The Illinois Reservation of Limited Partnership Name is an essential step for individuals or entities looking to establish a limited partnership in the state of Illinois. By reserving a name, the applicant ensures that their chosen limited partnership name remains available during the formation process. To begin the formation of a limited partnership in Illinois, it is crucial to select a unique and distinctive name that adheres to the state's regulations. The Reservation of Limited Partnership Name allows potential partners to temporarily secure their desired name before completing the necessary paperwork to establish the partnership. This precautionary measure prevents others from adopting the chosen name while the applicant prepares their formation documents. The reservation process involves submitting a written request to the Illinois Secretary of State's office along with the appropriate fee. This reservation request must include the desired limited partnership name, the full name and address of the person or entity making the reservation, and the duration of the reservation (usually up to 90 days). It is noteworthy that the Illinois Reservation of Limited Partnership Name is only valid for "limited partnerships" and not for other types of business entities such as corporations or limited liability partnerships. Limited partnerships are specific business structures that comprise general partners (liable for partnership obligations) and limited partners (providing investment but holding limited liability). Additionally, there are no specific types or variations of the Illinois Reservation of Limited Partnership Name. The reservation process is the same for all limited partnerships operating within the state of Illinois. In summary, the Illinois Reservation of Limited Partnership Name serves as an important initial step for individuals or businesses seeking to establish a limited partnership. By reserving a name, applicants can secure their desired business name temporarily, without concerns of others adopting it during the formation process. It provides a level of protection and assurance as they proceed in establishing their limited partnership entity in Illinois.
Illinois Reservation of Limited Partnership Name
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A Limited liability company (LLC) is a business structure that offers limited liability protection and pass-through taxation. As with corporations, the LLC legally exists as a separate entity from its owners. Therefore, owners cannot typically be held personally responsible for the business debts and liabilities.
Each member of a limited liability company needs to pay 12.4% of the LLC's profits for Self-Employment taxes, in addition to 2.9% for Medicare. Furthermore, they must pay the flat rate Illinois State Income Tax, 4.95%.
It costs $150 to start an Illinois LLC. This is a one-time filing fee for the LLC Articles of Organization. There are no other required filing fees to create your business entity with the state. Some LLCs may need a business license in Illinois.
Pick a naming structure for each series A series LLC will also have to pick a name for each individual series. ing to Illinois law, each series LLC name must begin with the full name of the parent LLC. After that, you can decide what to name each one on your own.
The Illinois Limited Liability Company Act permits Illinois LLCs registered with the Secretary of State to be formed for any lawful purpose.
If you decide you would like to reserve a corporate name, you will need to complete and submit a Name Reservation form. Alternatively, a preliminary check of corporate name availability may continue to be conducted via telephone by calling 217-782-9521. Proper completion of this form is the customer's responsibility.
The requirements for forming limited partnerships vary from state to state. In Illinois, the Uniform Limited Partnership Act governs the creation and management of limited partnerships. The Illinois Secretary of State is responsible for the registration of limited partnerships.
A Series LLC gives you all the same benefits as a regular LLC, but it serves as a sort of "umbrella company" with additional flexibility and protections for multiple companies or lines of business within your overall operation. But who uses a Series LLC? One example is rental property owners.
