How Much Does an LLC Cost in Illinois?

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Costs Associated with Forming an LLC in Illinois

  • Initial Cost: $154 for filing the Articles of Organization
  • Additional Costs:
    • Obtaining licenses and permits
    • Registered agent service ($50-$300 per year)
    • Annual report filing ($75)

Tax Considerations for Illinois LLCs

  • S-Corp Election and Tax Savings:
    • Filing Form 2553 with the IRS
    • Pass-through taxation and profit distribution

Compliance and Tax Filing for Illinois LLCs

  • Filing Requirements:
    • Form IL-1120 for LLCs taxed as corporations
    • Timely submission of paperwork and fees
  • Penalties:
    • Risk of penalties over $100 for missing deadlines

Additional Costs and Tax Considerations

  • Additional Costs:
    • Assumed name registration ($150)
    • Drafting an operating agreement (cost varies)
    • Attorney fees for LLC formation ($500-$2,000)

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