Overview of Illinois Series LLC
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Formation and Fees
- Filing fees and costs
- Taxation details
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Operating and Maintenance
- Liability protection
- Administrative considerations
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Key Benefits and Considerations
Formation and Fees
- The filing fee for organizing a series LLC is $750, while creating a new series costs $50.
- Registering a foreign LLC in Illinois costs $150, with expedited processing available for an additional fee.
Operating and Maintenance
- Series LLCs in Illinois separate assets and liabilities into individual "series," allowing independent operations.
- The Illinois Secretary of State charges $400 to organize a series LLC, with expedited processing options available.
Key Benefits and Considerations
- A Series LLC separates personal and business assets, offering multiple tax options and flexibility in management.
- Series LLCs originated for mutual funds but are now popular among small businesses.
- Each series within a series LLC functions as an independent entity, providing liability protection and operational flexibility.