Businesses always want to find a way to give themselves as little costs as possible. That is why there is a huge growth of businesses with LLC's in Illinois because it offers great incentives to businesses in this state.
You will find that it isn't only small businesses that choose to set up their LLC in Illinois, but also major companies have set up their LLC there such as Caterpillar Inc., Mcdonald's and Walgreens Boots Alliance. According to the SBA government, the growth rate for the Illinois economy is 3.5%.
So what classifies as an LLC?
In order to have an official LLC for your business, you need to follow some steps first. You first need to come up with a unique name that isn't similar to another business. You then have to choose a registered Illinois agent who will help you with your legal paperwork and taxes. After that, you would have to file Articles of Organisation and pay $150 to do so. Then the final two steps are creating an operation for your LLC and gaining an EIN.
How does an LLC help a business?
If you get an LLC for your business, as the owner of this business, you are personally not liable for the business' debts or liabilities. Not only that, but you can save your personal assets, since they would be considered a separate entity, once you have opened a business bank account and ordered a business credit card, in order to separate your personal and business finances.
Do I need to comply with anything else?
Yes, in order to fully have an LLC in Illinois, you need to also comply with the regulations and laws set by the federals, the government and state in Illinois. This can vary from other states, which is why it is important to do some research about it.
It is also vital for you to fill out an annual report for your LLC business and if you fail to do this, you will meet the consequences of having to pay for a fine. However, since you would have a registered Illinois agent, they can help you keep track of this and make sure that everything is complete on time.
What can help my workflow when having an LLC?
Sometimes, too much administrative work can be overbearing and you can fall behind with many things. This is why you can get help from accounting, because you can manage a financial system, by tracking your expenses, bills and other finances, as well as filing your annual taxes.
You also need to set up a payroll service for your employees, which will save you plenty of time and will allow you to handle all of the wages accordingly.
Our say
Getting an LLC is very beneficial for the business because there are many incentives that come with. You can get insurance for your business and employees, that can help you cover any incidents within the business or any damages that are caused. Not only that, but you would have an agent supporting you in every step of the way and someone to represent you in all of the paperwork. It also makes it easier for you to control your business finances and keep them away from your personal finances, in order to not let yourself go bankrupt if you ever get sued.
Tax is also lower as an LLC company, which is another benefit for you when it comes to all the payments and finances that build up. If you also comply with employment laws, you can reduce your LLC's liability. Getting an LLC is an important step to your business and will help it become legitimate and well known.