- 1 How do I create an LLC in Illinois?
- 2 How much does it cost to register a company in Illinois?
- 3 How long does it take for an LLC to be approved in Illinois?
- 4 Do LLCs pay taxes in Illinois?
- 5 What is the downside of an LLC?
- 6 How much does an LLC cost in Illinois?
- 7 How much does it cost to set up an LLC in Indiana?
- 8 Do I have to register my business in Illinois?
- 9 How long does it take to register a company in Illinois?
- 10 Can I be my own registered agent in Illinois?
- 11 Do I have to have an EIN for my LLC?
- 12 How do I get an EIN number in Illinois?
- 13 What are the benefits of an LLC in Illinois?
- 14 How much does LLC filing cost?
- 15 How much is business tax in Illinois?
How do I create an LLC in Illinois?
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. 3
How much does it cost to register a company in Illinois?
Illinois Corporation Incorporation: $150 filing fee + franchise tax ($25 minimum) + optional $100 expedite fee. The expedite fee is required if you file online. Franchise tax is calculated as $1.50 per $1,000 on the paid-in capital represented in this state.
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.
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 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 much does it cost to set up an LLC in Indiana?
Cost to Form an LLC in Indiana. The cost to start an Indiana limited liability company (LLC) is $95. This fee is paid to the Indiana Secretary of State when filing the LLC’s Articles of Organization. Use our free Form an LLC in Indiana guide to do it yourself.
Do I have to register my business in Illinois?
In Illinois, most business are required to be registered and /or licensed by the IDOR. If you plan to hire employees, buy or sell products wholesale or retail, or manufacture goods, you must register with the IDOR.
How long does it take to register a company in Illinois?
How long does it take to incorporate in Illinois? Regular processing of articles of incorporation takes about four weeks, plus an additional two or three days to mail the final documents. Regular filing time for an LLC (limited liability company) is between seven and ten 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.
Do I have to have an 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.
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.
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 much does LLC filing cost?
The main cost of forming a limited liability company (LLC) is the state filing fee. This fee ranges between $40 and $500, depending on your state. There are two options for forming your LLC: You can hire a professional LLC formation service to set up your LLC (for an additional small fee).
How much is business tax in Illinois?
Illinois’s corporate income tax is charged at a flat rate of 7% of federal taxable income, with adjustments.