A Limited Liability Company (LLC) formation in Illinois is a wise decision for business owners who want to reduce their personal liability while gaining the advantages of a more adaptable corporate structure. How much does it cost to create an Illinois LLC, though? What you should know is as follows.
A $150 filing fee is required by the Illinois Secretary of State to create an LLC. This cost is not refundable and can only be paid with a check or credit card. Additionally, there can be extra costs if you decide to hire a registered agent service to accept legal documents on behalf of your LLC.
Illinois LLCs must pay a $75 yearly report charge in addition to the filing price. On the first day of the LLC’s anniversary month each year, this fee is required. If you don’t submit the yearly report, you risk incurring late fines or perhaps having your LLC’s status revoked.
You can select between a manager-managed LLC and a member-managed LLC when founding an LLC in Illinois. One or more managers, who aren’t always the company’s owners, administer a manager-managed LLC. Owners, usually referred to as members, are responsible for managing a member-managed LLC.
The requirements and objectives of your company will determine whether to form a manager-managed or member-managed LLC. A member-managed LLC might be a preferable option, for instance, if you have several owners who wish to be involved in the day-to-day management of the company. On the other hand, a manager-managed LLC can be a better option if you wish to engage qualified managers to run the company.
How Can I Modify My LLC? You can update the name, location, or registered agent of your LLC by submitting an amendment to the Illinois Secretary of State. An amendment must be filed for $150. You might need to submit new Articles of Organization if you need to make other changes, such adding or removing members or managers. How do I appoint a new manager for my LLC?
You can alter your LLC’s operating agreement if you have a manager-managed LLC and need to replace the management. The procedure for choosing and replacing managers should be outlined in the operating agreement. In order to reflect the change, you should also amend your LLC’s records with the Illinois Secretary of State.
The Illinois Secretary of State will ask you for the business objective of your LLC when you submit your articles of organization. This succinct phrase sums up the nature of your company. Your company’s mission statement can be as brief or in-depth as you like, but it must clearly describe the goods or services you intend to provide. For illustration, a landscaping business can state as one of its objectives “to provide residential and commercial landscaping services in the Chicago area.”
An amendment to the original Articles of Organization filed with the state in the context of forming an LLC is different from a restatement, which calls for the creation of a whole new set of Articles of Organization to replace the original ones. A restatement totally replaces the original document with a new, updated form, whereas an amendment often just changes a few particular parts of the original text.