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Written by : Dominick Speilman
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hi guys welcome to the simplify llc channel in this video we're going to explain how much it costs to start an llc in illinois this state is great for entrepreneurs who don't want to spend too much but it also has some nice add-ons depending on your business's needs if you're new to the channel don't forget to hit the like button and press the bell icon to subscribe and be notified when we publish a new video alright let's get started if you're planning to do business in illinois you'll need to register your llc in this state so you're likely trying to plan the cost good news you can get away with forming an llc in illinois for as little as 150 the basic cost is for your articles of organization and that's the same for both domestic and foreign llcs in illinois you pay the formation fee to the secretary of state in most cases this is all you need to establish your llc in illinois simply submit form llc 5.5 and pay the 150 and you should be in business literally in about 10 business days need to move more quickly illinois allows you to expedite your filing at the chicago and springfield offices for just 100 more and you'll get results within 24 hours as with any llc you'll need a registered agent that might be you if you reside in illinois or a designated person for your foreign llc either way choosing a registered agent is included in your articles of incorporation but here's where it gets tricky if you need to inform the secretary of state that your registered agent has resigned it's five dollars now that's not too bad but it costs 25 dollars to change your registered agent and if you don't report a resignation within 60 days you'll be hit with a 100 late fee so select the right person for the role and be sure to alert the state asap of any changes so now that you know the budget let's see about registering your business's name in many states it can be a race to get your documents in order so you can claim your name but illinois has a nice feature if you have that perfect name in mind but your articles of incorporation aren't ready you can reserve it with the state for just 25 which is a fair price for the convenience of a little extra time now what if your llc includes a sub brand or you'd like to use a different name for your illinois llc well you'll need to request a dva name dba is short for doing business as and it's essentially a registered alias for your illinois llc many states charge a flat fee for a dba but in illinois it's a bit different if you file the dba in a year ending in zero or five your fee is 150 in addition to the hundred and fifty dollars for the articles of incorporation if you file it during a year ending in one or six it's a hundred and twenty dollars two or seven it's ninety dollars three or eight it's sixty dollars and if the year ends in four or nine it's just 30 to register a dpa the idea is to spread out your costs over a five-year period so if it's not urgent to register your dba in illinois wait for a year that ends in four or nine just remember you'll need to renew your dba every five years and be sure to do it at least 60 days before it expires or the state will fine you one hundred dollars but wait that's not all you must stick with your dba name during that five years or else it's 25 to change it once your business is up and running you'll need to file an annual report which carries a filing fee of just 75 this is due on the first day of the month following your registration anniversary so if you registered on august 15th your annual report due date is september 1st be sure to get it on time because as with all other parts of illinois llcs the late fee is 100 and that's it illinois is overall quite affordable to register and maintain an llc as long as you time it right and hit your deadlines this state also has no minimal annual franchise taxes although you do have personal income taxes overall though it's fairly simple to register your llc in illinois and there are some nice benefits for entrepreneurs who want to expedite the process or get first dibs on a name well that's it for today thanks for watching if you want to know more about what an llc is its benefits and disadvantages you'll find the link to those videos in the description box below also don't forget to like and subscribe feel free to write in the comments if you have any further questions and we will see you next time
Thanks for your comment Madalyn Warfel, have a nice day.
- Dominick Speilman, Staff Member
Thanks for this interesting article
Thanks moutetD your participation is very much appreciated
- Dominick Speilman
About the author
I've studied mathematical logic at Howard Payne University in Brownwood and I am an expert in sociobiology. I usually feel crushed. My previous job was chief financial officer I held this position for 12 years, I love talking about ghost hunting and legos. Huge fan of Camila Mendes I practice athletics and collect games.
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