Are you starting an LLC in Illinois?  Start here

Are you starting an LLC in Illinois? Start here

A Limited Liability Company or LLC is a business structure that is both easy and affordable to form in Illinois. There are specific steps and details that you must know when starting one: Decide on a name There are some naming requirements when choosing a name but the biggest factor is that the name must be recognizably different from the names of other business entities already on file with the state. If I form your LLC, an online search will determine if you can use the name that you are thinking of. Assign an agent Registered agents accept legal documents on behalf of the LLC and make sure its members are notified. An agent may be an individual who resides in Illinois, or a domestic or foreign corporation authorized to do business in Illinois. Get an EIN number If there are two or more members in your LLC, you will need to obtain an EIN from the IRS. Register with the Illinois Department of Revenue Create an Operating Agreement This is not a requirement but I would strongly argue for drafting one, especially if there is more than one member in the LLC. Annual Reports Each year you must report to the Secretary of State. The report is due each year prior to the first day of the LLC’s anniversary month (the month in which it was organized). If you would like legal advice on starting a Limited Liability Company in Illinois, please contact us. Also, if you have a trust, putting the LLC ownership interests in the name of the trust might be the best course of action...