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What are the steps that I need to follow to form an LLC in Illinois?

To form an LLC in Illinois, follow these steps:

  1. Choose a Name: Choose a unique name for your LLC that is not already registered and complies with Illinois naming requirements.
  2. File Articles of Organization: File the Articles of Organization with the Illinois Secretary of State, along with the filing fee. The Articles must include, among other things, the name of the LLC, the name and address of the registered agent, the purpose of the LLC, and the names and addresses of the LLC's members.
  3. Draft an Operating Agreement: While not required by Illinois law, it is strongly recommended to create an Operating Agreement that lays out the rules and procedures of the company.
  4. Obtain Required Licenses and Permits: Depending on the type of business, you may need additional licenses and permits to operate legally in Illinois.
  5. Obtain an Employer Identification Number (EIN): An EIN is required if the LLC has more than one member, has employees or if the LLC is treated as a corporation for federal tax purposes.
  6. File Annual Reports: An annual report must be filed with the Illinois Secretary of State each year, along with the required fee.

While LLC formation in Illinois is straightforward, it is important to seek legal advice for specific matters regarding taxes, liability, and other legal implications. It is also important to keep in mind that the formation process may vary if forming a professional limited liability company or foreign LLC.