There are various reasons to set up a limited liability company. Liability protection, tax arrangements, and segregation of financial assets are some of the key reasons. In the state of Illinois, there is a simple process to set up an LLC.
Determine a name for your LLC. Check to make sure it is available in Illinois and that it meets the naming requirements for Illinois LLCs. You can check for name availability on the website for the IllinoisSecretary of State at www.cyberdriveillinois.com Fill out Form LLC-5.5 available on the Illinois Secretary of State’s website. This is a simple form that will request information such as the name of your LLC, principal address, and some other information. If your LLC is more than just a simple entity, you may want to consult with an attorney to ensure proper setup and wording of the Articles of Organization. Submit Form LLC-5.5. This can be done online for a fee or via mail. Also, you need to submit payment. See the Illinois Secretary of State website for information regarding payment information. Receive paperwork in the mail for verification of LLC status. Keep these documents in a very safe place. Tips & Warnings There are many online services that help fill in these documents for a fee. Most add little value and do not provide legal advice. The best options are usually to either fill out the paperwork yourself or use the services of an attorney or accountant. Resources IllinoisSecretary of State Website Set up an LLC on LegalZoom.com Learn more about LLCs Form your own limited liability company