How to Form an Illinois LLC 2
July 2, 2019
Pick a name. The name needs to be recognizably different from the names of other businesses already on file with the Secretary of State. In addition, Illinois law requires that the last part of the business name indicate what type of business entity it is, i.e. “LLC” would need to come at the end of the business name.
Appoint a Registered Agent. Every incorporated business entity must have a registered agent for accept legal papers on the LLC’s behalf it issued.
File your Articles of Organization with the Secretary of State. The articles must include: the LLC’s name and address, name and address of the registered agent, the purpose for which the LLC is organized, a statement regarding the LLC’s duration, whether the LLC is member-managed or manager-managed, and names and addresses of the members.
Prepare an Operating Agreement. This is not necessary, but it is highly recommended for every LLC to do. The operating agreement reduces the business agreement between the parties to writing and is important in the resolution of disputes between the parties.
Make sure to comply with tax and regulatory requirements and file annual reports. Complying with the tax and regulatory requirements will differ on a case-by-case basis. For example, if there is more than one member in the LLC, the LLC is required to obtain its own IRS Employer Identification Number.