To form a limited liability company (LLC) in Illinois, certain legal requirements must be met. The following are the steps that need to be followed:
- Choose a Name for Your LLC -The first step is to choose a unique name for your LLC, which is not already taken by another business. You can check the availability of the name by searching the Illinois Secretary of State business name database.
- Appoint a Registered Agent - You need to select a registered agent for your LLC who can receive legal documents on behalf of your company. The registered agent must have a physical address in Illinois and be available during normal business hours.
- File Articles of Organization - You need to file Articles of Organization with the Illinois Secretary of State's office, along with the necessary filing fee. The Articles of Organization include the name of your LLC, the registered agent's name and address, the purpose of the LLC, the names and addresses of the LLC's members or managers, and other necessary details.
- Create an Operating Agreement - Although it is not legally required in Illinois, it is important to draft an Operating Agreement which governs the LLC's internal operations and outlines the members' rights and responsibilities.
- Obtain Business Licenses and Permits - Depending on the nature of your business, you may be required to obtain certain business licenses and permits.
- Obtain an EIN - If your LLC has more than one member or has employees, you need to obtain a Federal Employer Identification Number (EIN) issued by the Internal Revenue Service.
It is important to note that the above-mentioned requirements are subject to certain exceptions and limitations that can vary based on the nature of the business and other factors. Therefore, it is advisable to consult with a licensed attorney before forming an LLC in Illinois, to ensure compliance with all applicable laws and regulations.
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