start an LLC with two owners?
- 12 How much does it cost to expedite an LLC in Illinois?
How much does it cost to register a business name in Illinois?
Top 5 Tips on Registering a Business in Illinois Forming an LLC costs $500 and a $250 annual fee. The fee for a corporation varies, but is usually $125 to start and $100 annually.
How do I register a business name in Illinois?
Registering a business name in Illinois is done when you form your business entity (LLC or corporation) with the state. You must first choose your business structure, then do a business name search to ensure name availability. Afterward, you must form your entity with your business name with the state.
How do I create an LLC in Illinois?
Forming an LLC in Illinois
- Step 1: Choose a name for your Illinois LLC.
- Step 2: Appoint an Illinois registered agent.
- Step 3: Check if you need an Illinois business license.
- Step 4: File articles of organization.
- Step 5: Draft an LLC operating agreement.
- Step 6: Comply With Employer Obligations.
How much does an LLC cost in Illinois?
Registration costs. Forming an LLC in Illinois involves filing articles of organization with the Secretary of State, and paying a registration fee of $150. Illinois LLC annual fees are $75.
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.
Is my business name available in Illinois?
How do I check to see if a Corporation/LLC name is available? The Illinois Secretary of State Department of Business Services provides a database at http://www.ilsos.gov/corporatellc/ where you can do a preliminary search. LLC’s – 217-524-8008.
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%.
How is an LLC taxed 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.
Can you be your own registered agent in Illinois?
Can I Be My Own Registered Agent in Illinois? LLCs and Corporations cannot act as their own registered agents in Illinois. You are required to appoint one. You can hire Illinois Registered Office LLC for only $49 per year.
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 an LLC with two owners?
Basic Steps to Form a Multi-Member LLC
- Choose a business name.
- Apply for an EIN (Employer Identification Number).
- File your LLC’s articles of organization.
- Create an operating agreement.
- Apply for the necessary business licenses and permits.
- Open a separate bank account for your business.
How much does it cost to expedite an LLC in Illinois?
If you would like to create your Limited Liability Company online, pay a $100 fee to expedite the process along with a $5 fee to process the payment. Starting a Limited Liability Company is more costly than a corporation — forming an LLC is $500, whereas forming a corporation is $150.