What is the state filing fee to form an LLC in Illinois?

The one-time state filing fee to form an LLC in Illinois is $150.

Are there any annual fees for an Illinois LLC?

Yes, LLCs in Illinois are required to file an annual report with a fee of $75.

How long does it take to get an LLC approved in Illinois?

The official processing time for an LLC in Illinois typically ranges from 3 to 10 business days.

Can I form an anonymous LLC in Illinois?

No, you cannot form an anonymous LLC in Illinois.

What are the main advantages of forming an LLC in Illinois?

LLCs in Illinois offer several advantages: they can be member-managed or manager-managed; the state allows Series LLCs, which protect separate businesses under one main LLC; and operating agreements are not required, providing flexibility.

What are the potential disadvantages of an LLC in Illinois?

Potential disadvantages of an Illinois LLC include the mandatory collection of the 6.25% Illinois sales tax; the application of the 4.95% individual income tax rate to LLC profits; and the requirement for LLCs with employees to pay workers’ compensation and unemployment insurance taxes.

Illinois LLC: Key Data, Fees & Features

Your complete overview of $Illinois LLC costs, pros & cons, and key regulations. Make an informed decision with our up-to-date data.

State Filing Fee

$150

Processing Time

3-10 days

Annual Report Fee

$75

Anonymous LLC

Publication

Advantages

LLCs can be member-managed or manager-managed.
Illinois allows Series LLCs, which can protect separate businesses under one main LLC.
Operating agreements are not required, providing flexibility.

Disadvantages

The 6.25% Illinois sales tax must be collected.
The individual income tax rate of 4.95% applies to LLC profits.
LLCs with employees must pay workers’ compensation and unemployment insurance taxes.

Franchise Tax & State Requirements

If the report is more than 60 days late, there is a $100 late fee.

LLCs must collect the 6.25% Illinois sales tax and pay the individual income tax rate of 4.95%. LLCs with employees must also pay workers’ compensation and unemployment insurance taxes.