To establish a limited liability company (LLC) in Illinois, there are several legal requirements that must be followed:
- Choose a name for the LLC that complies with the Illinois Secretary of State's naming requirements. The name must not already be in use by another LLC in the state of Illinois and must contain the words "Limited Liability Company" or the abbreviations "LLC" or "L.L.C."
- File Articles of Organization with the Illinois Secretary of State. This document must include the name and address of the LLC, the name and address of the registered agent, and the names and addresses of the LLC's organizers.
- Obtain an EIN (Employer Identification Number) from the IRS. This is a nine-digit number used to identify the LLC for tax purposes.
- Obtain any necessary licenses and permits. Depending on the type of business, the LLC may need to obtain state and local licenses and permits to operate legally.
- Draft an Operating Agreement. While not required by Illinois law, an Operating Agreement is an important document that sets out the rights and responsibilities of the LLC's members and managers, and how profits and losses will be allocated.
- Create a record book in which to maintain the LLC's organizational documents, meeting minutes, and other important records.
It is important to note that there may be additional requirements or exceptions depending on the specific circumstances of the LLC, and it is recommended that a licensed attorney be consulted to ensure compliance with all applicable laws and regulations.
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