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How do you start an LLC in Illinois?

How to Start an LLC: Illinois 5-Step Guide Step 1: Choose a Name for Your Illinois LLC. Step 2: Choose Your Registered Agent. Step 3: File Your Articles of Organization. Step 4: Draft an LLC Operating Agreement. Step 5: Obtain Your Employer Identification Number (EIN)

What are the rules for LLC names in Illinois?

Distinguishable: The Illinois Limited Liability Company Act provides that you may choose any name so long as it is distinguishable from: (1) any domestic or foreign limited liability company name or assumed LLC name; (2) any domes- tic or foreign corporate name or assumed corporate name; or (3) a name that is currently

What is form LLC 5.5 Illinois?

Articles of Organization LLC form 5.5 establishes your entity as a domestic LLC which allows you to conduct business in the State of Illinois.

What are the taxes for LLC in Illinois?

Each member of a limited liability company needs to pay 12.4% of the LLCs profits for Self-Employment taxes, in addition to 2.9% for Medicare. Furthermore, they must pay the flat rate Illinois State Income Tax, 4.95%. See the Illinois Department of Revenue for more information on the Illinois LLC tax rate.

What is an LLC 5?

The LLC-5 is a California State form used when a domestic limited liability company formed in another state (or country) wishes to become a foreign limited liability company in California.

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How much does it cost to start a LLC in Illinois?

Your main cost when starting an LLC in Illinois will be the states LLC registration fee, which is $150. On top of that, youll need to shell out $75 each year to file your Illinois annual report. Youll also have additional expenses to think about, like hiring a registered agent and purchasing business insurance.

Do you have to renew your LLC every year in Illinois?

After you form an LLC in Illinois, you must file an Annual Report and pay a $75 fee every year. You need to file your Annual Report in order to keep your Illinois LLC in compliance and in good standing with the Illinois Secretary of State.

How much does it cost for LLC in Illinois?

With your application, youll need to pay the Illinois LLC Filing Fee: $150. The simplest way to file this document is online with the Illinois SOS Cyberdrive. Youll need to create an account using the name of your business, an active email address, and a credit card that youll use to complete your purchase.

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