If you’re considering forming an LLC in Illinois, you likely have questions about the process, fees, and requirements.
Our Illinois LLC FAQ page is designed to provide comprehensive answers to help you make informed decisions.
From exploring registered agents to handling name searches, we provide crucial information tailored to Illinois regulations to guide you through each step.
IL FAQ
How Do I Start an LLC in Illinois?
To start an LLC in Illinois, you’ll first need to choose a unique name for your business. You’ll then be required to file Articles of Organization and pay the applicable filing fee. Appointing a registered agent is also necessary. After that, you’ll need to obtain an EIN from the IRS for tax purposes.
Relevant Links:
- Illinois Secretary of State – Business Services
- IRS EIN Application
What Are the Requirements for Choosing a Business Name in Illinois?
In Illinois, your LLC name must be distinguishable from other businesses already registered in the state. Additionally, the name must include “Limited Liability Company” or an abbreviation such as “LLC” or “L.L.C.” You can perform a business name search on the Illinois Secretary of State’s website to check for availability.
Relevant Links:
- Illinois Business Name Search
How Much Does it Cost to Form an LLC in Illinois?
The filing fee for Articles of Organization in Illinois is $150 as of my last update in September 2021. There may also be additional costs such as registered agent fees or costs for optional services like an Operating Agreement.
Relevant Links:
- Illinois Secretary of State – LLC Fees
Do I Need an Operating Agreement in Illinois?
While it’s not mandatory in Illinois, having an Operating Agreement is strongly recommended. It outlines the internal workings of your business and helps protect your limited liability status.
Relevant Links:
How Do I Get an EIN for my Illinois LLC?
An EIN, or Employer Identification Number, is obtained from the IRS and is necessary for tax filing and to open a business bank account. You can apply for an EIN online through the IRS website.
Relevant Links:
IL Business Name Search
What Steps Should I Take to Perform a Business Name Search in Illinois?
To ensure your desired business name is unique and available in Illinois, start by using the Illinois Secretary of State’s online Business Services database. You can search for the name to make sure it’s distinguishable from other registered entities. This is a critical step before filing your Articles of Organization.
Relevant Links:
- Illinois Business Name Search
Can I Reserve a Business Name in Illinois Before Forming an LLC?
Yes, you can reserve a business name in Illinois for up to 90 days before officially registering your LLC. This is helpful if you are not ready to fully establish your business but don’t want to lose your chosen name. There’s a $25 fee for this service.
Relevant Links:
- Name Reservation Form
IL Registered Agent
What Are the Naming Requirements for an LLC in Illinois?
Your LLC name in Illinois must comply with specific guidelines. The name must be unique and include a designator like “Limited Liability Company,” “LLC,” or “L.L.C.” It should not include restricted words like “Bank,” “Insurance,” or government-related terms unless you have the proper permits.
Relevant Links:
- Illinois LLC Naming Guidelines
- Prohibited Business Names
Who Can Serve as a Registered Agent in Illinois?
In Illinois, a Registered Agent can be either an individual who is a resident of the state or a domestic or foreign entity authorized to do business in Illinois. The agent must have a physical street address in the state where they can receive official correspondence and service of process during regular business hours.
Relevant Links:
- Illinois Registered Agent Requirements
Do I Need to Appoint a Registered Agent When Forming an LLC in Illinois?
Yes, appointing a Registered Agent is a mandatory requirement when forming an LLC in Illinois. The agent acts as the state’s point of contact for your business and is responsible for receiving important legal documents and communications from the state government.
Relevant Links:
- Illinois LLC Formation Guidelines
Can I Change My Registered Agent After Forming My LLC?
Yes, you can change your Registered Agent in Illinois after your LLC has been formed. You will need to file a Statement of Change of Registered Agent and/or Registered Office form with the Illinois Secretary of State’s office. There is a filing fee associated with this change.
Relevant Links:
- Statement of Change of Registered Agent Form
- Fee Schedule
