Are you interested in registering an LLC Illinois business? In this article, we’ll share the process for registering your LLC and the steps you must take afterward. Therefore, you can get your business off the ground and running sooner rather than later.
Did you know that the Illinois sales tax is 6.25%? It’s one of the more competitive ones in the US, so it’s a good idea to register your LLC. However, you don’t have to complete the process alone. Read this article to the end to uncover how we can help solidify your business in Illinois.
Top Steps For Creating Your LLC Illinois Business
Now let’s consider the steps you need to take when registering your LLC Illinois business. Understanding the entire process will help you make the right preparations for a smoother ride.
Choose a Name
Let’s begin by selecting a name for your business in Illinois. However, you cannot choose a name that’s already taken in Illinois or one that sounds similar to an established one. This rule is there to protect current businesses from profiting off the hard work of others.
You can do a name search at the Department of Business Services. This is the official website, and you can also dial 217-524-8008, if you wish to find out the available names by phone.
Furthermore, you can reserve an LLC name if you aren’t ready to start a business. At the time of writing, the cost for this service is $25, and there is a $5 fee if you wish to cancel the reservation.
Hire a Registered Agent
It’s time to hire a registered agent, so they can receive documents about your LLC on your behalf. A registered agent can be a person living within Illinois, or it can be an organization like Business Anywhere that has a license to work as a registered agent in Illinois.
Note that the registered agent must have a street address in Illinois and have a valid license to provide services. You should do background research to ensure this is the case when choosing a registered agent.
Don’t have the time to find a good quality service. Then consider the registered agent service here at Business Anywhere. We go the extra mile to ensure that all your needs are met with professionalism.
Articles of Organization Submission for Illinois
You must file Form LLC-5.5 to submit the Articles of Organization, which is required by the State’s Department of Business Services. The formation period shouldn’t exceed 60 days, and you can submit all documents online.
The Articles of Organization is a document that helps establish different aspects of the LLC. This includes the rights, liabilities, duties, and powers. Also, it’s a requirement of the state of Illinois that it’s completed.
It will cost you around $150 to file the form, and the payment can be made out to the Secretary of State. However, if you wish to avoid filing the form yourself, you can use Business Anywhere business registration services.
Top Advantages Of Registering an LLC
Are you not sure why registering an LLC is a good idea in the first place? Then in this section, you’ll discover why your business can benefit greatly from an LLC registration. This will help you make up your mind if you’re currently sitting on the fence.
Liability Protection
You can avoid personal liability when your business gets sued by unhappy customers. Instead, it’s the LLC that will be liable, which means that your personal account is protected. However, you need to consult with your lawyer to understand the exact laws in Illinois.
Liability protection in business is important because it can prevent your business from grinding to a halt. Also, you can take more calculated risks without worrying about making the wrong steps at every turn.
Bank Loan
Your chances of getting a bank loan improve if you have a registered LLC. The step to officially register your business results in banks taking it more seriously. Also, the paperwork used to register your LLC can be used during the bank loan application. This will save you some time and hassle.
Finally, the size of your bank might increase if you have an LLC. Therefore, you’ll have more money to invest in inventory, marketing, and more.
Trust In The Market
You’ll have more trust from regular customers after registering an LLC. That’s because they can see that you’ve taken the step to formalize your business. This is particularly important when selling products from your one website instead of massive e-commerce platforms like Amazon and eBay. Therefore, the cost and time taken to register an LLC will pay off in the form of more sales.
Flexible Management Structure
You’ll have an easier time managing the structure of your business. That’s especially true if you have business partners and need to manage funds transparently. You can make sure that all business funds go through the LLC. This is a transparent approach because each business partner will have access to view funds within the LLC.
Should You Register an LLC Illinois Business?
You should register an LLC Illinois business if you plan to do business in the state. It’s a great step to take for small businesses, especially because of the benefits mentioned above. Also, the business registration process is fast and cheap. Therefore, you don’t need to worry about the process being a negative for your business.
Make sure to consider every benefit of LLCs to get an accurate picture of what you’re getting for your money. However, you can reduce the roadblocks to getting an LLC by choosing Business Anywhere. We specialize in LLC business registration, so get in touch with us today.
