Forming an LLC in Illinois Is easy. To form an Illinois LLC you will need to file the Articles of Organization with the Illinois Secretary of State, which costs $150. You can apply online or by mail. The Articles of Organization is the legal document that officially creates your Illinois limited liability company.
What is the cheapest way to start an LLC?
Forming an LLC: Do-It-Yourself Way
The least expensive way to form your LLC is filing the forms yourself, although it will depend on the filing fees in your state. Incorporation statements for LLCs are typically the Articles of Organization. The name for these documents will vary from state to state.
How long does it take to get LLC approved in Illinois?
It normally takes 3-4 weeks for the LLC paperwork to be approved in Illinois. Expedited processing (typically 1 business day) is also available for an additional fee.
Do you have to pay for LLC every year?
What’s the LLC Annual Fee? The LLC annual fee is an ongoing fee paid to the state to keep your LLC in compliance and in good standing. It’s usually paid every 1 or 2 years, depending on the state. This fee is required, regardless of your LLC’s income or activity.
Can I create an LLC for free?
Can You Form an LLC for Free? … Any person can create an LLC without a professional help, but forming a company will still take some investment because of the required filing fees.
Do I need an EIN for my LLC?
An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed below. Most new single-member LLCs classified as disregarded entities will need to obtain an EIN. An LLC applies for an EIN by filing Form SS-4, Application for Employer Identification Number.
How do I start an LLC in Illinois?
Forming an LLC in Illinois
- Step 1: Choose a name for your Illinois LLC. …
- Step 2: Appoint an Illinois registered agent. …
- Step 3: Check if you need an Illinois business license. …
- Step 4: File articles of organization. …
- Step 5: Draft an LLC operating agreement. …
- Step 6: Comply With Employer Obligations.
How much is a business license in Illinois?
Business Licensing: What Do I Need?
|BUSINESS SECTOR/Activity||LICENSE TYPE||LICENSE APPLICATION FEE / 2 YEARS|
|Debt Collections – Complete Requirements||Regulated Business||$250|
|Dry Cleaner||Regulated Business||$250|
|General Retail Sales and Services||Limited Business||$250|
How much does it cost to register a business in Illinois?
Incorporation: $150 filing fee + franchise tax ($25 minimum) + optional $100 expedite fee. The expedite fee is required if you file online. Franchise tax is calculated as $1.50 per $1,000 on the paid-in capital represented in this state.
What happens if my LLC makes no money?
Even if your LLC didn’t do any business last year, you may still have to file a federal tax return. … But even though an inactive LLC has no income or expenses for a year, it might still be required to file a federal income tax return. LLC tax filing requirements depend on the way the LLC is taxed.
Does your LLC have to make money?
An LLC does not necessarily need to make any income to be considered an LLC. In fact, any small business can structure themselves as an LLC so long as they follow the state’s rules for forming one. … If an LLC does earn income, then that income will be “passed through” to the LLC’s owners for federal income tax purposes.
What does it cost to start an LLC?
The main cost of forming a limited liability company (LLC) is the state filing fee. This fee ranges between $40 and $500, depending on your state.