If you’re thinking about starting an LLC in Illinois, you’re probably wondering how much it’s going to cost. Here’s a breakdown of the fees and other costs associated with forming an LLC in the state.
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Overview
The cost of forming an LLC in Illinois
One of the benefits of forming an LLC is that it can protect your personal assets from business debts and liabilities. However, you will need to pay a filing fee to form your LLC with the Illinois Secretary of State. The filing fee for an LLC in Illinois is $150.
The filing fee for forming an LLC in Illinois
When you file your articles of organization with the Illinois Secretary of State, you must include a $150 filing fee. You can pay this fee by check or money order. If you are forming your LLC online, you can pay the filing fee with a credit card.
The cost of an LLC Operating Agreement
An LLC Operating Agreement is a document that outlines the ownership and operating procedures of your LLC. This agreement is not required by Illinois law, but it is a good idea to have one in place to avoid any confusion or disagreements among the members of your LLC. The cost of an LLC Operating Agreement will vary depending on the size and complexity of your business, but you can expect to pay anywhere from $75 to $500 for a quality agreement.
The cost of registered agent services
The cost of registered agent services is one of the main costs associated with forming an LLC in Illinois. A registered agent is a person or business that agrees to receive legal papers on behalf of your LLC. These papers can include service of process (if your LLC is sued) and official correspondence from state agencies.
There are a few different ways to get registered agent service, but the most common way is to hire a registered agent service company. These companies typically charge between $100 and $300 per year, depending on the services they offer.
Another option is to use a friend or family member as your LLC’s registered agent, but this can be risky because it puts them in a position where they could be sued if something goes wrong with your business. You should only use this option if you’re confident that the person you choose will be able to handle any legal papers they receive and knows what to do with them.
The last option is to act as your own registered agent, but this is only an option if you have a physical address in Illinois where you can receive legal papers. This address must be listed on all of your LLC’s public records, so if you use a PO Box or similar service, it cannot be your Registered Agent address.
The cost of maintaining an LLC in Illinois
An LLC can help protect your personal assets in the event your business is sued. It can also help you save on taxes and may provide other benefits as well. So, how much does it cost to maintain an LLC in Illinois?
The annual report fee
Every LLC registered in Illinois has to pay an annual report fee of $75 to the Secretary of State. The LLC will be issued a statement of information form (SF-SOS) every year, which must be filled out and returned with the annual report fee. This form asks for the LLC’s name and address, as well as the names and addresses of the LLC’s managers or members.
The biennial report fee
An LLC is a limited liability company. 3 min read
An LLC is a limited liability company. If you choose to form an LLC in Illinois, you will need to file certain documents with the Secretary of State and pay the corresponding filing fees. Additionally, LLCs are required to file an annual report and pay a biennial report fee.
The biennial report fee for an LLC in Illinois is $75. The report must be filed every two years and is due on the last day of the month in which the LLC was formed. For example, if your LLC was formed on June 1, 2020, the first biennial report would be due on June 30, 2022. The biennial report must be filed online through the Secretary of State’s website.
If you do not file your biennial report on time, your LLC will be subject to late fees and could eventually be dissolved. Therefore, it’s important to make sure that you stay up-to-date on all filing requirements and deadlines.
Additional Resources:
How to Form an LLC in Illinois
Illinois Secretary of State: Business Services
The cost of registered agent services
LLCs in Illinois are required to have a registered agent. A registered agent is a person or business that agrees to receive legal papers on behalf of your LLC. This proposed legislation would exempt from the general requirement that an LLC designate and maintain a registered agent in Illinois, any LLC that:
–is organized and exists pursuant to the Limited Liability Company Act; and
–is organized and exists for the purpose of holding one or more notes secured by liens on real property improved with residential dwellings.
The cost of registered agent services varies depending on the company you choose, but it typically costs between $50 and $200 per year.
The cost of dissolving an LLC in Illinois
The filing fee for dissolving an LLC in Illinois
The filing fee for dissolving an LLC in Illinois is $100. The LLC must also file a Certificate of dissolution with the Secretary of State’s office. The LLC will be allowed to wind up its affairs and pay off any debts and liabilities it may have.
The cost of registered agent services
cost of registered agent services, also known as the “statutory dissolution fee,” is $500. This is the fee you’ll pay to the Illinois Secretary of State to dissolve your LLC.
In order to dissolve your LLC, you must first cancel your LLC’s registration with the Illinois Secretary of State. To do this, you’ll need to file a Certificate of Cancellation (Form BCA 13.25) with the Secretary of State’s office. The fee for this form is $100.
Once you’ve canceled your registration, you can then file a Certificate of Dissolution (Form LL-45) with the Secretary of State’s office. The fee for this form is $250.
Once your LLC is dissolved, you’ll need to notify the Illinois Department of Revenue that your LLC is no longer in business. You can do this by filing a Notice of Termination (Form IL-501) with the Department of Revenue. There is no fee for this form.
You’ll also need to cancel your LLC’s business license with the city or county where your LLC was registered. The cost of this will vary depending on where your LLC was registered.
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