![]() ![]() Once you set up your LLC, you can then complete Form LLC-50.25 to receive a Certificate of Good Standing. You may also be responsible for paying an annual personal property replacement tax. If you don’t file a report within the next 120 days, the LLC will be administratively dissolved. You must file the document within 60 days after the due date or you’ll incur a $100 penalty. In Illinois, both domestic and foreign LLCs must file an annual report before the first day of the anniversary month of the business entity’s formation. To get one, simply log in to the official IRS website. ![]() You’re exempt from this requirement if you own a single-member LLC with no employees, but many solopreneurs choose to get an EIN anyway. It is also called a Federal Tax Identification Number (FTIN) or Federal Employer Identification Number (FEIN). Get an Employer Identification Number (EIN)īy law, most LLCs must have an Employer Identification Number, or EIN. If there is a dispute about roles, procedures or finances, all parties can refer to this agreement for clarification. This agreement dictates everything from how you intend to run the business to each member’s financial contributions. Not only does it provide legitimacy to your business, but it also ultimately provides a foundation for your LLC. ![]() Create an LLC Operating AgreementĪlthough not mandatory, creating an operating agreement is strongly recommended. You can spend as much as $300 or as little as $49 per year it usually comes down to the quality of service, so be sure to ask questions and read reviews.Įven after setting up your LLC, a few additional actions are necessary to keep your business in good standing and in line with federal requirements. You can also appoint a registered agent to act on your behalf. LLCs and corporations are not legally able to act as their own registered agents in Illinois. You or one of your employees can act as a registered agent as long as you meet the requirements. The agent must have a street address in the state, known as the registered office. An agent can be an Illinois resident or a company authorized to do business in Illinois. Illinois requires you to appoint a registered agent to receive legal documents on behalf of your business. Likewise, a worker cooperative must use the term “Limited Worker Cooperative Association” or abbreviations “LWCA” or “L.W.C.A.” Step 2. When naming your business entity, you must by law include “Limited Liability Company” or the abbreviations “LLC” or “L.L.C.” However, in Illinois, any business entity providing professional services licensed by the Illinois Department of Financial and Professional Regulation must use “Professional Limited Liability Company” or abbreviate it to “PLLC” or “P.L.L.C.” Illinois LLC Naming Requirements and Exceptions If you aren’t ready to file your formation paperwork yet, this is an excellent first step in ensuring your preferred name will be available for use once you establish your Illinois business entity. This form will hold your desired LLC name for up to 90 days filing this form is not the same as forming an LLC. The filing fee to apply for a business name is $25 if you wish to cancel your reservation, the price is only $5. The form also lets you transfer or cancel a name reservation. To hold a name for business use, you must file Form LLC-1.15, the Application to Reserve a Name. You should prepare alternative business names just in case your first choice is not available. It is also possible to reach out by phone regarding LLC name availability by dialing 21. ![]() To avoid having your formation paperwork rejected, be sure to research business name availability using the Department of Business Services search engine. Illinois requires your LLC name to be distinguishable from every other LLC or corporation name registered or reserved in the state. These steps will help you avoid unnecessary delays or wasting money. You’ll want to take care of a few crucial details before you move forward with forming your LLC. ![]()
0 Comments
Leave a Reply. |