- 1 How much does it cost to set up an LLC in Illinois?
- 2 How do I start a corporation in Illinois?
- 3 How long does it take for an LLC to be approved in Illinois?
- 4 How much should I pay for incorporation?
- 5 What is the downside of an LLC?
- 6 What if your LLC makes no money?
- 7 How do I trademark a name in Illinois?
- 8 How do I get an EIN number in Illinois?
- 9 Can I be my own registered agent in Illinois?
- 10 Why is it taking so long for my LLC to be approved?
- 11 Can you incorporate yourself?
- 12 How much are the yearly costs to maintain a corporation?
- 13 How long does it take to get a certificate of incorporation?
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 do I start a corporation in Illinois?
How to Form a Corporation in Illinois
- Choose a Corporate Name.
- File Articles of Incorporation.
- Appoint a Registered Agent.
- Prepare Corporate Bylaws.
- Appoint Directors and Hold First Board Meeting.
- File Annual Report.
- Obtain an EIN.
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.
How much should I pay for incorporation?
The Government fee for incorporation is $275.00 plus the cost of a NUANS search. Corporate Registry offices throughout the Province will also have an additional administrative fee that is approximately $225.00, making the total cost of incorporation over $500.00.
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.
How do I trademark a name in Illinois?
To file for an Illinois state trademark, applicants must complete and file Form TM/SM-15, the State of Illinois Trademark or Service Mark Application, and an application fee. The mark must be filed under the applicant’s name.
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.
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.
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 you incorporate yourself?
Sole proprietors can incorporate themselves, and there are a number of benefits to doing so. Most importantly, turning your sole proprietorship into a corporation means greater ease in securing financing from a lender. Lastly, when you incorporate yourself, you can limit your personal liability.
How much are the yearly costs to maintain a corporation?
Corporations are required to pay between $50 and $200 in government filing fees. This is in addition to the filing fees paid to the Secretary of State. Government filings are based on the type of business being incorporated and the state in which the business is incorporating.
How long does it take to get a certificate of incorporation?
Postal applications take at least 8-10 days to process, so you will receive a hard copy of your certificate at your registered office address a few working days after incorporation, but it may take longer.