The process of incorporating or forming an LLC can be challenging for any business owner. How to form an Illinois LLC is demystified with this page, and we are providing many helpful resources for you to get started on your way. Don't worry, we also help those looking to file a Illinois Corporation covered as well. One of the main reasons that business owners decide to file either an LLC or Inc. is to get access to the following two benefits:
Good luck viewing the forms, samples, and tips on this page. They are very helpful and should point you in the right direction.
The limited liability company or Ilinois LLC is the newer entity type, and very popular for a number of reasons. One of the popular reasons for owners choosing this type, is the pass through taxation that is granted to the members. In an LLC, a Member, is one of the owners of the LLC. Also, in an LLC, there is typically a designation different between a Member, a Member-Manager, and a Manager. Since many businesses have silent partners, the Manager is someone who helps to run the LLC and maybe they will run the entire business on behalf of the members. The Member-Manager, is a person who both runs the business and is also an owner.
An important part of setting up an Illinois LLC is to have a valid and available name. To help you with this, we have some tips below:
The corporate filing in Illinois, and all other US States, comes with choices. There are a few choices that you have of the entity type that you want to file. You are able to file a C-Corporation, or an S-Corporation. The C-corporation is a stand alone entity that is responsible for paying its' own taxes. On the other hand, the S-Corporation is a pass through entity that sends its income directly onto the Shareholders of the company each year. So when the shareholders report their taxes, they will include the income from the S-Corporation that has passed through to the owners.
So, what does your mind think when you hear the phrase "double taxation"? I'm sure that nothing good is coming to mind, as single taxation is bad enough for some people. Right? To be more serious about this, the mean of double taxation is just that, where the shareholders can get taxed twice for the income they earn. The way that this happens is due to the fact that the C corporation is it's own entity. Let's show the flow of income.
You will need to do the following:
Make sure you have an available name that meets state laws, a physical registered agent address, information about your issued shares, and an incorporator over 18 years old. Best of all, you have the option of incorporating in Illinois online.Illinois Secretary of State Links: