What is needed to start an LLC in Illinois?

To establish an LLC in Illinois, submit Form LLC-5.5, the Articles of Organization, to the Secretary of State’s Department of Business Services. For flawless filing and to ensure your LLC's effective date aligns with your strategic goals—whether immediately or within the next 60 days—consider utilizing the expertise of a professional accountant here at Wozny Tax Company. Secure your business's future today.

How long does it take to get an LLC in Illinois?

The time it takes to form an LLC in Illinois can vary depending on the method you use to file and whether all your paperwork is in order. Here’s what to expect: Online Filing: This is the quickest method. If you file your Articles of Organization online through the Illinois Secretary of State's website, the processing time can be as short as 24 to 48 hours. This method is efficient and preferred for its speed. Mail Filing: If you opt to file by mail, the processing time is longer. Typically, it can take about 10 to 15 business days from the date the office receives your documents. This time frame can vary depending on the volume of filings being processed. Expedited Service: Illinois also offers expedited services for an additional fee. If you need your LLC to be processed quicker than the standard times, you might consider paying for this service. Expedited filings can be processed within the same day or the following day, depending on the time the documents are received and the specific expedited service chosen. To ensure a smooth process, make sure your Articles of Organization and any other required forms are filled out accurately and completely. This will help avoid any delays due to corrections or additional information requests.

How do I start an LLC in Illinois?

To start an LLC in Illinois, you must file Articles of Organization with the Illinois Secretary of State, appoint a registered agent, and comply with state tax and licensing requirements.

How much does it cost to set up an LLC in Illinois?

The state filing fee for an LLC in Illinois is $150. Additional costs may include registered agent services, operating agreement drafting, and EIN registration.

What are the benefits of forming an LLC?

An LLC provides limited liability protection, tax flexibility, and simplified business management. It helps separate personal and business assets while offering pass-through taxation benefits.

How long does it take to register an LLC in Illinois?

Illinois typically processes LLC filings in 10-15 business days. Expedited processing is available for an additional fee and takes 1-2 business days.

Do I need an EIN for my LLC?

Yes, an Employer Identification Number (EIN) is required for hiring employees, opening a business bank account, and filing taxes. The EIN is issued by the IRS at no cost.

What is the difference between an LLC and a sole proprietorship?

An LLC provides legal separation between business and personal assets, protecting owners from liability. A sole proprietorship has no legal distinction between the owner and the business, meaning personal assets are at risk.

What taxes does an LLC pay in Illinois?

LLCs in Illinois must pay state income tax, self-employment tax, and an annual report fee of $75. Tax obligations depend on whether the LLC is taxed as a sole proprietorship, partnership, or corporation.

Can a CPA help with LLC formation and registration?

Yes, a CPA can guide you through LLC setup, tax registration, and compliance to ensure your business is structured correctly and optimized for tax savings.

Do I need an operating agreement for my LLC?

Although not required by Illinois law, an operating agreement outlines ownership structure, management roles, and financial procedures to help prevent disputes and ensure smooth operations.

What ongoing compliance requirements does an LLC have in Illinois?

Illinois LLCs must file an annual report with the Secretary of State ($75 fee), maintain proper business records, and comply with state tax laws to remain in good standing.

LLC setup services in Mokena, IL

New Business Formation

New business formation is something many individuals work toward their whole lives. With so much at stake, a new business owner should seek the services of an accountant who understands the intricacies of business development. Our firm provides services that not only take into account all aspects of the initial formation, but the specifics of your daily operations as well.

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Entity Structure Selection

Sole proprietorship

Partnership

S Corporation

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Limited Liability Corporation LLC

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Fully Personalized Options for your new business formation

Complete service packages can be customized to suit your business needs by adding payroll, tax planning, tax preparation, or any of our other services.

Why Incorporate?

Unlock Tax Savings: The Power of Incorporation

Experts in law and taxation are in consensus: businesses operating without incorporation may be missing out on substantial tax savings and deductions. Incorporation isn't just a bureaucratic step; it's a strategic financial decision that can lead to thousands of dollars in tax benefits. By choosing to incorporate, you position your business to take full advantage of these financial opportunities, enhancing your bottom line and freeing up capital for growth.

Safeguard Your Personal Assets

Protect What's Yours with Legal Separation When your business is not a separate legal entity, everything you personally own—your home, cars, boats, and even your savings and investments—is exposed to potential legal actions against your business. This means that personal assets could be seized to cover business debts, lawsuits, or other liabilities. Incorporation creates a legal firewall, ensuring that your personal wealth is shielded from your business's financial and legal challenges. With this protective barrier, you can rest assured that your personal assets remain untouched, no matter what happens in your business.

Enhance Your Business Focus

Achieve Peace of Mind and Business Growth The decision to form a separate legal entity through incorporation brings more than just financial benefits and asset protection; it also provides entrepreneurs with peace of mind. Knowing that your personal assets are safe and that you're optimizing your tax position allows you to concentrate fully on what you do best: growing your business. This mental freedom is invaluable, enabling you to innovate, expand, and steer your business toward even greater success with confidence.

New Business Formation Applications

Only 10% of business applications are successful

The Census Bureau reports over 400,000 monthly new business formation applications
Increase your chances of a successful new business formation by having the expertise and experience of our team help you through this process.

Business Formation Statistics

The Census Bureau is projecting that 28,492 new business startups with payroll tax liabilities will form within 4 quarters of application from all the business applications filed during March 2024.

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Completely Understanding Your Tax Needs

Achieved by our commitment to truly getting to know you

The majority of business owners find themselves accountable for taxation on their business income via their personal tax filings. This underscores the importance of our holistic approach, ensuring that our tax planning strategies align seamlessly with your unique circumstances. The franchise tax services profiders may have left you feeling exasperated, it's indicative of a mismatch with a CPA lacking a comprehensive grasp of your complete tax landscape.

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Professional, efficient, and friendly. Big or small issues, they handle them all. I have been going here for years and will never go anywhere else. The Staff is phenomenal!

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New Business Formation - LLC setup services Mokena IL

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