Legal Bueno

    How to Start Your LLC in Illinois

    Legal Bueno helps with everything you need to start your business. We take care of all the paperwork so you don't have to worry about it. Want to learn more about the process we handle? Keep reading!

    Quick Summary:

    • Filing Fee: $150
    • Turnaround time: 5-10 business days

    How do I start an LLC in Illinois?

    Thinking about starting an LLC? The process is pretty similar across the states. You'll start by picking a unique name for your business (you'll need to check to make sure it hasn't been taken!) and then filing some paperwork—usually called Articles of Organization or a Certificate of Formation—with your state's agency.

    If you want to check the name availability for Illinois, visit https://apps.ilsos.gov/businessentitysearch/.

    After that's taken care of, you'll want to draft a governing doc for your business called an operating agreement & find any licenses you might need. Just keep in mind that each state has its own little quirks, so it's always a good idea to double-check specific requirements for your area.

    What are the costs & processing times of starting a business in Illinois?

    Here's the rundown for Illinois:

    • The filing fee is: $150
    • There are ongoing fees of $75 (every year)
    • It usually takes 5-10 business days if you're filing online or 7-14 business days (plus mail time) if by mail.

    Why Illinois is a great state for your LLC

    Starting a business in Illinois offers numerous advantages, making it an attractive location for entrepreneurs. Here are some key benefits to consider:

    • Business Incentives: Illinois provides various business incentives, including the Economic Development for a Growing Economy (EDGE) Tax Credit Program. This program facilitates annual tax credits for businesses that contribute to capital investment, job creation, and enhancing the standard of living for residents.
    • Financial Support: Entrepreneurs can access grants and loans to acquire essential resources such as machinery, equipment, and land. These financial aids not only support startup growth but also contribute positively to local communities.
    • Simplified Company Formation: Forming an Illinois Limited Liability Company (LLC) is one of the fastest and easiest methods for starting a business in the state. An LLC structure is particularly beneficial for startups and small to medium-sized businesses.

    • Cost-Effective Registration: The filing fee to establish an LLC is relatively low at $150, which is accessible for many entrepreneurs.
    • Tax Benefits: Illinois offers favorable tax treatment and simple tax filing processes, which can be advantageous for new businesses looking to minimize their tax liabilities.

    Overall, the combination of supportive state policies, financial assistance programs, and favorable business structures makes Illinois an excellent choice for starting a company.

    Legal Requirements

    Remember! Legal Bueno will handle all of these requirements for you, but if you're interested, here are the legal requirements for Illinois:

    Articles of Organization

    The articles of organization must include:1. The name of the LLC and the address of its principal place of business which may, but does not need to be, in Illinois;

    1. The purposes for which the LLC is organized, which may be stated to be, or to include, the transaction of any or all lawful businesses for which LLCs may be organized;
    2. The name of its registered agent and the address of its registered office;
    3. A confirmation that the LLC has one or more members at the time of filing or, if the filing is to be effective on a later date, that the company will have one or more members on the date the filing is to be effective;
    4. The name and business address of all of the managers and any member having the authority of a member;
    5. Blank;
    6. The name and address of each organizer; and
    7. Any other provision, not inconsistent with law, that the members choose to include.

    805 Ill. Comp. Stat. § 180/5-5

    Filing fee: $150

    Articles of Organization for an LLC with the ability to establish a series – Filing fee: $400

    Filing Process

    After you've prepared the initial formation documents, you need to file it! Here is what Illinois laws require for filing:

    The requirement that an LLC file a document with the secretary of state means that:1. The original document, and, if required to be filed in duplicate, one copy, must be delivered to the secretary of state;

    1. All required fees must be paid; and
    2. Unless the secretary of state finds that the document does not conform to law, and when all fees have been paid, it will stamp the document with the word “Filed” and the date of filing, file the original, and return the copy to the person who filed it or to that person's representative.

    805 Ill. Comp. Stat. § 180/5-55

    All documents required to be filed with the secretary of state must be made on forms prescribed and furnished by the secretary of state.

    805 Ill. Comp. Stat. § 180/50-35

    All documents required to be filed with the secretary of state, with the exception of the initial filing, must contain the file number assigned by the secretary of state.

    805 Ill. Comp. Stat. § 180/50-40

    Additional Legal Considerations

    Here are some additional relevant laws that might be useful when operating your business in Illinois:

    Operating Agreement

    805 Ill. Comp. Stat. § 180/15-5

    Annual reports

    805 Ill. Comp. Stat. § 180/50-1

    Certificate of registration–attorneys at law

    805 Ill. Comp. Stat. § 180/50-45

    Series LLC Provisions

    805 Ill. Comp. Stat. § 180/37-40