Illinois LLC: How to Start Your New Business Today
Good news for those who bit the bullet and went with incorporating their business in Illinois over the many other options they have available to them. Recent price changes has dropped the cost of certain business filings, so make sure you go with a reputed company to ensure this isn’t overlooked.
When it comes to starting a business in where many have coined it as the Land of Lincoln, it’s not as hard as you might think it is. Sometimes things are made a little bit more difficult in order to deter you from continuing if you want to be lazy throughout the process.
However, it’s just like many of the famed destinations for today’s startups wanting to create their own limited liability company so that they can let their vision shine through the surface. It all depends on who you network with, when you show up, and what kind of roots you may already have their locally. One just might be surprised at the opportunity for expansion that’s presented but always ignored when it comes down to the end of the day.
Today is the day when simple things are no longer overly complex. This comprehensive guide to forming an LLC in Illinois is all you’ve ever need to conquer the process and roll things in your direction. With that said, here’s what many years of personal experience and endless research has created. Look!
Naming Your Illinois LLC (Limited Liability Company)
When you go about naming your own business, you want it to be professional yet relatable somehow to its industry and customers. A simple search can save you tons of time and get you on the road to starting an LLC in Illinois. However, we’ve got to see you meeting it in the middle for what it is since my work has been completed.
In orderly to properly do an LLC search Illinois, see the steps laid out below.
Go to the LLC lookup Illinois which is linked to as a section of its main site.
This is where you will choose the type of company structure you would like to perform an Illinois LLC search for. Since you’re most likely in the real of IL limited liability companies, go ahead and click the LLC ticker to select this specific business name search.
If the name doesn't return any results, congratulate yourself. It's available!
Feel free to proceed with forming an Illinois limited company since you found an available entity name that’s ready for immediate usage. You worked hard to get this far, so giving up is most definitely eliminated as an option in this stage. This is where the real players hold it down.
If the name contains results, see how valid they are. Need alternative options?
This means to verify the findings so you can rest assured you only deal with a truly logical approach for your LLC registration. The name usually can be spelled differently/reworded to ensure it’s not an exact match being used by another active Illinois limited liability company.
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Choosing Your Illinois LLC Registered Agent Correctly
You don’t want to get stuck with a “fly by night” registered agent service. Quality results require quality contributions from the select few people who are on the level of higher standards and approaches. A setback caused by being ripped off by a scrupulous registered agent service who flew the coop with your money in hand and fueling them up to the next town in their sight.
The best ways to make sure that you can expect a quality experience from registered agent services is to check out the reviews left by others who are doing or have done business with them. The experiences of others can help you determine whether it’s going to be worth an investment of your time and expertise, not to mention how much an Illinois LLC cost adds up to. You might find that options don’t align with your overall vision, booting them off the list indefinitely, with no chance of being able to bounce back from this devastating type of loss.
Also look for some form of guarantee on their website, so you know whether they will be the ones that stand behind their own work regardless of what the situation may be.
File the Certificate of Formation for Your Illinois Startup
You can do this in-person at the IL Secretary of State’s office, by post mail, or best of all you can do it all online which also helps you get faster results than seen with all of the other options for registering your new LLC in Illinois. For those who want the full-service approach, there are many great packages that will also help you tie up the other loose ends that are overlooked when starting a business legally.
As far as who you choose to go with for the “ultimate hands-off” approach, make sure you do your homework to ensure the best results possible. Not to mention, it will help you steer clears of the shady LLC registration services only meant to get over on you if you don’t eliminate any vulnerabilities that may exist on your end. Reviews are a great way to do this as well as paying close attention to the way that they take care of business. Is it the work of an amateur or true professional? That says it all!
LLC Operating Agreement Requirements/Solutions in Illinois
Each state has their own set of requirements when it comes to laws, recordkeeping, and operating agreements for any companies they consider to be an active LLC within their jurisdiction. Illinois is no different, and it seems their approach over the years has helped them operate one of the most streamlined processes for managing the many limited liability companies within their state.
The choice is left up to LLC members to make after successfully completing an Illinois LLC name search, as an LLC operating agreement is not mandatory for any limited liabilities companies within the state. However, it’s advised that one is created to help solidify the structure and internal workings of your new startup company. If you go ahead and create one, make sure it aligns seamlessly with all requirements and protocols outlined within the realm of LLC operating agreements are upheld and not placed in any type of risk whatsoever. If you want a template to use, you can find one specifically for your state at this featured resource.
How to Get Your Federal Tax Identification Number (EIN) for an IL Startup
This can’t be done on a regional or state level, as it must be done directly through the United States government itself. Specifically, the United States Internal Revenue Service who is tasked with handling all the businesses collecting taxes as well as the taxpayers themselves.
The recommended method is to follow this link to the official EIN application backed by the IRS themselves. Complete the necessary information and submit it to your regulatory authority in order to be a step closer to full compliance of all local and federal business laws and regulations. Usually you will have the chance to get an instant response with a page generated to serve as proof (which is to be printed for your records of course) of your Federal Employer Identification number. It’s the SSN of companies today and how they’re identified as well as accounted for by the federal government itself.
What is advised by experienced entrepreneurs who’ve already been in the spot you’re in today is to save the PDF to your computer and back it up to your cloud drive that’s normally used for backing up critical and sensitive information pertinent to the operations of your business. You can then go ahead and print off as many copies as you need while being assured you also have a hard copy in 2 places that can be used in the future should it become a necessity to provide an agency or other party with.
Staying Connected with a Number for Your Illinois Company
You don’t want to look unprofessional, and not having a business phone with an IL area code could make you appear to be one of the biggest amateurs in the business today. Thankfully, it’s a modern age and with this comes the convenience of solving pro issues like this instantly.
This is through VOIP companies of course, who provide phone systems via the cloud for your devices to access when you need it to be in full operation. Some LLC registration packages even include this as a feature, depending on the service provider as well as current market state. Don’t forget, the vast number of features are there to ensure your interactions with clients is as personable as possible in the digital age where many forget the essence of building rapport and contributing to priceless times.
Tax Guides for ALL Illinois-Based Businesses and Entrepreneurs
The folks over at the Illinois Department of Revenue created the ultimate digital resources for businesses needing to simplify their dealings with taxation. You can go over there and figure it all out on your own, or you could consult the list below. It’s the most common taxes used with every type of business today. See for yourself.
If you aren’t incorporating in Illinois, you can easily find out which one is the right one for you. It is one of the best lists of shit I have ever seen. And something that I will most definitely never forget, after almost getting mopped up on with a bunch of fuckery/drama.
Sometimes our element must be comfortable to us for us to even think about accepting it and the many hours coming off the horn unexpectedly. This hits too close to home, and the situation that is relevant hasn’t been spoken on much at any time by anyone.
Never underestimate the lengths our government has went on a national basis to ensure when shit goes back right, it’s done in a way that’s respectable and commendable, both. Just about any question you could come up with has been asked online, and by a shit ton of people to say the least. Just make sure your books keeps things straight, keep on doing that investing, and best of luck to your bro that’s out there right now as we’re having this conversation.
Annual LLC Reporting Process & Regulations
The reason that limited liability companies are required to conduct annual reporting is to ensure the highest level of accountability possible. And that’s the bottom line. No exceptions.
You want to make sure everything aligns with the guidelines rolled out by the Secretary of State for Illinois specifically. This will eliminate any potential setbacks that could arise if you wouldn’t have taken the time to do so. You’ll find the updated guidelines here, directly on their website.
Being Registered in Other States as Well as IL
This adds another (or in some rare cases many) complexities when it comes to reporting, taxation, and all other aspects of one running their own limited liability company. A good way to navigate this in the simplest manner possible is to follow this guide offered to the public directly from the office of the Secretary of State. It is the most solid approach and has yielded the most results among those that we have had the opportunity to watch rise within the industry.
Sales and Use Taxes
This is more on local levels which includes city and county government agencies. In this modern day and age, the regulatory authority with jurisdiction at your venue most likely has a library of information online that lays out the most accurate ways to collect and pay for sales and usage taxes required for all business, unless other exceptions set forth in the past are present.
By the way, don’t forget alcohol, tobacco, etc. is another separate task that I really haven’t had the time to fuck with. And I had no need to anyways, so its all business if the money goes where the mouth tends to want to go. You know?
State Business Taxes
Again, this falls into the hands of the Illinois Dept. of Revenue as they want the highest level of accountability ever seen before among any commercial regulatory authority in existence to this day, plus much more. It’s just how we stand out from the rest as the best who aces each test.
Nolo has done a great job explaining it in its entirety for those who might be unfamiliar but are willing to educated themselves further to enhance their relationship with the regulatory authorities tasked with providing oversight to them in times where they’re doing business.
State Employer Taxes
You can find the updated processes, tax rates, and more here on the state’s official website where it’s laid out comprehensively to ensure you cross all your Ts and dot your Is. Your success if the priority here, as we know it’s of the utmost importance to you as your future rides on it.
One more thing, each state usually makes it mandatory for employers to cover worker’s compensation insurance which is made available directly through their credit union which is unfortunately closed at this given time.
What You Need to Know About an IL Business Bank Account
Keep in mind that every bank has their own unique way of doing business, so each experience isn’t going to be exactly what you’ve had with previous encounters. In order to keep things relevant to all who are wanting to start their own business, here’s a simple look at the process of setting up a business bank account for your newly registered Illinois limited liability company.
- You might think that it’s easier to just go ahead and forward the funds of your company to one of your personal bank accounts that you already had setup. Don’t fall for it, because you’re most definitely going to regret it in the long run. Proven fact.Take the extra little bit of time required to setup a separate bank account specifically for your business, and only used for its operations. No third-party usage should be embraced, as you want to make sure the books don’t get sloppy and you don’t put the livelihood of your own business at the risk of diminishing due to the actions of someone else.You will also want to research every single one of your available banking options for businesses starting up in the Land of Lincoln, so they call it. This might even unlock a boatload of cash that can be attained simply by earning the rewards associated with certain levels of usage. The more you bank with them, the more likely you’ll see in the range of one thousand dollars in banking bonuses which are only given out to new commercial customers never having done business with them before, regardless of how long ago or the date that it occurred.
- Implement proper recordkeeping procedures to ensure a flawless balance sheet one won’t have to question, because they can see it was on point right out the gate. You could go to the extent of hiring an accountant/bookkeeper to take the load off your company’s direct employees.
- Once you’ve gotten this far, you have had direct experiences with some of the wildest situations to have ever existed in the world of commercial banking institutions. After submitting the proper paperwork and identification, you’ll notice that things are aligning on their own. It’s as simple as following these 3 extremely easy steps outlined below for your convenience.
1. Upon approval of all submitted proof and records, you’ll make the initial deposit where you’ll also be presented with a bank resolution to sign off on. This is where the change starts taking place, as it’s your initial contractual obligation meant to see just how damn good you are.
2. Compile all the things gathered upon signup of your new business bank account and any books you used to keep an accountability of the company during previous years. Keep it secure and make sure it’s always analyzed by a financial expert capable of spotting any risks as I roll out new content as much as I possibly can with the limited time presented to me.
3. Roll out your plan for how the finances of the operations itself will run, in the most self-sufficient manner possible to minimize overhead without sacrificing the results that we all know it has the potential of producing. Double-check everything and continue prospering sir!
See how simple it is? You’ve heard many people who have tried to make it a situation that it really wasn’t close to being in previous days. It’s simply a matter of putting in the necessary work while being able to unlock opportunities in many other directions as well.
Where Else to Go for All Illinois Business Related Needs (State Agencies)
Maybe you have some things on your plate that requires a little bit of a more specialized approach to the way that business is done today. This is where other agencies and divisions can come in handy, connecting and keeping you connected to a fresher way of life.
Really wasn’t ever that big of an issue honestly, but the animosity among many and circumstances make it mandatory to have a rock-solid approach to how things are done. Not only within the company, but when reaching out to customers and prospective customers as well. Now that’s true change!
One last thing that must be addressed, Illinois or Delaware? Which is best for an LLC?
This is an age-old question that has also brought to light many issues that may not have even had the chance to be brought to light any other way. With that said, let’s take a closer look at what one can expect if their final decision ends up becoming the start of filing an LLC in the Great State of Illinois.
It's all about the taxes, but everyone already knew this, most of us did anyways.
Taxation is what drives every single community that’s deemed as progressive in this modern day and age, which is exactly why it remains one of the main focuses of agencies tasked with the management of tax payments as well as accountability of all business active today.
At times it seems that the taxes in Illinois are more affordable than those imposed on companies that decided to take their LLC and file it within the State of Delaware. Know what you will be paying and understand the fluctuation. Don’t put your future years at risk for nobody!
Legalities aren't as extreme as it has been witnessed recently in the Tulsa area.
Both Delaware and Illinois are known for their lax business laws, but also for their highly specialized judicial system that works to the best interests of companies and those entrusted to help manage their day-to-day operations in their entirety.
Will it present opportunities to enhance the coming years ahead?
You want to make sure the laws and the way that business is done is something that you can easily align with to ensure that the coming years lead to a beneficial retirement which leads one to the ultimate level of relaxation. More comfort than most have seen in many years due to their high level of loyalty to the company and the drive to do whatever it takes to ensure that operations never get shut down, no matter what time of the day or the night it just might be.
Each state has its own advantages and disadvantages which you need to take the time to weight out as well. Is there more opportunities and protection for you if you were to base your business in that specific state to make things happen for the community as well as those within it. This is not a game, and it is only business. Nothing less, nothing more. Don’t overthink what it truly is.
Special Tips Specifically for High-Risk Businesses Trying to Start Up
The industry that you find yourself in will determine how simple or how difficult the journey ahead just might be for you. It will also help you unleash specific advantages that might not be seen in any other industry in the world. With high-risk startups, the best odds lay in none other than the beautiful state of Delaware, but for other businesses Illinois saved them money when they began operations on a national level forced to embrace a fast pace and almost-instant shock to the workplace as well.
Just look at the legalities and costs of doing business in the places that you’re considering and put a lot of thought into the possibility that just might be readily available either direction you tent to sway. At the end of the day, we’re family and it’s all about Sinn Fein upholding the righteous days backed by righteous ways, proven to have lasted for more generations than any of the other so-called breakthroughs all of these gurus were trying to tell everyone in the world about.
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If you find it to be overwhelming, reach out for trusted help you can rely on.
This could be as easy as getting a Business Development Director proven to make change happen within the brands that they choose to represent for a set amount of time. Usually it’s to generate popularity for newer brands that haven’t had a chance to experience marketing blasts during their tenure.
Check their credentials, understand what can and can’t happen when it comes to utilizing them, as well as what their obligation would be to us should we follow through with this. By going about things in a logical manner where it’s also documented or accounted for somehow, we’re ensuring that it’s not about anything personal but rather doing everything that we must do to prepare for the day of restoration, which is creeping upon us closers than most actually think.
Another great idea generated by other users is to have get-togethers on a regular basis to discuss their latest reviews, accomplishments, or anything else directly related to the writing business and the effect our organization has on how’s it’s all to come out in the end.
QUICK REFERENCE: Most Commonly Asked Questions About Illinois Incorporations
When you go about handling the legality of starting your own business in the special place on the map many have come to know as the “Land of Lincoln,” you want to make sure it’s on point. This means making the best decisions, knowing what can and can not be done, as well as many other things.
This usually stresses out the new entrepreneurs in business, but they would have had to face it at one time or another during their careers. Instead of contributing to an increasing in heart attacks among IL startups, here are the most frequently asked questions about starting a business as an LLC entity. We have another great article about Indiana LLC’s.
A: In most situations, the LLC owner(s) report its earnings on their personal tax filings as self-employed individuals. There are some situations that require a little bit different attention to ensure the best outcome possible for both agencies as well as taxpayers. You can find this explained further in-depth with the State of Illinois website or reach out to one of our experts.
A: This must be handled directly with the Illinois Secretary of State since they're the regulatory authority with jurisdiction over handling these specific kinds of matters with limited liability companies and their members. LLC-5.25 is the form that is used to file an LLC amendment in order to initiate the process of ensuring that it gets the attention it deserves.
A: The only thing that you need to keep in mind is that you need a physical address for your business, local Illinois telephone number, and a registered agent that's there to sign for things should you have this need with any of your mail deliveries while living here.
You may have to manage multiple entity filings, as each state that you transact in requires a brand spanking new one. There's nothing that truly makes sense and you can also see where it's earning our local government a ton of money for literally doing nothing, nothing at all.
A: All personal assets of owners are treated separately from the assets of the IL LLC itself. This helps ensure that entrepreneurs don't lose everything they have due to one of their business ventures not panning out as it was expected to initially. If another type of corporation is filed for, owners can get sued for their personal assets in order to cover any losses incurred by it.
A: It's common when filing for an Illinois LLC online to have it approved and processed within 24 hours of its filing. However, it's safe to think more along the lines of about 10 business days in order to prevent any disappointment. This is the normal, published processing time.
A: It's around $150, give or take, dependent on how you get it taken care of as well as any additional needs that may have been fulfilled in the process. Costs are always expected to be at risk of being changed, so don't delay it to where it forces you to pay for a price hike out of your pocket because you weren't proactive enough to make things happen in the most economical of ways.
A: Getting your LLC reinstated in the Land of Lincoln is possible, but the process must be followed strictly to ensure the outcome plays to your advantage rather than disadvantage. Here's the complete rundown, laid out in the simplest fashion possible.
- Obtain and complete the LLC Reinstatement form or complete the filing online.
- Catch up on any missed reporting fees accrued during absence.
- Pay all past due taxes immediately and show proof we're moving forward.
- Keep all reference numbers and sensitive info for account ownership documented.
- Stay in the loop and await further details directly from the Illinois Secretary of State.
A: This is also where you'll want to familiarize yourself with the concept as it's one that's currently taking the industry by storm. The process for single-member LLCs is clearly outlined in the registration paperwork/online LLC application. Don't allow yourself to risk being put in any unfortunate situations due to not educating yourself on current events within the community itself that you rely on to ensure the longevity of your own business.
A: Either you'll get stuck with a bill of $250 if you resubmit everything as part of your company's overzealous security guys trying to run off those here to help. If you decide to file any other way, you can expect to tack on at least $50 to that price tag. Your capabilities help determine the future, and there's simply no way around it.
A: An LLC member is the owner(s), their partners, as well as anyone else involved directly with the executive operations of the company. Position accountability is done by the family to ensure things like this don't happen when we just started connecting.
A: There's nothing complicated about how owners of an Illinois limited liability company get paid, and it's different than its alternate company structures. Owners aren't to take out a salary of any kind from the company. Instead, the profits and losses run through each LLC member directly, which also adds to their responsibilities respectively.
Hopefully this guide gave you a better understanding of what needs to be done when it comes to managing the day-to-day operations that ensures every day we're blessed with gets us to moving closer to the goals of our company set forth by its executive management team. Feel free to browse around and learn some awesome things or just send us an email to keep you fresh on the mind.
This is a way of business that many haven't seen for decades, but it is one of the most solid approaches that one can take. Hence why it made it here with this post in the first place. We're hoping that we can keep it updated as well as make it an annual tradition with family as well as select friends of the family. A living piece of history and the lessons that we picked up along the way