How Do You Name a Series LLC in Illinois?

Steps to Form a Series LLC in Illinois

1. Choose a Name: Include “limited liability company” and avoid resembling government agencies.

2. Appoint an Illinois Registered Agent: To receive legal notices.

3. File Articles of Organization: Establish the LLC’s existence.

4. Create an Operating Agreement: Detailing management and members’ rights.

5. Obtain an EIN: For tax purposes.

Naming a Series in a Series LLC

1. Choose a Name including “limited liability company”.

2. Appoint an Illinois Registered Agent to receive legal notices.

3. File Articles of Organization to establish the LLC.

4. Create an Operating Agreement detailing management and members’ rights.

5. Obtain an EIN for tax purposes.

How a Series LLC Works in Illinois

1. A series LLC consists of a “parent” or “umbrella” LLC with one or more "series" established under it. Each series operates like a separate entity with separate books, records, assets, and liabilities.

2. The utility of a series LLC lies in additional liability protection.

3. While not required, an operating agreement governs a series LLC’s internal affairs and is highly advisable.

4. The filing fee is $750 to organize the series LLC and $50 per cell.

5. In all, forming a series LLC simplifies structuring multiple businesses or properties under one umbrella with liability protection for each cell.