What is the annual fee for an LLC in Illinois?

Illinois Limited Liability Company Annual Report Requirements:
Agency:Illinois Secretary of State – Business Services Department
Form:LLC 50.1
Filing Method:Mail or online.
Agency Fee:$75. Filing online requires a $50 expedite fee.

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

It normally takes 3-4 weeks for the LLC paperwork to be approved in Illinois. Expedited processing (typically 1 business day) is also available for an additional fee.

Do LLCs pay taxes in Illinois?

Illinois, however, imposes a separate state tax directly on LLCs. Illinois more specifically calls this a personal property replacement tax. For typical LLCs (those not electing to be taxed as corporations) the tax is 1.5% of net income. The tax is payable to the Illinois Department of Revenue (IDOR).

Do I need a business license in Illinois?

Who needs an Illinois business license? Any business that sells taxable goods or services needs an Illinois is the Certificate of Registration or License. Some businesses in certain professions or locations will need additional licenses.

How long does it take to get an LLC?

Depending on how fast the state processes business filings, it can generally take between a week to ten business days. In some states, once your intake information is received, the state agency often issues approval for the limited liability company within only three business days.

Is Illinois good for LLC?

An Illinois LLC is considered advantageous because it offers the same limited liability as a corporation, but with less formality in its creation and operation.

Does a single member LLC need an EIN in Illinois?

If you are a sole proprietor or single-member LLC with no employees, you are not required to have a FEIN. … NOTE: If you are a single-member LLC and do not have a FEIN, you will need to complete the paper version of the Form REG-1, Illinois Business Registration Application.

How does an LLC work?

An LLC is very similar to a corporation, but while corporations are taxed separately from individual owners, LLCs let their income flow from the business directly to the individuals. In other words, if you have an LLC, you pay your personal income tax rate rather than a corporate income tax rate on your profits.

How do you get a LLC license?

How to Get an LLC License
  1. Choose a state. …
  2. Choose a name for the new LLC. …
  3. Appoint a registered agent in the state of formation. …
  4. Draft and file formation documents. …
  5. Pay the required filing fees. …
  6. Draft an operating agreement. …
  7. Obtain an employer identification number (EIN). …
  8. Open a bank account for the LLC.

Do you need a DBA if you have an LLC?

A DBA is not required for an LLC. When you open up an LLC, you’ll register a company name. You don’t need a DBA as long as you use your company’s official name. However, you may use a DBA for your LLC to expand your business and operate part of it under a name other than your original business name.