The good news is that you can apply for an EIN online for free at the IRS website. You’ll have your EIN right away after completing the online application. It can take up to four weeks to get your EIN if you opt to apply by mail or fax.
Yes, Illinois requires LLCs to pay taxes. However, because LLCs are regarded as pass-through businesses, no taxes are paid by the business itself. Instead, the LLC’s gains and losses are distributed to the individual owners, who then report them on their individual tax returns.
In Illinois, LLCs are subject to pass-through taxation. As a result, the LLC does not have to pay taxes on its earnings. Instead, the LLC’s gains and losses are distributed to the individual owners, who then report them on their individual tax returns. The operating agreement specifies how much of the LLC’s gains and losses each owner will receive.
In Illinois, an LLC’s tax rate is determined by the owner’s personal income tax rate. All LLC owners in Illinois will pay a fixed income tax rate of 4.95% on their portion of the LLC’s earnings.
You must submit Articles of Dissolution to the Illinois Secretary of State if you choose to dissolve your LLC there. Online or mail-in filing is an option. Your LLC will be legally dissolved whenever the Secretary of State accepts your Articles of Dissolution. Before the dissolution is finalized, you might still need to submit your last tax returns and settle any unpaid taxes or fees.
In conclusion, applying for an EIN in Illinois is a simple, online process that takes only a few minutes. In Illinois, LLCs must pay taxes, although they are treated as pass-through entities for tax purposes. In Illinois, an LLC’s tax rate is determined by the owner’s personal income tax rate. In Illinois, you must file Articles of Dissolution with the Secretary of State in order to dissolve an LLC.