How to Apply for an LLC in Illinois
Applying for a limited liability company in Illinois is accomplished by filing the appropriate formation documents with the state of Illinois. An Illinois LLC is a unique type of business entity that provides owners of the company with operational flexibility and personal asset protection against the company's debts and liabilities. An Illinois LLC is treated as a separate legal entity from the members of the company. An LLC in Illinois may be established with a single member or an unlimited number of members.
Other People Are Reading
Instructions
-
-
1
Search name availability using the Illinois secretary of state website. Make sure another business entity in the state of Illinois is not using the same name as the Illinois LLC, since two businesses are not allowed to share the same business name in the state of Illinois. Include the phrase "limited liability company" or the abbreviation "LLC" in the legal name of the company. Avoid phrases and words that suggest the Illinois LLC has an affiliation with a government agency, banking institution or an insurance company.
-
2
Complete Illinois articles of organization electronically, using the Illinois secretary of state website. Provide information about the Illinois LLC, such as the legal name and address of the company, as well as the purpose for organizing the Illinois LLC. Include the name and address of each person or business responsible for filing the articles of organization with the Illinois secretary of state. State the name and address of an adult or business that will act as the Illinois LLC's registered agent. The registered agent must agree to accept legal process and other business documents on behalf of the Illinois LLC. Indicate the duration of time the Illinois LLC will be in existence, and state if the members will manage the company or if non-members will handle the company's managerial duties.
-
-
3
Submit the completed articles of organization electronically, using the Illinois secretary of state website. As of 2010, it costs a prospective Illinois LLC $500 to file articles of organization with the Illinois secretary of state. Provide debit or credit card information as payment for the Illinois articles of organization filing fee.
-
4
Draft an operating agreement to provide rules and regulations for the Illinois LLC. The state of Illinois does not set specific criteria as to the contents of an LLC's operating agreement. Therefore, an LLC in Illinois may tailor the company's operating agreement to meet the specific needs of the business. Include information in the operating agreement such as the manner in which the Illinois LLC will divide its profits, and the voting rights of the LLC's members. Keep the Illinois LLC's operating agreement at the company's main business location.
-
5
Acquire an employer identification number from the Internal Revenue Service. Every Illinois LLC with employees or with more than one member, must get an EIN from the IRS. Visit the IRS website to get an EIN electronically, or call the IRS business and specialty tax line at 800-829-4933 to receive an EIN by telephone. Provide information about the Illinois LLC such as the number of individuals that work for the company, the nature of the Illinois LLC's business activities, as well as the name, address and social security number of a member or manager. Illinois LLCs will receive an EIN for immediate business use at the conclusion of the telephone or online session.
-
1
