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What is the benefit of a series LLC?

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.

Do you have to pay the $800 California LLC fee the first year 2021?

For tax years beginning on or after January 1, 2021, and before January 1, 2024, LLCs that organize, register, or file with the Secretary of State to do business in California are not subject to the annual tax of $800 for their first tax year.

What is an LLC-12?

Form LLC-12 helps the state to track changes in addresses, agents, managers, and members of Limited Liability Companies. The form, formerly called LLC-12R, is also known as the Statement of Information, or SOI, form. The California Secretary of State requires all LLCs to submit this form every two years.

What is the difference between a standard LLC and Series LLC in Illinois?

A Series LLC must first file Articles of Organization with the Illinois Secretary of State (Form LLC-5.5(S)) just as a standard LLC does. The only difference is the filing fee ($400 instead of $150) and an additional provision that must be added to the Series Articles of Organization.

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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What is the difference between an LLC and a Series LLC?

What Is a Series LLC? A Series LLC gives you all the same benefits as a regular LLC, but it serves as a sort of "umbrella company" with additional flexibility and protections for multiple companies or lines of business within your overall operation.

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

In Illinois, an annual report is a regular filing that your LLC must complete every year to update your business information, including: Principal business address.

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

The annual cost to maintain an LLC in Illinois is $75. Soundly, there are no minimal annual franchise taxes in the state. But you'll still have to pay personal income taxes in the state.

How is an LLC taxed in Illinois?

The LLC has no Illinois income tax filing requirements.

What does it mean to establish a LLC series?

A series LLC is a group of LLCs which are owned in a tiered-down structure. The top tier LLC owns the lower-tiered LLCs. Each LLC has assets separate from the others, while the main LLC controls all the LLCs in the series. Each unit has its own owners (members) and is liable only for its own debts and obligations.

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