What Are the Costs of Forming an LLC in Illinois?
Forming an LLC in the state of Illinois requires specific steps to be taken that can cost both time and money. The process begins with the filing of Articles of Organization with the Illinois Secretary of State. To complete this, a business owner will need to pay a filing fee, which is currently $150.
Next, a business owner will need to draft an Operating Agreement and file it with the Secretary of State. This agreement outlines the details of the LLC and outlines the rights and responsibilities of the members. This document does not require a filing fee; however, it is highly recommended.
After the Articles of Organization and Operating Agreement are filed, the business will need to obtain an Employer Identification Number (EIN). An EIN can be obtained from the Internal Revenue Service (IRS) for free.
How Much Does it Cost to Form an LLC in Illinois?
Forming an LLC in Illinois can be a great way to protect your personal assets and ensure you have the legal structure to grow a successful business. But, there are certain costs associated with forming an LLC that you should be aware of before taking the plunge. In this article, we’ll take a look at the various fees associated with forming an LLC in Illinois and how much you can expect to pay.
The first cost you’ll come across when forming an LLC in Illinois is the filing fee for your articles of organization. In Illinois, this fee is currently $500. Along with your articles of organization, you’ll also need to file an initial report with the state, which carries a fee of $150. In addition to these two fees, you may also be required to pay a fee for publication.
What are the Fees Associated with Setting Up an LLC in Illinois?
When it comes to setting up an LLC in the state of Illinois, there are several fees and costs associated with the process that must be accounted for.
First and foremost, all LLCs must pay an initial filing fee when registering with the Illinois Secretary of State. This fee is based on the amount of capital contributions to the LLC and can range from $150 to $500. Additionally, new LLCs are subject to a $500 annual licensing fee. This fee must be paid every year that the LLC is in operation.
In addition to these fees, new LLCs are also required to pay an annual franchise tax. This tax is based on the LLC’s income and ranges from $250 to $2,500 depending on the size of the LLC. LLCs must also pay a fee when filing their annual report
How Much Does it Cost to Maintain an LLC in Illinois?
Maintaining an LLC in Illinois requires both an initial filing and ongoing maintenance. The cost of filing and ongoing maintenance vary, depending on the complexity of the LLC and the type of services you require.
Initial Filing Costs: To form an LLC in Illinois, you will need to file Articles of Organization with the Illinois Secretary of State. This document must include the LLC name, its purpose, the names and addresses of the members, the name and address of the registered agent and the name and address of the organizer. The filing fee for the Articles of Organization is $150. Additionally, you may be required to pay a separate fee to the state for a certificate of authority to do business in Illinois (if applicable).
Ongoing Maintenance Costs: After the LLC is formed, there are several ongoing maintenance requirements that must be
