How To Start An LLC In Illinois (Full Beginners Guide), by Biz Builders on YouTube. 11 min 3 s.
- Video length
- 11 min 3 s
- Time to do it
- 1 to 2 hours plus state proces
- Difficulty
- Easy
- Steps
- 8
What you need
Steps
Check that your business name is not already taken by searching the Illinois Secretary of State business database. Make sure the name ends with LLC or Limited Liability Company.
Reserve the name if you are not ready to file yet. Illinois lets you hold a name for a short period for a small fee.
Choose a registered agent. This person or company must have a physical Illinois address and be available during business hours to accept legal mail.
File the Certificate of Formation with the Illinois Secretary of State. You can file online or by mail and pay the filing fee.
Write an operating agreement. It sets out ownership percentages, how profits are split and what happens if a member leaves.
Apply for an EIN on the IRS website. The application is free and you get the number right away.
Open a business bank account in the LLC name using your EIN and formation documents. Keep business and personal money separate.
File your first annual report with the state when it is due and keep your registered agent information current.
Tips and common mistakes
Do not use a PO box as your registered agent address, because Illinois requires a physical street address.
Never mix personal and business spending in one account, since that can weaken your liability protection.
Apply for the EIN directly on the IRS site instead of paying a third party to do it for you.
Check the current state filing fee and processing times before you file, as these change.
Questions
How much does it cost to start an LLC in Illinois?
You pay a state filing fee for the Certificate of Formation, plus any registered agent service fee if you hire one. The IRS EIN is free.
Do I need a lawyer to form an LLC in Illinois?
No, most simple single-owner LLCs can be formed without a lawyer. Consider one if you have multiple owners or complex agreements.
How long does approval take?
Online filings are usually processed faster than mailed ones. Check the Secretary of State site for current processing times before you file.
This guide was drafted from the video's details and general task knowledge. It has not been checked against the full video. Check the video and relevant product instructions before following a procedure. Report a correction.
