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The LLC has no Illinois income tax filing requirements.
What limited liability company means?
Limited liability companies (LLC) are defined as a type of business structure where owners of the LLC are called members and are partners in a business entity with all the protection of a corporation plus the ability to pass through any business profits and losses to their personal income tax return.
What is the purpose of a limited liability company?
A Limited liability company (LLC) is a business structure that offers limited liability protection and pass-through taxation. As with corporations, the LLC legally exists as a separate entity from its owners. Therefore, owners cannot typically be held personally responsible for the business debts and liabilities.
Does an LLC need a business license in Illinois?
The short answer is yes, an LLC will still need to obtain a business license in Illinois. The exact type of business license or licenses will depend on your location and the type of business you operate, but an LLC is not the same as a business license and instead establishes the legal tax identity of your business.
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.
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With a Series LLC, a holding company can hold all individual businesses under a single umbrella while mitigating the risk of one business assets being used to satisfy the debts or liabilities incurred by another of its businesses.
What is the difference between an LLC and an LLP?
In basic terms, the owners of an LLP are considered partners in an organization, while the owners of an LLC are members. As a result, there are key differences between how the limited liability protection is recognized, how an LLC and LLP are managed and how each structure is taxed.
How do I get an LLC license in Illinois?
ZenBusiness: Create your 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.
Is a series LLC a good idea?
If you want to make sure your assets have good, solid protection, its a much better idea to avoid corporate structures that dont provide reliable protection. Avoid series LLCs as a form of protection until a definitive case law is established and rely instead on known, tested entities such as individual LLCs.
What is an example of limited liability company?
For example, Anheuser-Busch, Blockbuster and Westinghouse are all organized as limited liability companies.
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