Illinois LLC525 form [Best Answer]

Last updated : Sept 28, 2022

Does Illinois require an operating agreement for an LLC?

An LLC operating agreement is not required in Illinois, but is highly recommended. This is an internal document that establishes how you will run your LLC.

Does a Series LLC need its own EIN in Illinois?

EIN. Both the Master as well as each series will also need its own tax ID number or EIN. Each series will have a Certificate of Designation. The Master LLC will also need an Operating Agreement and you will have to determine whether each series will need its own operating agreement.

Do you have to renew your LLC Every year in Illinois?

The State of Illinois requires you to file an annual report for your LLC. You can file the annual report online at the SOS website or by mail using Form LLC-50.1.

How do I change ownership of an LLC in Illinois?

File proper change of ownership paperwork in Illinois If you sell your entire LLC, paperwork must be filed with the Secretary of State using form CBS-1 within 10 days of the sale. Partial ownership transfers will be recorded on the LLC's next annual report.

What is LLC Operating Agreement Illinois?

An Illinois LLC operating agreement is a binding document that establishes the ownership, operations, officers, and responsibilities of company members. The agreement acts as the bylaws and oversees the day-to-day operations of the company.

What is the annual fee for an LLC in Illinois?

Illinois requires LLCs to file an annual report during the 60-day period before the first day of the anniversary month of the incorporation date. The annual report fee is $250.

What is the difference between a standard LLC and Series LLC in Illinois?

A Series LLC must first file Articles of Organization with the Illinois Secretary of State (Form LLC-5.5(S)) just as a standard LLC does. The only difference is the filing fee ($400 instead of $150) and an additional provision that must be added to the Series Articles of Organization.

What is the difference between an LLC and a Series LLC?

What Is a Series LLC? A Series LLC gives you all the same benefits as a regular LLC, but it serves as a sort of "umbrella company" with additional flexibility and protections for multiple companies or lines of business within your overall operation.

Does the IRS recognize Series LLC?

Federal Taxes as a Series LLC Since a series LLC is a pass-through entity and isn't a federally recognized business designation, it is treated as a traditional LLC. Currently, the IRS taxes a series LLC as a single entity that files one tax return.

Do LLCs pay taxes in Illinois?

The LLC has no Illinois income tax filing requirements.

What is the annual report for an Illinois LLC?

In Illinois, an annual report is a regular filing that your LLC must complete every year to update your business information, including: Principal business address. Names and addresses of LLC members or managers.

How do I notify the IRS of an LLC change of ownership?

You need to complete Form 8822-B and send it to the IRS to change the EIN Responsible Party for your LLC. If the Responsible Party for your LLC has changed, you'll need to update the IRS as soon as possible, as per their requirements. Note: Form 8822-B can also be used to change your LLC address with the IRS.

Can you gift a business to a family member?

Can a business be transferred to another person? Yes, a business can be transferred to another person, by sale, reapportionment of multiowner businesses or lease-purchase. A business owner can also transfer a business to a person through gradual cash gifts or by bequeathing the business.

Does an LLC with one member need a new EIN if the LLC changes ownership to another sole member?

One of the most important steps a new business owner does is obtaining an EIN, or tax ID number. If you decide to sell your business, you might wonder if you can transfer your company's EIN to a new owner. The simple answer is no. When there's a change in ownership, this usually requires an owner to obtain a new EIN.

How do I find a registered agent for an LLC in Illinois?

How Do I Search For An Illinois Registered Agent? Perform an Illinois business name search. Type in the name of the company you're searching for. Find the registered agent's name and registered office street address in the search results.

How often do you renew your LLC in Illinois?

After you form an LLC in Illinois, you must file an Annual Report and pay a $75 fee every year. You need to file your Annual Report in order to keep your Illinois LLC in compliance and in good standing with the Illinois Secretary of State.

How much does it cost to expedite LLC in Illinois?

Corporations are charged the $100 expedite fee for online formation, as well as a $6.25 processing fee. This means the minimum corporation formation fee online is $281.25. If you are forming an Illinois corporation, you will be required to pay the Illinois Franchise Tax.

How long does it take for an LLC to be approved in Illinois?

In the state of Illinois, typical processing times to form an LLC are 7 to 10 business days if you file online, or 4 to 5 weeks if you file by mail. For an additional $100, you can request expedited service and receive a decision within 24 hours—excluding weekends and holidays.

Can you convert an LLC to a Series LLC in Illinois?

Previously established limited liability companies may also be converted to a Series LLC by filing an article of amendment with the Illinois Secretary of State along with the appropriate filing fee.

Why would I need a Series LLC?

The Series LLC can help organizations protect their assets from liability, and in many cases can do so with less expense and more flexibility than other structures that mitigate liability risk like the holding company or parent-subsidiary structures.

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yo what's up guys let me give you a video on how to apply for the LLC when you apply for the LLC it'll be different for every state unlike the Ein which is the same for every state if you need a video on how to apply for LLC in your state please leave a comment below and I will be sure to do a video for you when you get to this page you want to read over it it'll tell you all about the LLC it'll tell you the fees exactly what you're needed for and everything and when you get done reading over this just click file when you get to this part they're asking you if you want a standard limited liability company or one with series we're going to pick the one with standard we don't want the one with Series this is for like if you have a bigger company with a bunch of small companies inside of it so you just want to click the standard and then click continue for the provisions you want to agree to this click yes and then continue now for your limited liability company name you want to make sure you get a name that's very unique that no one has if you put a name in here that someone has or someone has that's close to it it will automatically pull that name up and you can say yes or no if this is your name or not if not then you want to start over and get another name and as you can see you need to put a LLC behind this LLC or L.L dot C then once you get to the principal place of business you want to put your address in your city your state and your ZIP code for this application you want to put your name everywhere when they get to the register agent you want to put your name again unless you really have someone that will handle all of the paperwork for you that will get all of the mail for you and actually tell you that the mail is there and tell you what it's all about and everything but other than that you just want to put your name because you don't want to get anyone else involved but you put your name your address your city your state your ZIP code if they don't pick your address up automatically just follow these steps too now for the manager's part this is the part you have to be careful for this is the part where I messed up that and I put an ex-fiancee's name and I was basically giving her the rights to my business so I had to call and get the application deleted and resubmit it and put my info on everything now when you get to this part for the organizer you want to put your information again you want to put your name your address your city or state your zip code and then click continue remember you want to put your name for everything your name your address right here you can look over everything and you can make sure everything is right then you can choose to get an expedited service or you can choose to get a no expedited service are not extra data service will take about 10 days in an expedited service will literally take less than 24 hours put your billing information in here which is the same information that's on your credit card and then click continue then after you get done with that information you'll come to the payment information and then you want to put your credit card your name and everything that's so associated with your credit card and then you're done so this is exactly how you follow LLC in Illinois if you want to get it really quick you just want to do the expedited service and you can get it within 24 hours once again thanks to all you guys and peace out

Thanks for your comment Tosha Olarte, have a nice day.
- Dominick Charette, Staff Member

are you wondering how to start an LLC in Illinois today you will learn about the most common ways to start your business including the correct forms you'll need how to register your LLC critical naming requirements and all other vital tips and tricks then as a bonus later in the video I will reveal a trustworthy registered agent who will help set up your LLC for free so make sure to stick with me until the end the state of Illinois like other states has several specific LLC requirements there are three main ways you can start an LLC in Illinois first is the DIY or do-it-yourself process where you mostly depend on Illinois State's website the second way is hiring a professional service that practically offers more efficiency and Security in the process of creating your LLC while the third one is hiring an attorney we will skip the attorney hiring portion because that's expensive and most business owners won't need that service first let's take a look at the steps required for starting an LLC on your own Step 1 choose a name for your Illinois LLC your llc's name must be recognizably different from the names of other business entities already on file with the Illinois Secretary of State you can check to see if a name is available by searching the Secretary of State Business Services name database you can reserve a name for up to 90 days by filing an application to reserve a name form LLC 1.15 the filing fee is 25 dollars under Illinois Law an LLC name must contain as the last words limited liability company LLC or LLC the abbreviations limited and Company are not allowed in Illinois the name must also not include the words Corporation Corp Incorporated and limited company limited partnership or LP Step 2 Illinois requires LLC to have a registered agent every Illinois LLC must have an agent for service of process in the state this is an individual or business entity that agrees to accept legal papers on the llc's behalf if someone sues the company a registered agent can be an individual who resides in Illinois or a domestic or foreign corporation authorized to do business in Illinois if it's a corporation its articles must authorize it to act as an agent the registered agent must have a physical street address in Illinois step 3 file articles of organization with the Illinois Secretary of State after that you must file the certificate of formation with the Illinois Secretary of State's business entities Division and the office of the judge of probate to officially incorporate a domestic Illinois limited liability company the Illinois State filing cost for LLCs is one hundred and fifty dollars for both domestic llc's and for foreign LLCs basically a domestic LLC means that you are already a resident of Illinois and you want to build a business in Illinois foreign LLC on the other hand is for people living outside Illinois but wanting to start a business or a franchise of their business in Illinois with that said most businesses would be applying for a domestic LLC you can file the certificate of formation online or by mailing it to the Secretary of State expect the LLC certification process to take approximately two weeks this is three to four days for the judge of probate and 10 days for the Secretary of State step 4 prepare an operating agreement now an operating agreement is a good idea to have in place with the other members if your LLC has more than one member although a limited liability company operating agreement is not necessary for Illinois your operating agreement should clarify how your company or business will handle big picture issues such as allocating earnings and losses and dissolving the company your operating agreement should also cover the transfer of membership interest profits or losses and distributions initial Investments decision-making Powers voting rights and management and lastly dissolving the business step 5 of file annual reports with the Illinois Secretary of State all llc's doing business in Illinois must file an annual report with the secretary of state the report is due each year prior to the first day of the llc's anniversary month the month in which it was organized for example if your LLC was created on July 15th then your report would be due by July 1st you can file the report online or by mail with form LLC to 50.1 the filing fee is 75 dollars filing a report late more than 60 days after the due date incurs an additional 100 penalty step 6 obtain an EIN an EIN or employer identification number is a federal tax ID issued by the IRS your EIN is used by them to readily identify your firm and tax filings all Illinois firms pay a business privilege tax and the state requires you to have an EIN to file you may also be required to provide your EIN when opening a bank account or applying for municipal permits or licenses obtaining an EIN is a slightly longer process compared to their previous steps I'm sure you know anything to do with the IRS is confusing first you have to have complete knowledge of your LLC such as your company information managing member information business address business information company details and even critical information regarding vehicular assets and federal excise taxes this is another reason why getting a professional registered agent is way more convenient as they can do this for you as part of their service now let's talk about the second option to form an LLC and that is hiring a professional formation service professional formation services do all the steps you should be doing on your own from filing necessary forms to acting as your registered agent you usually have to allocate a specific budget for this option as I already mentioned earlier Inc file is one of the best companies out there to help you form your LLC you can click on the link in the description to get access to this deal Inc file is one of a kind as it offers a free package with services such as preparing and filing your articles of organization well you still have to pay 237 dollars for the state fees which you would have to do anyway if you chose the DIY option but looking at the bigger picture all other companies will still charge their service fee on top of State filing fees Inc file does not collect this fee this plan already includes a free registered agent for your first year of subscription and 119 annually moving forward if you decide to continue the service after the first year Inc file's next packages are the gold and platinum packages which both have package fees already on top of the 237 dollar State fee each package has its own set of services which are all worthy of the subscription you are paying for the gold package offers you the benefits of filing reports and taxes for your LLC every year USA LLCs are required to file a state annual report this report is essentially an information update of your file so that the state knows who is now in charge and how to contact your company USA LLCs are also required to file state tax returns to make matters even more complicated your annual report and business privilege tax share a document and are due at the same time each year with the ink files

Thanks Kasey your participation is very much appreciated
- Dominick Charette

About the author

Dominick Charette

I've studied robotics at University of Washington in Seattle and I am an expert in ancient middle eastern history. I usually feel cynical. My previous job was adult literacy and remedial education teachers I held this position for 31 years, I love talking about computer programming and nadar. Huge fan of The Chainsmokers I practice mountaineering and collect military items.