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Foreign LLCs in Illinois need to register with the Illinois Secretary of State by submitting an Application for Admission to Transact Business and paying a state filing fee of $150 (add $100 for expedited filing). Northwest can register your foreign LLC in Illinois for just $225 + state fees.
Is my LLC considered a small business?
One of the most common types of small businesses in the U.S. is a single-owner or single-member LLC. A single-member LLC is a limited liability company that has one owner, and it is one of the most common types of small businesses in the U.S.
What qualifies as a small business in Illinois?
Small business means any for profit entity, independently owned and operated, that grosses less than $4,000,000 per year or that has 50 or fewer full-time employees. For the purposes of this Act, a small business has its principal office in Illinois.
How do I know if I qualify as a small business?
Meet size standards Most manufacturing companies with 500 employees or fewer, and most non-manufacturing businesses with average annual receipts under $7.5 million, will qualify as a small business. However, there are exceptions by industry.
What qualifies as a qualified small business?
QSBS Eligibility Rules The stock must have been issued by a US C-corporation after August 10, 1993 and the issuing company must have aggregate gross assets of $50 million or less immediately following issuance.
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How long does it take to get an Illinois business license?
Please allow 6 to 8 weeks for processing if you complete and mail Form REG-1 to us. If applicable, you will be issued a Certificate of Registration or License and taxpayer ID (i.e., your tax number).
How are you classified as a small business?
Small business is generally defined as any business that is independently owned and operated, typically with fewer than 100 employees, and usually with less than $10 million in annual revenue.
Do I have to register my business with the state of Illinois?
Note: If you are starting a new business or have a business new to the state of Illinois, you should register with IDOR before you make any sales or hire an employee. Note: There is no registration fee.
Related links
CRA Guide to Data Reporting and Collection
The purpose of small-business and small-farm data collection is to enable examiners and the public to judge whether the institution is lending to small
In Illinois, most businesses are required to register with the Illinois Department of Revenue (IDOR). The (REG-1) Illinois Business Registration, (IL-W-4).
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