It is a great idea to incorporate in Illinois because there are a variety of reasons why you should do so. One is that it is very easy to do. All you need to have is a business license and comply with all the other state and local codes. You will also be required to take some basic courses on how to operate your LLC in Illinois.
Once you complete the required procedures you will have an opportunity to set up your LLC and receive your tax identification number. This means that you will now have to register your business as an authorized business entity with the IRS. In addition, you will also be responsible for submitting your yearly report to the IRS. This can be done through an online filing service or in person at the local branch where your LLC is registered.
You will have to pay a filing fee, but this is often a low fee. There are also some additional fees that you will have to pay. Your registered agent should help you with these filings. If you fail to file all the paperwork and requirements with the IRS by the required deadlines, then you could be subject to criminal prosecution.
Forming an LLC in Illinois - How Hard Can It Be?
One of the requirements that you will likely encounter is the need to pay a filing fee and also an annual report. The filing fee can sometimes be as low as 50 cents, but there is a limit on how many times you can file for an annual report. An Llc Illinois cannot begin operation until it receives an annual report from the filing fee. The filing fee covers the costs of preparing and filing your paperwork.
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Another requirement that you will encounter is the need to register your LLC. You will need a registered agent who lives in Illinois to manage your LLC. This is usually referred to as a 'personal property agent' or 'agents'. If you have already chosen your LLC's operating agreement, you may not need a registered agent.
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LLCs in Illinois are run by laws called 'licensing' which essentially puts the LLC on the same level as other traditional corporations. A few specific components of the licensing law include: filing a Articles of Organization with the state, paying the appropriate fee, creating a qualified board, conducting business for the LLC and maintaining accounting records. All of these require two key elements of the paperwork: a printed IRS form called an 'applications', and a completed Operating Agreement, drafted by the registered agent. Once these documents are submitted to the IRS along with your application, they will allow you to run your business legally in the state.
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The other requirement that you must meet is actually filing your paperwork with the IRS. You do this by sending your application to the IRS along with any required additional paperwork such as pay stubs, business bank account statements, proof of insurance and workers compensation insurance. In the event that your paperwork is approved, it will then be transferred to the state, where the LLC will file its documents with the secretary of state. From there, all you have to do is wait. Some state administrative fees apply, but they are minimal compared to the hassle and time that you can save from complying with all of these unnecessary steps.
As you can see, forming an LLC in Illinois is not difficult at all. You do not need to have any experience in business, but do need to understand the basic elements of the paperwork involved and know how to fill out your necessary forms properly. Even though the paperwork is minimal, running a limited liability company in Illinois does take time. If you are new to the area, hiring a lawyer to handle the paperwork can be beneficial, especially if you have questions or need to double-check something. Otherwise, you will simply have to follow the instructions outlined in the " Operating Agreement" and "Articles of Organization" and get going.
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