In the state of Illinois, forming a Limited Liability Company (LLC) requires complying with certain legal requirements. Here are the steps that must be followed in order to form an LLC in Illinois:
- Choose a name for the LLC that complies with Illinois naming requirements. The name must be unique and should include either "Limited Liability Company" or "LLC" at the end.
- Appoint a registered agent who will act as the LLC's point of contact for all legal documents. The registered agent must be a resident of Illinois or a business registered in Illinois.
- File Articles of Organization with the Illinois Secretary of State. The Articles of Organization must include the name and address of the LLC, the name and address of the registered agent, and the purpose of the LLC.
- Create an Operating Agreement which specifies the ownership structure, management structure, and rules for the LLC.
- Obtain all necessary business licenses and permits in the state and local jurisdiction where the LLC conducts business.
- Obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) in order to pay federal taxes.
It's important to note that LLCs do not need to file for a business license with the state of Illinois. However, depending on the industry or location, certain permits and licenses may still be required.
Additionally, forming an LLC does not protect the business owner from all legal liability in every circumstance. There may be exceptions, such as personal guarantees on business loans, which could put personal assets at risk.
It is recommended that individuals seeking to form an LLC consult with a licensed attorney who can provide tailored advice and guidance on how to properly form and operate a business.
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