What is a Illinois LLC?
A Illinois LLC is formed by filing Articles of Organization with the Secretary of State and paying the appropriate filing fee. A Illinois LLC is governed by its Operating Agreement, which is written and agreed upon by its members, and which lays out the management structure of the company. Each member offers a capital contribution in return for an ownership percentage.
Learn more below about the structure of a Illinois LLC and how one is formed.
Illinois LLC Requirements
- Articles of Organization
- State Filing Fee of $150.
- A Registered Agent located in Illinois. See our service here.
- Beneficial Ownership Information Report filing. Your report must be submitted after company formation starting January 1, 2024.
Illinois LLC Structure
IL Limited Liability Companies are structured legally with the Illinois Articles of Organization for a Limited Liability Company. Like many states, the document for an LLC is short and simple.
- Effective Date
- Registered Agent
The name you choose for your Illinois Limited Liability Company must contain the term “Limited Liability Company”, “LLC”, or “L.L.C.”. A Professional LLC can have “PLLC”, “P.L.L.C.” or “Professional Limited Liability Company”. You are prohibited from using terms related to an Illinois Corporation.
The Principal Office will be included in your Articles of Organization. A care of or PO Box is not permitted. Your actual business records must be kept at this address.
The standard Articles of Organization give you the option to instruct the Department of Business Services to make the LLC efficient at a later date (within 60 days) or when the articles are filed.
A person residing in Illinois or a business authorized to conduct itself as an Illinois Registered Agent will be needed to act as the Illinois Registered Agent. A name and address will be listed. Just like the Principal Office, a PO Box or care of is not acceptable for a registered office address.
State the lawful purpose the IL LLC will transact as business dealings.
The duration of the IL L.L.C. will be perpetual unless otherwise stated.
The Managers of the LLC and the Members with authority as a Manager will be listed on the Illinois LLC Articles of Organization. Names and addresses will be required.
The Organizer or Organizers will list their name, title and address. This can be a living person or a business.
How to File a Illinois LLC
Steps in forming a Illinois LLC:
- Choose an Eligible Name: The name of the Illinois LLC must be distinguishable from other names already registered with the Secretary of State.
- File Articles of Organization: File Articles of Organization with the Secretary of State’s Department of Business Services. The DBS charges $500 to form an LLC.
- Designate a Registered Agent: Limited liability companies must designate a registered agent on the Articles of Organization. An LLC cannot serve as its own agent.
- Write an Operating Agreement: LLC members need to write an operating agreement to outline the ownership of the company and the management of the business. The operating agreement is an internal document and is not filed with any government agency.
- Open Bank Accounts: An LLC needs business bank accounts to handle all business payments. To open accounts, most banks require copies of the Articles of Organization and operating agreement.
- File the Annual Report: Every year, an LLC must file an annual report by the day before the anniversary month of formation. If the LLC was formed in June, the annual report must be filed by May 31.
- Submit Beneficial Ownership Information Report: You must a file a BOI report with the Financial Crimes Enforcement Network after formation, starting January 1, 2024. The BOI report is free to file and must be submitted online.
Can You Form an LLC Online?
Yes, but only if you meet certain conditions. In order to file your LLC formation online, you must meet all of the following criteria:
- Existence must begin with the electronic filing, not at a later date
- LLC must have a general purpose clause
- No optional provisions
- LLC must exist perpetually
- Can be only one organizer, who cannot be executing the document on behalf of someone else through power of attorney
Why is It More Expensive to File Electronically?
When you form an LLC electronically through the CyberDriveIllinois portal, your filing is automatically given 24-Hour expedited service. The Secretary of State charges $100 for this service, as well as a $5 online convenience fee, bringing an online filing fee to $255.
A paper filing with no expedite costs $150.
Illinois Registered Agent
An Illinois registered agent must continually maintain a registered office (physical street location, not a PO box) within the boundaries of the State. The agent must accept service of process and other certified business mail on behalf of clients. All business documents must be forwarded to clients in a timely manner.
Can My Illinois LLC Act as Its Own Registered Agent?
No. When you form an Illinois LLC, you must appoint a registered agent. Illinois state law prohibits an LLC from acting as its own agent.
Federal Beneficial Ownership Information Report Filing
As a newly-formed LLC, you’ll probably need to submit a Beneficial Ownership Information (BOI) Report to the Financial Crimes Enforcement Network (FinCEN). The BOI report provides the federal government with basic information about your LLC and the people with the most power over your business decisions and profits. Starting January 1, 2024, this report is due following company formation. This report is a little complicated, but we can make filing painless with our $9 BOI report filing service.
Why Hire Corporate Filing Solutions to Form Your Illinois LLC?
Starting your LLC in Illinois shouldn’t be a hassle or a time consumer. That’s why we offer Filings Made Easy™ to make starting an LLC in Illinois super easy.
Hire us and relax while our filing experts form your new Illinois LLC. Our staff will process orders the same business day as they are received. To make things even easier, we bundle the first year of Registered Agent service and ensure your Illinois LLC comes fully equipped and ready to do its job.
Start your LLC in Illinois and get Registered Agent service for as low as $55 a year.