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Steps To Starting A Business In Illinois – Get fast and simple service to file your Illinois LLC online quickly and accurately starting at $0 plus state fees
Ready to start your business as a limited liability company (LLC)? Illinois is a great place to do that. With a large population, high-quality universities and a vibrant culture, this state offers many opportunities for ambitious entrepreneurs.
Steps To Starting A Business In Illinois
To form a limited liability company in Illinois, you need to follow certain steps. And if you want to get the LLC’s liability protection while avoiding costly fines or delays, you need to complete these steps carefully and accurately.
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That said, the thought of starting a business can make you feel worse than hearing someone pronounce the name of your state as “Illi-
Along the way, we’ll even look at how our services can handle much of this process for you, and help reduce accidents. That way, you can focus on what you do best: running your business.
To form an LLC, you need to register your company with the Illinois Secretary of State. This includes filing articles of incorporation, known as Articles of Organization. But before you can file these incorporation documents, you need to name your company and appoint a registered agent.
After filing the Articles of Organization, you need to create an LLC Operating Agreement. Finally, you will be registered with the Internal Revenue Service (IRS) by obtaining an EIN.
Forming An Llc In Illinois: Step By Step Guide
Below, we will show you how to start an Illinois LLC in five main steps. We’ll also include lots of useful information to help you set your new business up for success.
Note that these instructions are for domestic LLCs, which are started in the same state as yours. A foreign LLC is one from another state. If you want to register a foreign LLC in Illinois, you need to file an application for incorporation with Transact and follow other steps.
The first step is to name your Illinois LLC. Your business name gives potential customers and investors the first impression of your brand. Be sure to choose a name that conveys the image you want to set, and one that you want to stick with for a long time.
In addition to choosing the right name for your brand, you need to follow the Illinois LLC rules and requirements.
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Under Illinois state law, an LLC’s name must include one of the following names (separated and without other words or abbreviations):
Note that, unlike most states, Illinois does not allow LLC company names to include the abbreviation “Ltd.” or “Co.”
Your LLC name also cannot have a name that makes it look like a corporation or limited partnership. This means that the words “Corporation,” “Co.,” “Corp.,” “Incorporated,” “Inc.,” “Limited Partnership,” or “LP” cannot be used in your business name.
Your business name must be unique from other business names on file with the Illinois Secretary of State. Use our Illinois business search page to search online and see if the company name you want is available. (Note: In Illinois, the name of a legally dissolved LLC cannot be used for another business until three years have passed after the notice of dissolution was issued.)
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Your Illinois LLC name cannot contain words or phrases that imply that it is a governmental entity or organized for the purpose of:
Finally, any word that may be considered offensive is prohibited from being used in the Illinois LLC name. For more naming guidelines, see the Secretary of State’s Department of Business Administration.
Found the perfect business name, but not ready to start your LLC? You can reserve your name for 90 days. That way, no one else can take it before you’re ready to officially form.
A big part of running a successful brand today can be found online. That’s why it’s also a good idea to make sure that the name you want also contains a URL.
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For example, if your first choice of business name is not a domain name, but your second choice is, this may change your decision. Need inspiration or want to check domain name availability? Use the domain name search tool.
Note: You can also track social media accounts that match your business name and download it before someone else does.
If you want to do business under a name other than your company’s official business name, you will need an Illinois registered business name. The deemed company name also needs to be registered with the Secretary of State.
A company name is often used when the LLC wants to do things like sell/launch a new line or open a store without having to create a new company.
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Note: An assumed business name is also known as a “doing business as” (DBA), fictitious business name, or business name in other states.
Even if the secretary of state indicates that your desired LLC name exists, that doesn’t mean you’re clear on how to use it. Company names can be trademarked at the state and federal levels.
That’s why it’s also a good idea to check with the US Patent and Trademark Office. By using the site’s search engine, you can check if your desired name has been federally trademarked.
All LLCs in Illinois must have a registered agent. A registered agent is an individual or entity that receives important legal notices on behalf of your business.
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Legally, you can serve as the registered agent of the LLC, but there are several reasons why this is not the best idea. Two of the pitfalls include:
Many LLC owners choose to use the services of a registered professional. The benefits of registered agency services like ours include:
Professional services can help give you peace of mind and more freedom to focus on running your business. Use the services of an Illinois registered agent to keep your LLC organized and compliant with state requirements.
If the office address of your registered agency is not available, you may incur the wrath of the government. Failure to maintain a registered agency may result in the forced dissolution of your LLC.
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Not having a reliable representative’s address on file may prevent you from receiving notice that your business has been charged or action taken against it.
This is why participating as your own representative or asking a friend or family member to do so can be risky.
To avoid problems with your registered agency’s address, many business owners choose to use professional registered services. When you sign up for our trustee service, our affiliates will be able to receive legal, tax, and other notices on behalf of your LLC from the state.
Using our services will not only help you comply with Illinois registered agency requirements, but will also help you avoid the embarrassment of giving legal notice to others.
Start An Llc
Finally, our registered agency services will help you stay organized. When you receive notifications, we will notify you as soon as possible so that you can manage them as you see fit (by viewing, downloading, or printing them whenever you want).
The next step is to set up the Articles of Organization. The Illinois Articles of Organization (Form LLC-5.5) are the formation documents that officially register your LLC. To form your LLC, you will file these documents with the Illinois Secretary of State, Limited Liability Division, and pay your filing fee ($150 at the time). written). You can submit your Articles of Organization by email, in person, or by completing an online application.
Illinois requires that all articles of association be submitted in hard copy, and that all answers be typed or printed in black ink.
An LLC can be formed with one or more managers. The organizer can be a person over 18 years of age, or a company. Each person acting as an organizer must sign the Articles of Organization. Each caregiver’s name must be written or printed in the correct section.
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If a company acts as the organizer, the actual name of the company must be provided, as well as the written or printed name and signature of the person acting on behalf of the company.
The Secretary of State generally takes about 10 days to process and approve Illinois Articles of Association. However, you can also expedite your request with our 24-hour service (excluding weekends and holidays) for an additional fee.
You only need to file the Articles of Organization once. But if you need to make changes later (such as changing the address of the registered representative), you need to file the articles of amendment of the LLC.
If you need to file a correction, we have a corrections processing service that can handle that for you as well. Our worry-free compliance service also includes two annual corrective filings.
Steps On How To Dissolve Your Llc Or Corporation
Under current legal requirements, Illinois LLCs that provide professional services provided by the Illinois Department of Financial and Professional Regulation (IDFPR) must register as professionals.
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