What is a domestic LLC Company in Illinois?
You can register a business in many ways, such as a sole proprietorship, corporation, partnership or a limited liability company. A limited liability company is the most popular business organization structure to do business due to its flexibility not limited to, open it with a single member and for tax purposes, it can be used as a corporation, S Corporation or a partnership.
How to apply a LLC in Illinois?
- You can file a limited liability company electronically at the Illinois Secretary of State website.
- You have to file an articles of of organization electronically.
- You can also search limited liability company name electronically, without a charge to determine that the name you are using to form an LLC in the state of Illinois is available.
- State of Illinois usually approved limited liability documents the same day.
Following are the prohibited words to use for a limited liability company unless otherwise permitted by the concerned department.
- Insurance
- Assurance
- Banking
Illinois Limited Liability Company Name Reservation
- You may reserve an LLC name with the Illinois Secretary of State by paying $300.00 for 90 days.
- IL LLC name reservation will not give you an authority to conduct, advertise or open a bank account.
Future effective date to start a Limited Liability Company Illinois
The existence of an LLC in the state of Illinois generally starts when the Articles of Organization are filed with the Illinois Secretary of State. However, when submitting the Articles of Organization, each limited liability company must indicate the point at which its existence begins. If not the date the Articles is filed with the Secretary of State, the company may choose a later date of not more than 60 days after the Articles of Organization are filed with the Department of Business Services.
State of Illinois Limited Liability Company Renewal
Every Illinois limited liability company must be renewed or file an annual report with the Illinois Secretary of State at the LLC anniversary date. The state of IL will admin dissolves out permanently dissolve your LLC, if failed to file it on time.
Employer Identification Number
Every IL LLC is required to obtain an EIN from the Internal Revenue Service resident or nonresident to open a bank account and file business taxes. You can apply EIN electronically to get instantly.
How to file taxes for an LLC is created in Illinois?
- You can choose to file limited liability company taxes as a corporation, S Corporation, Partnership, single member or multi member. You have to file an election to the Internal Revenue Service to choose of of these tax filing structures.
- You may need to apply for a sales and use tax license Illinois for retail taxing business.
Create addition name under Limited Liability Company
You can adopt an assumed name under your limited liability company. Illinois dba can be filed electronically and generally State of Illinois issues a fictitious name the same day.
