LLC’s in Illinois: All you need to know

When starting up a business, you want to consider everything first in order to make sure you give yourself the best opportunity that you can. That is why, if your company is mixed as a partnership and traditional corporation, it is best to invest in an LLC in Illinois.

What is an LLC?

LLC is an abbreviated word that stands for Limited Liability Company. It can help you in many ways, such as protecting the assets of your business. It is especially popular to set up an LLC in Illinois, because it offers beneficial factors to business customers. That is why many major companies such as McDonalds, have followed the rame route and set up an LLC in Illinois. However, before you go ahead and start an Illinois LLC, here are some things that you need to know.

How many owners can have an LLC?

There is no limit to when it comes to the ownership of an LLC. If you and your partners all want ownership of the LLC, it is possible. However, the name for your LLC has to be unique and stand out; it cannot be similar to other business names. You would also have to create an operation agreement; meaning that you have to decide and secure each role of responsibility for each individual in the company.

Does it cost alot to start up an LLC?

The cost to set up an LLC is dependent on which state you are in. However, in order to set one up in Illinois, it only costs $150 and you have to pay it to the Secretary of State. It is generally an easy procedure and you also get a representative agent to help you with all your legal paperwork and taxes.

Can getting an LLC affect my personal assets?

No it cannot affect your personal assets, in fact it does the opposite; it protects them. Once you are all ready to go with your LLC, you then have the eligibility and necessity to open up a business bank account and get a business credit card. The reason for this is, because you need to differentiate your business finances to your personal finances, so that there is no personal loss in case your company ever gets into trouble. It also verifies your business as an independent entity. 

There are also business insurances that can help protect your company and workers, in case there are any unforeseen circumstances that can hit your company in the long run. You would also have a legalized representative, accountant and consultants to help you along the way.

What else do I need to know about getting an LLC?

Depending on what state you are in and applying for, you don’t need to be a U.S citizen of the state that you are applying for. For example, you can be living in the state of California and you can still apply for an LLC in Illinois.

 You need to also have good time management in order to pay any fees, taxes, or other legal requirements on time to the federal state and local government of the state. If you fail to do so, there will be consequences and fines that you would need to pay. 

Not only that, but you need to also deliver an annual report in regards to every aspect of your business. This is vital and you can have an accountant or a representative agent to help you with that. If you do not do this, then you will also face consequences and have to pay a fine for this.

Think of getting an LLC as a ticket to being able to shield your company’s assets and avoiding personal liability for whenever your business deals with debt. It is a golden opportunity for you to take advantage of as a small or major business owner.