Illinois Startup Package
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How to fill out Startup Package?
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FAQ
Your main cost when starting an LLC in Illinois will be the state's LLC registration fee, which is $150. On top of that, you'll need to shell out $75 each year to file your Illinois annual report. You'll also have additional expenses to think about, like hiring a registered agent and purchasing business insurance.
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%. See the Illinois Department of Revenue for more information on the Illinois LLC tax rate.
In order to operate a transportation business in Illinois, you'll need to obtain a business license from the Illinois Department of Transportation. To do this, you'll need to fill out an application and submit it to the department.
Illinois Personal Income Taxes Unlike most states, the current personal income tax rate in Illinois is a flat 4.95%. This rate is advantageous for an LLC, especially higher-income LLCs, since it leads to paying less on annual taxes as well as more simplicity around tax season.
There is usually no government filing or approval required to operate your business as a sole proprietor, if the business name is the same as the owner's full legal name. Certain businesses might require permits or other approvals.
Starting an LLC in Illinois will include the following steps: #1: Choose a Name for Your Illinois LLC. #2: Choose Your Registered Agent. #3: File Your Articles of Organization. #4: Draft an LLC Operating Agreement. #5: Obtain Your Employer Identification Number (EIN)
How To Set Up an LLC Decide on a Business Name. ... Designate a Registered Agent. ... Get a Copy of Your State's LLC Articles of Organization Form. ... Prepare the LLC Articles of Organization Form. ... File the Articles of Organization. ... Create an Operating Agreement. ... Keep Your LLC Active.
Start a business in Illinois in 7 steps Come up with a business idea. Choose a business type. Name your Illinois business. License and register your business in Illinois. Write your business plan. Find funding for your business in Illinois. Create a business website.