To form a limited liability company (LLC) in Illinois, you must follow the steps outlined below:
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Choose a Name: Choose a name for your LLC, which must be unique and not already taken by another business entity in Illinois. You can check name availability through the Illinois Secretary of State website.
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File Articles of Organization: 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. The filing fee for Articles of Organization is $150.
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Appoint a Registered Agent: Appoint a registered agent who will receive official papers on behalf of the LLC. The registered agent must have a physical address in Illinois.
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Prepare an Operating Agreement: Though not required by law, it is highly recommended to prepare an operating agreement. It is a document that outlines the internal management structure of your LLC, as well as member rights and responsibilities, among other things.
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Obtain Necessary Permits and Licenses: Depending on the type of business, you may need to obtain permits and licenses from different local, state, or federal agencies before you can start operating.
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File Annual Reports: Once your LLC is formed, you must file an annual report with the Illinois Secretary of State by the anniversary date of the LLC’s formation. The filing fee for the annual report is $75.
It is important to note that there may be additional requirements depending on your specific business and industry. Therefore, it is highly recommended that you consult with an experienced attorney to ensure that you are in compliance with all laws and regulations.
Additionally, it's always a good idea to consult with a business attorney or tax professional to discuss the best structure for your business and to ensure that you are complying with all tax laws and regulations.
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