Comments on: Forming an LLC in Illinois

By: LinKernel Web Directory

LinKernel Web Directory — Tue, 31 Mar 2009 19:39:36 +0000

Its an old post! Setup costs of a LLC in Illinois is the most expensive in the US. The filing fees now is over $700! However, its the best way to go if the owner is Illinois resident…many form LLCs in Delaware or Nevada to avail of tax flexibilty, startup costs etc but for a small scale business operated by one individual, there is no point of doing so.

By: &nbsp Now Is the Best Time to Make Games » GBGames - Thoughts on Indie Game Development

Wed, 15 Oct 2008 19:01:24 +0000

[...] how do you start? I wrote an article about Forming an LLC in Illinois, and running an LLC is much easier than running an S Corporation. If you don’t know the [...]

By: &nbsp Happy Anniversary, GBGames! » GBGames - Thoughts on Indie Game Development

Sat, 22 Mar 2008 08:02:32 +0000

[...] felt good because my income easily paid for my web hosting and domain name, but the legal costs of forming an LLC and filing the annual reports totals $1000 over two years. My income hasn’t paid for half of [...]

By: GBGames

GBGames — Tue, 04 Mar 2008 21:26:09 +0000

JS: I am not too sure about sales tax rules, but I did find this helpful information from Nolo Press' website: Sales Tax on the Internet: Who Pays It, Who Doesn't. I hope it helps!

By: JS

JS — Tue, 04 Mar 2008 19:35:11 +0000

Hey – Great information ! One question here. I am going to set up an LLC in Illinois (have one out of state but I an now in OL and it’s cheaper to set up a new one than file for an out of state entity). It will be doing web site development. As far as I know services do not have to collect sales tax. Can anybody confirm and clarify when sales tax has to be collected ?

Thanks !

By: &nbsp Filing the LLC Annual Report Again » GBGames - Thoughts on Indie Game Development

Fri, 29 Feb 2008 08:02:21 +0000

[...] If you are interested in learning how to form an LLC in Illinois, please read my earlier blog post Forming an LLC in Illinois. Also read through the comments, since people have asked some good questions since I’ve [...]

By: LLC Center

LLC Center — Tue, 18 Dec 2007 19:05:04 +0000

This is a very good summary of what you need to do to form your own limited liability company in Illinois. As you point out, for a single member LLC, it is pretty simple. I would just add two cautions:

1. If you need the LLC formed quickly, you should use the Secretary of State’s expedited service ($100 extra). It is explained on the Secretary of State’s website. Otherwise, you may have to wait several weeks to find out if and when the LLC was formed.

2. In Illinois, you must specify whether the LLC is member-managed or manager-managed. Most single member LLCs are member-managed, but you should be aware that if the LLC is manager managed and the manager is the member, the LLC Act requires that the operating agreement be in writing.

By: GBGames

GBGames — Mon, 01 Oct 2007 18:15:54 +0000

Al: Basically, since I am not involved with purchasing physical goods, such as a restaurant or a storefront might, there isn’t really a need for one. At least, that was my understanding. My business is more virtual than brick-and-mortar, and I don’t intend to hire an employee anytime soon.

If either of those two circumstances change, I’ll have to remember to get one. I otherwise only have a Federal Tax ID for my business.

By: Al

Al — Sun, 30 Sep 2007 02:48:10 +0000

You indicated when you formed your LLC that “He also talked about the lack of a need to apply for an Illinois Business Tax number. I’m going to be reading more about this topic…”

Did you ever end up having to file for an Illinois Business Tax Number?

Or did you have to register the business according to the following from the Sate of Illinois Business Portal?

“To Register
Register with IDOR before you make any sales or when you hire an employee. For those businesses that have sales or use tax liability in Illinois, you will receive a Certificate of Registration that must be displayed in a prominent location in the place of business to which it applies. To register your business and receive your Certificate of Registration and Illinois Business Tax number ( i.e., your “tax” number or IBT no.), you have these options:

* Register electronically with on-line Business Registration application (1-2 days)
* Complete and mail Form REG-1 (PDF 77 KB) PDF, Illinois Business Registration Application (6-8 weeks) ”

Thanks Al

By: GBGames

GBGames — Thu, 27 Sep 2007 11:16:42 +0000

Mary Jo: The annual report is actually something that the government sends to you. You verify that the information is still correct, attach a regular check to it, and send it back. I actually refer to my own experience this past year with it on http://gbgames.com/blog/?p=591

Line 5 wants to know the purpose of your business, which can be as generic as the line that is already provided. In fact, I didn’t modify the answer that is listed on the sheet already, and it is perfectly fine to do so.