LLC Cost Illinois: Everything You Need to Know
LLC cost Illinois refers to the cost of creating and maintaining an LLC, or limited liability company, in the state of Illinois.3 min read
2. LLC Filing Fee
3. Expedited and Online Service Fees
4. Illinois LLC Tax Costs
5. LLC Fees for Non-Governmental Service
6. Other LLC Fees
Forming an LLC in Illinois
LLC cost Illinois refers to the cost of creating and maintaining an LLC, or limited liability company, in the state of Illinois. This cost includes taxes, filing fees, and possibly other assorted fees, depending on your business activities.
Regardless of these fees, the cost of forming and operating an LLC in Illinois may still be less than forming and operating other business entities, since LLCs enjoy pass-through taxation, meaning that LLC profits are passed through to the LLC member’s personal income and double-taxation is thereby avoided. Because of this, LLCs are the most popular choice for small business owners. In Illinois, they can be formed by filing through the secretary of state’s website or with the help of a tax service.
LLC Filing Fee
In order to form an LLC in Illinois, it will be necessary to file Articles of Organization with the Secretary of State. Articles of Organization provide basic information about your LLC, such as your name, address, and registered agent’s name and address to the state. There are some fees for this filing, however. They are:
- $150 filing fee for a regular LLC.
- $400 filing fee for a series LLC.
- 2.35 percent payment processing fee if the fee payment is made with a credit card.
The State of Illinois accepts MasterCard, Visa, American Express, and Discover for this credit card payment; debit cards are not recommended. The Illinois Department of Business can provide more information on this process.
Expedited and Online Service Fees
If you urgently need to form your LLC, there is an expedited filing service available through the Illinois Secretary of State’s office. The expedited service fee is $100, and it will get your Articles of Organization filed in under 24 hours (while non-expedited filings will usually take between one to two weeks). One can request expedited service either in person or by filing with the secretary of state’s CyberDriveIllinois website.
Illinois LLC Tax Costs
There are several taxes an LLC will be subject to in Illinois. These taxes are:
- The Illinois personal income tax: 5 percent.
- The Illinois sales tax: 8.4 percent average (6.25 percent state tax, plus average 2.15 percent local tax.
Some counties and municipalities also have their own taxes in addition to these taxes. The local revenue department should be able to inform you if these taxes will apply to your LLC.
LLC Fees for Non-Governmental Service
Depending on what route you take for LLC creation, there could be additional fees. If you use the services of a private company to help you with LLC filing, there will be an additional cost to add onto the state’s filing fees. Consulting with an accountant or attorney will also add extra costs. In either case, it is a good idea to obtain service quotes from several professionals or companies before entering into a business agreement with them.
Other LLC Fees
In addition to the above fees that are most typically encountered, there are a number of other fees one could encounter while establishing or operating an LLC in Illinois. These fees include:
- Abstract Fee: $25 ($45 expedited)
- Certificate of Good Standing Fee: $25 ($45 expedited)
- Certified Copy Fee $25 ($45 expedited)
- Reserved Name Cancellation Fee $5 ($55 expedited)
- Reserved Name Transfer Fee $25 ($75 expedited)
- Resignation of Registered Agent Fee $5 ($55 expedited)
- Change of Registered Agent Fee $25 ($75 expedited)
- Affidavit of Compliance Fee $5 ($55 expedited)
- Articles of Amendment Fee $50 ($150 expedited)
- Restated Articles of Organization Fee $150 ($350 expedited)
- Domestic Application of Withdrawal Fee $5 ($55 expedited)
- Statement of Correction Fee $25 ($75 expedited)
- Petition for Refund Fee $5 ($55 expedited)
- Statement of Denial Fee $10 ($60 expedited)
- Statement of Termination Fee $5 ($55 expedited)
- Application of Reinstatement Fee $200 ($300 expedited)
- Articles of Conversion Fee $100 ($300 expedited)
- Articles of Domestication Fee $100 ($150 expedited)
- Domestication Statement Fee $100 ($150 expedited)
What sort of fees you must pay in Illinois will depend greatly on what sort of business your LLC is engaged in. If you need further help with LLC cost in Illinois, you can post your legal need on UpCounsel’s marketplace. UpCounsel accepts only the top 5-percent of lawyers. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law, and average 14 years of legal experience, including work with, or on behalf of companies like Google, Menlo Ventures, and Airbnb.