Chicago Corporate Lawyer
Chicago corporate lawyer and CPA Brian J. Thompson discusses LLC formation, operation and taxation.
Illinois LLC Filing Fee
First, how much does it cost to form an Illinois LLLC? Generally, Chicago business lawyers charge $1000 or more to form an Illinois LLC. However, some business lawyers charge hourly to form an LLC requiring a complicated operating agreement. In addition, the Illinois Secretary of State charges $500 ($614.10 for online filing and expedited service)* to file articles of organization for an Illinois LLC.
*New lower IL LLC filing fee . . . Illinois reduced the LLC filing fee to $150 ($255.88 for online filing) effective January 1, 2018.
Benefits of Forming an Illinois LLC
Generally, limited personal liability is one of the primary reasons to form an LLC. If a business operates as a sole proprietorship or partnership, the owners may face unlimited personal liability. In addition, tax benefits may be another reason to form an Illinois LLC.
Form an Illinois LLC
An Illinois LLC is formed by filing articles of organization with the Illinois Secretary of State. However, the articles of organization do not address the LLC’s internal governance matters.
LLC Operating Agreements
The operating agreement is the principal document relating to the internal governance of an LLC. However, an LLC’s operating agreement is not filed with the Illinois Secretary of State’s office. The Illinois Limited Liability Company Act governs relations among the members, managers, and company not addressed in the operating agreement. An operating agreement may modify any provision of the Illinois Limited Liability Company Act, with certain exceptions noted in the LLC Act.
Illinois LLC Search
Finally, check the Illinois LLC and corporate name search at the cyberdrive website to see if your preferred LLC name is available:
Illinois LLC formation can be complex for those not familiar with the Illinois statute and federal tax law. Therefore, you should work with an attorney when forming an Illinois LLC. Contact Chicago corporate attorney and CPA Brian J. Thompson at Brian@BrianThompsonLaw.com.