How to start an llc company in illinois

What is an LLC? Do I need one for my small company? Do I need an LLC in my state? Do I need an LLC if I am using my home state as the filing entity? All of these questions will be answered here and much more.

First, we will discuss what an LLC is. An LLC is a Limited Liability Company registered with the appropriate state. It allows for the sharing of a single kind of tax liability (the tax liability on the shares of stock in the business) between the business and the owner (the person who started the LLC). If you are submitting a Change of Address, this may change your business’ LLC status.

Do I need an LLC for my business? If your business grows significantly and your daily work requires a lot of driving, you may wish to take into account an LLC. An LLC will help protect your personal assets while also protecting your business assets from those of your competition. If you file a Change of Address, your address and contact information will become the responsibility of your LLC, not your personal residence.

Do I want an LLC if my state doesn’t require one? Most states won’t require an LLC. Your accountant will be able to assist you in determining if you want one based on the type of business you have and your particular state’s laws. Some states allow for one or partial incorporation of a business. Other states require you to form an actual LLC.

Do I need a Registered Agent for my LLC? An LLC is also a separate entity from your residence. For your LLC to have its own separate legal and financial documents, you’ll have to appoint a Registered Agent. In some cases, it’s the Registered Agent that will be responsible for the filing and maintenance of all of the LLC’s documents. In other states, the Secretary of State will handle these filings.

Do I need a lawyer for my LLC? Like any legal formation, it’s extremely important that any individuals connected with your LLC are qualified and trustworthy. If you have children or a spouse, you’ll need an lawyer to help you fill out the forms and register the name of your organization, in addition to any alterations (name changes). While the most common reasons to form an LLC are to avoid state taxation and comply with tax laws, obtaining a registered agent and a qualified attorney also lets you secure your individual interests while still being able to operate your business peacefully.

Do I need an accountant for my LLC? Operating an LLC is a really complex and intricate job, and it requires the eye of a qualified accountant. When you file your papers with your state’s Secretary of State, he or she’ll provide you with a comprehensive list of who is authorized to make changes and who is responsible for completing them. While this sounds helpful, many accountants are not qualified to handle the intricate task of incorporating a small business. The Secretary of State also has specific rules about who will represent the LLC, when filings are to be made, how they should be completed, and what fees are required.

Do I need an accountant for my LLC? It is dependent upon your state’s laws. Most states allow a sole proprietorship to incorporate as an LLC, but you have to incorporate as a company first, before it is possible to incorporate as an LLC. Regardless of the type of business you’re in, you need a qualified individual to help you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.