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What are the benefits of an LLC in Illinois?

LLCs have fewer compliance requirements than corporations. LLC earnings arent subject to double taxation in the way that C-corporation income is. LLCs can choose to be taxed as a pass-through entity or corporation. Illinois LLCs pay a lower personal property replacement tax than corporations.

Is Illinois a good state to form an LLC?

An Illinois LLC is considered advantageous because it offers the same limited liability as a corporation, but with less formality in its creation and operation.

How much does it cost to form an LLC in Illinois?

FeeLLC 50.1Limited Liability Company Annual Report$75LLC 50.25LLC Request Form for Certificate of Good Standing and/or Copies of DocumentsLWCA 1.36Illinois Limited Worker Cooperative Association Act Statement of Change of Registered Agent and/or Registered Office$2547 more rows

What is needed to start an LLC in Illinois?

Just follow these eight steps, and youll be on your way. Name Your Illinois LLC. Choose Your Registered Agent. Prepare and File Articles of Organization. Receive a Certificate From the State. Create an Operating Agreement. Get an Employer Identification Number. Register your LLC with the Illinois Department of Revenue.

Do LLCs pay taxes in Illinois?

The LLC has no Illinois income tax filing requirements.

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