Establishing a limited liability company (LLC) is a choice you might take into consideration if you’re intending to launch a business in Illinois. For its owners, an LLC provides limited liability protection in addition to flexible administration and taxation alternatives. However, you must register an LLC with the state of Illinois before you may begin running it there. What is the price of that?
In Illinois, forming an LLC requires a $150 filing fee. When you submit your Articles of Organization, which serve as the legal basis for your LLC’s formation, you must pay this charge to the Illinois Secretary of State’s office. You might also have to pay for other costs including legal fees, state taxes, and permits in addition to the filing price.
Illinois requires LLCs to have a registered agent, so keep that in mind. An individual or business named as your LLC’s registered agent will receive all legal documents and other business correspondence on your behalf. Although you can act as your own registered agent, many companies opt to use a specialized firm to undertake this duty. In Illinois, a registered agent can cost between $50 and $300 annually.
If you’re prepared, creating an LLC in Illinois is a rather simple process. You must submit your articles of organization and the $150 filing fee to the Illinois Secretary of State’s office. Additionally, you must select a name for your LLC that is original and not being used by another company in Illinois. After establishing your LLC, you’ll need to fulfill Illinois tax regulations and acquire any required business licenses and permits.
In Illinois, then, should you incorporate? That relies on the unique needs and objectives of your company. Businesses can benefit from Illinois’s accessibility to a skilled labor, strategic location within the US, and robust transportation network. In contrast to other states, the state also has very high regulatory requirements and tax rates. If you’re thinking about incorporating in Illinois, it’s crucial to thoroughly analyze the advantages and disadvantages.
What does “domestic BCA” mean in Illinois, to sum up? The state law that controls the creation and management of corporations in Illinois is known as the Business Corporation Act (BCA). “Domestic” simply denotes a corporation that was established in Illinois as opposed to a foreign corporation that was established in another nation or state but conducts business in Illinois. Therefore, if you encounter the phrase “domestic BCA” in connection to an Illinois corporation, it simply implies that the company was established there and is bound by Illinois law.
In Illinois, your LLC may indeed require a certificate of status. A certificate of status is a record that attests to your LLC’s existence and good standing. It could be necessary for some business operations, such opening a bank account or getting a loan for your company. The cost of acquiring a certificate of status varies by state, but it is currently $75 in Illinois.
Yes, a certificate of good standing is required in order to register an LLC in Illinois. This certificate attests to your company’s legal right to operate in Illinois and compliance with all applicable laws. The Illinois Secretary of State’s office is where you can get this certificate.