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What steps do I need to take in order to form an LLC in Illinois?

Picture of Chris Battis By   ·  1 minute read

To form an LLC in Illinois, you will need to take the following steps:

  1. Choose a name for your LLC: The name you choose must be different from any other registered business in Illinois, and it must include “LLC” or some other designation that indicates it is a limited liability company.

  2. File Articles of Organization: You will need to file Articles of Organization with the Illinois Secretary of State. The Articles of Organization typically include the name of your LLC, the address of your registered agent, the names of your members or managers, and the purpose of your LLC.

  3. Designate a registered agent: Your LLC must have a registered agent in Illinois who can accept legal documents on behalf of your company. The registered agent can be an individual or a corporation.

  4. Obtain any necessary business licenses and permits: Depending on the nature of your business, you may need to obtain specific licenses or permits in order to operate legally in Illinois. The Illinois Department of Commerce and Economic Opportunity can provide information on which licenses and permits are required for your type of business.

  5. Create an operating agreement: Although Illinois does not require LLCs to have an operating agreement, it is wise to create one as it can help to establish the rules and regulations for your LLC. The operating agreement will outline how profits and losses are distributed among members, the procedure for adding or removing members, and the decision-making process.

  6. Obtain an Employer Identification Number: An Employer Identification Number (EIN) is necessary if you plan to hire employees and pay taxes. You can obtain an EIN from the Internal Revenue Service (IRS) online.

  7. File an Annual Report: LLCs in Illinois are required to file an annual report with the Secretary of State. The report typically includes basic information about your LLC such as its name and address.

It is important to note that there may be additional steps or requirements to form an LLC depending on the nature of your business and the specific circumstances of your situation. It is recommended to consult with a licensed attorney to ensure that you have met all necessary legal requirements.