Setting up an LLC in Illinois
Online filings take 5-10 business days. The fastest way to get an LLC in Illinois is to file it yourself online and pay $100 for expedited 24-hour processing. All that’s required is to fill out paperwork, pay a fee, and wait while the state approves your LLC formation application. We recommend using a professional LLC formation service.
Process and Timing
Illinois’ LLC process takes 3-4 weeks for mail-in filings and 7-10 days for online filings. The timely processing of your LLC formation also depends on the workload and efficiency of the Illinois Secretary of State’s office. While some LLC formations can be completed within a matter of days, others might take several weeks or longer.
Forming an LLC in Illinois
To begin a business in Illinois, decide on a concept, choose a legal structure, and register your business. Most new business owners form an LLC or corporation to limit personal liability. You need to choose a registered agent for your LLC, who will receive legal papers on behalf of your LLC. Steps include choosing a name, appointing a registered agent, and checking if you need a business license.
Cost of Setting up an LLC
The cost to start an LLC in Illinois is a one-time fee of $150.
Annual Reporting and Taxes
Maintaining an LLC in Illinois involves filing an annual report with the Secretary of State each year, with a fee of $75. LLCs in Illinois are treated as pass-through entities, with a state LLC tax of 1.5% of net profits.
Conclusion
Starting a business in Illinois requires determining ownership structure and managing finances early on. Every decision made today can impact your business’s growth tomorrow.