How do I create an LLC in Illinois?

How much does it cost to make 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.

How long does it take to open LLC 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.

What is the next step to start an LLC?

What is the next step after forming LLC? There are nine next steps after forming an LLC: create an operating agreement, get an EIN, register for taxes, get an accountant, apply for business licenses and permits, open a business bank account, get insurance, establish your web presence, and publish a press release.

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How do I create a simple LLC?

How to Set Up an LLC

  1. Decide on a Business Name. …
  2. Designate a Registered Agent. …
  3. Get a Copy of Your State’s LLC Article of Organization Form. …
  4. Prepare the LLC Article of Organization Form. …
  5. File the Articles of Organization. …
  6. Create an Operating Agreement. …
  7. Keep Your LLC Active.

Do I need 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.

Do you need a DBA if you have an LLC?

A DBA is not required for an LLC. When you open up an LLC, you’ll register a company name. You don’t need a DBA as long as you use your company’s official name. However, you may use a DBA for your LLC to expand your business and operate part of it under a name other than your original business name.

Can I be my own registered agent in Illinois?

Yes, you can be your own registered agent in Illinois. However, after considering the registered agent requirements most business owners elect to hire a registered agent service instead.

How do I get an EIN number in Illinois?

You may apply for an EIN online if your principal business is located in the United States or U.S. Territories. The person applying online must have a valid Taxpayer Identification Number (SSN, ITIN, EIN). You are limited to one EIN per responsible party per day.

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What can I write off as an LLC?

The following are some of the most common LLC tax deductions across industries:

  1. Rental expense. LLCs can deduct the amount paid to rent their offices or retail spaces. …
  2. Charitable giving. …
  3. Insurance. …
  4. Tangible property. …
  5. Professional expenses. …
  6. Meals and entertainment. …
  7. Independent contractors. …
  8. Cost of goods sold.

How do you get a LLC license?

How to Get an LLC License

  1. Choose a state. …
  2. Choose a name for the new LLC. …
  3. Appoint a registered agent in the state of formation. …
  4. Draft and file formation documents. …
  5. Pay the required filing fees. …
  6. Draft an operating agreement. …
  7. Obtain an employer identification number (EIN). …
  8. Open a bank account for the LLC.

What can I use my LLC for?

An LLC is most often used to operate a business (you can have multiple businesses in one LLC), but LLCs can also be used to take title to assets. For example, an LLC can be created to own real estate (when should I form an LLC for real estate?), vehicles, boats, and aircraft.

What should I know before starting an LLC?

Things to Know Before Starting an LLC

  • What will your LLC’s name be?
  • Who will be your registered agent?
  • Who will draft your operating agreement?
  • Why liability protection is crucial for most businesses.
  • Why maintaining the corporate veil is critical.
  • What will your tax options be?

How long does it take to set up an LLC?

The LLC processing time really depends on the state in which you form your LLC. However, it usually takes most states 7-10 business days; other states could take 4-6 weeks, i.e. Arizona takes roughly 22-27 business days to process your documents.

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How much does an LLC 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).