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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.
Is an LLC required to have more than 5 members?
An LLC can have an unlimited number of owners, called members (with few restrictions on who can be a member); an LLC can override its default tax treatment and opt for an S Corporation or C Corporation tax election (if it meets the IRSs qualification criteria); and an LLC can be managed by the LLCs members or one
Does each Series LLC need a separate EIN?
Like any LLC, a series LLC will need an Employer Identification Number (EIN). Depending on the state, series LLCs may have annual reporting and franchise tax requirements. Child series also have reporting and tax requirements in some states.
What are the rules for a Series LLC in Illinois?
Your Series LLC is required to appoint and maintain an Illinois registered agent to receive service of process (legal notices) on its behalf. A registered agent must be available during ordinary business hours at an Illinois street address listed on your companys Articles of Organization.
Does each LLC need its own EIN?
Taxpayer identification number 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.
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Does each Series LLC need its own EIN in Illinois?
Should I Get a Separate EIN for Each Series in My Illinois Series LLC? Most likely, yes. One of the most important things to do when establishing an Illinois Series LLC is to maintain each series limited liability, and that means maintaining separate finances and financial records.
Do series LLCs need separate bank accounts?
Once the parent LLC is established, you can create individual series as needed. Each series should have its own name, bank account, and records to ensure clear separation of assets and liabilities.
Related links
Guide to a properly filled‐out W‐9
Corporation. #5. LLC wholly owned by S corporaton. S Corporate owner legal name. LLC Name. S Corporation. 5, unless attorney fees or health care. Can be blank.
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