Forming an LLC Reference Guide

Forming an LLC in Illinois

Forming an LLC in Illinois Forming an LLC in Illinois is not a very demanding task, but if you are a busy business owner you can make it even less of a hassle by hiring an incorporation company to do it for you. For those who do the work themselves, it is advisable to have an attorney go over the Operating Agreement. Using an attorney is not mandatory in Illinois, but an inappropriate Operating Agreement could give your trouble with the IRS in the future. Forming an LLC in Illinois in 5 easy steps First and foremost, you must select an appropriate name for your company. The name must contain an LLC identifier, such as “Limited Liability Company” or “LLC”. The name cannot be the same as the name of any other LLC and it must of course adhere to applicable trademark laws. When forming an LLC in Illinois, there are several name restrictions to take into account. LLC’s are not allowed to include the terms “Incorporated”, “Corporation”, “Corp.”, “Co.”, “Inc.”, “Ltd”, “Limited Partnership” or “L.P.” in their names. The terms “fiduciary”, “trust” and “trustee” can only be used by corporations, and only corporations that complies with Section 1 9 of the Corporate Fiduciary Act. The terms “bank”, “banking” and “banker” can only be used by corporations, and only corporations that complies with Section 46 of the Illinois Banking Act. Once you have selected an available name for you LLC, it is time to file the Articles of Organization at the Illinois State filing office. The third step when forming an LLC in Illinois is to hold an organizational meeting and adopt an Operating Agreement. When you have completed the first three steps, you can finally get a Federal Employer Identification Number (FEIN) for your LLC and open up a company bank account. During the last step, you should obtain business licenses for each an every city or county that you plan on doing business in. Important facts to take into consideration before forming an LLC in Illinois Forming an LLC in Illinois is quite expensive, because the minimum state filing fee is $500.00. (For 20 business days.) The annual report is due prior to the month of original filing each year. The annual report fee is $75.00.