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How Much Does An LLC Cost In Illinois?

How Much Does An LLC Cost In Illinois?

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How Much Does An LLC Cost In Illinois?

Starting a business comes with many costs, with one of the most basic being forming a legal structure. 

You may have heard that the Limited Liability Company is a good option for small business owners, and you’re right. While there are numerous business entity options, forming a Limited Liability Company (LLC) can offer the liability protection and flexibility many entrepreneurs seek.

The cost of forming an LLC can differ from state to state, and Illinois is no exception. But what does it actually cost to set one up in Illinois? 

Related: Guide to starting a business in Illinois

Illinois LLC Costs

Illinois LLC Formation Filing Fee: $150

To officially register an LLC, you’ll need to file the Illinois Articles of Organization (Form LLC 5.5) with the Illinois Secretary of State’s office. The Illinois LLC filing fee is $150 for a Domestic LLC (add $100 if you want the state to process your application on the day it’s received—otherwise, it will take up to ten business days to file online and 14 if filing by mail. 

Related: How to form an Illinois LLC

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Registering a Series LLC in Illinois

The Domestic Limited Liability Company is the most common form of Limited Liability Company, but there is another option called an Illinois Series LLC, a special kind of LLC that consists of a master LLC and a number of so-called “child” series that operate under the umbrella. These are commonly used by real estate investors, and each house can be in its own series. The benefit here is that if there is a lawsuit against one series, the other series are still protected.

The state filing fee for an Illinois Series LLC starts at $400 without expediting. You can file your articles by mail, in person, or online. If you file online, you must use a credit card and will be charged a small processing fee.

Registering a Foreign LLC in Illinois

If your LLC was formed in another state, will need to register with the Illinois Secretary of State before beginning to physically operate within the state of Illinois. The state fee to register as a foreign LLC in Illinois is $150. For expedited processing, add $100.

In addition to the Illinois LLC cost, there are other costs to be aware of. These may include:

Illinois Annual Report Fee: $75

In Illinois, LLCs are required to pay $75 every year to file an annual report with the Illinois Secretary of State (an Illinois Series LLC pays this amount plus an additional $50 for each of its child series). The due date is the first day of your LLC’s anniversary month. So, for example, if you formed your LLC in November 2022, your annual report would be due November 1st, 2023. Even though you don’t need to pay your annual report fee right away, it will be part of your bottom line for the year, so it’s good to keep it in mind.

Illinois LLC Registered Agent Fee: $0+

Illinois law (805 ILCS 180) requires all LLCs to appoint an Illinois registered agent. A registered agent is a person or company that you appoint to accept legal correspondence on behalf of your LLC, and you must list their name and address in the Articles of Organization.

You or another member of your LLC can serve as your company’s registered agent, but it can be advantageous to hire a registered agent service. Hiring a registered agent service can help you protect your privacy by limiting the amount of personal information you include in your formation paperwork. You’ll also never miss important legal notices when you’re out of the office. Fees for registered agent services are usually around $100 – $200 a year.

LLC Operating Agreement Fee: $0

An LLC operating agreement is a legal document that outlines the ownership structure and member roles of a Limited Liability Company (LLC). While not required by the state, it’s highly recommended for LLCs to have an operating agreement as it provides a clear framework for business operations and helps prevent potential disputes among members.

Employer Identification Number Fee: $0

An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to businesses in the United States for identification purposes. It’s essentially a social security number for your business.

The EIN is used by the IRS to track a business’s tax reporting and is required for many common business tasks such as filing tax returns, paying employee wages, and more.

There is no cost to apply for an EIN.

Illinois Business Registration: $0

All businesses in Illinois need to submit an Illinois Business Registration Application with the Illinois Department of Revenue before they can transact business in the state. The Illinois Business Registration Application (REG-1 Form) establishes a business with an Illinois Business Tax Number. It is also commonly used to register for a Sales Tax Permit and to pay withholding taxes.  

Registering for an Illinois Business Tax Number is free, and it can be submitted online through the MyTax Illinois website or by filing a paper form.  The paperwork is usually processed in 2-3 business days.

Illinois State Business License Fees: Varies

There’s no state-level general business license in Illinois, but you may need to get additional licenses or permits based on your industry. 

For example, if you run a restaurant that serves alcohol, you’ll be required to obtain a liquor license. Fees for industry-specific licenses and permits vary. 

Local Business License Fees in Illinois: Varies

Based on where your LLC operates, you may also need to get a city- or county-level business license. In the City of Joliet for example, every business in city limits is required to be licensed. In Aurora, only certain types of businesses, including pawn shops and taxis, need city-level licenses.

Related: What business licenses are needed in Illinois?

Illinois Professional Licensing Fees: Varies

If you plan to offer a service in a profession requiring specialized training or education, you may need to get a professional license through the Illinois Department of Financial and Professional Regulation (IDFPR). The application process and price vary by license. 

Optional LLC Fees in Illinois

In addition to the required fees above, there are some optional costs to consider when starting an LLC in Illinois:

  • Name reservation: $25 to reserve an LLC name for 90 days. This would only be needed if you want to register a name, but aren’t ready to register your LLC.
  • Assumed Business Name filing: A name is registered when filing the LLC with the state, but if you want to operate under a different name, you can register for an Assumed Business Name (commonly known as a “Doing Business As” or DBA). Depending on when the name is filed, the fee can range between $30-$150
  • Certified copies: If a certified copy of a form is desired, the fee is $25 per certified copy of LLC documents
  • Certificate of Good Standing: The Secretary of State will show whether an LLC is in good standing by doing a business search on their website, but if you need a physical Certificate of Good Standing certificate to show the LLC is in compliance with the state, the fee is $25.

How Much Does An LLC Cost In Illinois?

How Much Does An LLC Cost In Illinois?

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