To form a limited liability company (LLC) in Illinois, there are several requirements that need to be met. The following are the steps to forming an LLC in Illinois:
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Choose a name for your LLC - The name must be unique and distinguishable from other business entities already registered with the Illinois Secretary of State. You can check if your proposed name is available for use on the Illinois Secretary of State's website.
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File Articles of Organization - This is the official document required to form an LLC. This must be filed with the Illinois Secretary of State's office along with the necessary fee. It must include the LLC's name, the address of the LLC's principal place of business, the name and address of the LLC's registered agent, and the names and addresses of the LLC's organizers.
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Obtain an EIN - An EIN is an employer identification number, and it is required by the IRS to identify your LLC. You can obtain an EIN for free through the IRS website.
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Consider drafting an Operating Agreement - While not required, an Operating Agreement is strongly recommended as it outlines the management structure of the LLC and establishes the rules and regulations by which the LLC will operate.
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Maintain ongoing compliance - After formation, your LLC will be required to file an annual report with the Illinois Secretary of State, as well as pay any necessary fees to maintain the LLC's good standing.
It is important to note that there may be additional requirements or exceptions depending on the specific nature of the LLC and its activities. It is always recommended to consult with a licensed attorney to ensure compliance with all applicable laws and regulations.
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