If your Illinois LLC has been involuntarily dissolved, you may want to reestablish it in order to restore its legal status and carry on with your commercial operations. However, you must first be aware of the expenses and conditions related to re-establishing an LLC in Illinois.
The price to reinstate an LLC in Illinois varies depending on a variety of variables, including the type of legal entity, the number of unpaid taxes or fines, and the amount of time the company has been disbanded. For an LLC that has been dissolved for less than five years, the reinstatement charge is typically $500 plus any additional fees for outstanding taxes or penalties. The reinstatement price rises to $1,000 in cases where the LLC has been declared inactive for more than five years.
You might also need to submit an Application for Reinstatement and evidence that any outstanding issues, such paying taxes or renewing company licenses, have been settled, in addition to the reinstatement charge. A Certificate of Good Standing from the Illinois Secretary of State attesting that your LLC is in good standing with the state may also be required.
If you’re wondering whether an LLC is preferable to a sole proprietorship, the answer will rely on a number of variables, including the nature of the firm, the number of owners, and the level of liability protection needed. Due to the fact that the owners’ personal assets are kept separate from the business’s debts and legal obligations, an LLC often provides greater liability protection than a sole proprietorship. However, especially for small enterprises with just one owner, a sole proprietorship may be easier and less expensive to establish up and run.
Depending on the kind of business you run and where it is located, you may or may not require a business license in Illinois. Restaurants and retail establishments, for example, need state and local permits to operate legally. While some professions, including law and medicine, may not need a state license, they could still need to satisfy additional criteria, such passing an exam or carrying liability insurance.
Depending on the nature of your business and where it is located, you might also require a business license if you offer goods or services online in Illinois. For instance, in order to be able to collect and remit sales tax from your customers, you may need to apply for a seller’s permit from the Illinois Department of Revenue if you sell tangible goods. However, if all of your services are digital, such content creation or site design, you might not require a license as long as you abide by local, state, and federal tax regulations.
In conclusion, the price to reestablish an LLC in Illinois varies depending on a number of variables, including how long the company has been dissolved for and how many taxes or fines are still owed. You must make sure that any remaining concerns have been resolved and that all required paperwork has been submitted before restoring your LLC. Additionally, your particular needs and circumstances will determine whether an LLC or a sole proprietorship is best for your organization. Finally, the kind of business you run and where it is located determine whether you need a business license in Illinois.
You must submit an annual report and the related cost to the state of Illinois in order to maintain good standing with them. Additionally, you must confirm that your company has all necessary licenses and permits, and that they are current. Additionally, it’s crucial to keep correct records and submit all required tax forms on time.