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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 Kelley Clewis, have a nice day.
- Nicolasa Pacer, Staff Member
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 suecolandiac your participation is very much appreciated
- Nicolasa Pacer
About the author
I've studied number theory at Naval Postgraduate School in Monterey and I am an expert in distributed algorithms. I usually feel nerdy. My previous job was non-retail sales supervisor I held this position for 12 years, I love talking about fossicking and listen to music. Huge fan of Jensen Ackles I practice golf and collect collectible card games.