LLC Illinois Secretary of State: Everything You Need to Know
The LLC Illinois Secretary of State registers your LLC if you choose to register it. You can also search LLC names that is already registered in their database.3 min read
2. Corporate Reports
3. Deciding on an LLC
4. LLC Naming Process
The LLC Illinois Secretary of State registers your business if you choose an LLC registration. In addition, you can search the LLC/corporate database to find LLC names already registered in the database. You can also do the following:
- Get detailed reports
- Get a certificate of good standing
- Look for new company names
Also, the database gets regular updates, so you know all information on the website is current. When searching for a newer business name, your new name must be different from other LLCs/corporations registered in the database. If the name is not in the database, the search results will show nothing. Therefore, your intended name is available. Keep in mind that the data only provides a preliminary check, and the final check is assessed by the Secretary of State office.
You can email your name request, or you can call the office directly. To reserve a business name, you may submit a Name Reservation document. You must also submit a duplicate copy to the Illinois state department, along with the filing fee of around $300.
Name Reservation Steps
You must also include the reservation name along with the following:
- Applicant name
When it comes to the File Detail Report, it usually includes common information on LLCs or a corporation. Such information would include:
- Creation date
- Registered agent name and agent name
A corporate report also mentions addresses and names of the secretary and president. The LLC report determines if the company is manager-managed or member-managed. The report also includes an annual report filing date and if the business is in good standing. A File Detail Report also allows you to buy a good-standing certificate if the business adhered to the necessary mandates. You can then print the document after you complete the transaction. You must also be aware of the following fee structures to buy the certificates:
- $45 fee to obtain a good-standing certificate for an LLC or corporation
- $16 fee for non-profit corporations
A certificate of good standing ensures that your LLC was created legally and has been maintained in the proper manner.
You may need such a certificate in the following cases:
- If you are seeking loans from lenders or banks
- If you are registering your LLC in another state
- Getting licenses or permits
Deciding on an LLC
Before creating an LLC in Illinois, you must know how an LLC can help you and if it would benefit your business goals. First, you should know that an LLC is a business entity that combines the structure of a corporation with a limited liability partnership. Also, LLCs provide certain liability protections for members, and the LLC is considered a separate entity from the owners.
LLC members may be:
- Other LLCs
- Foreign entities
Another benefit is that LLCs have no restrictions on the number of members. Overall, creating an LLC in Illinois is a simple process, and it is affordable. With that, you need to take certain steps to successfully register the business. All fees and documents must be submitted to the Business Services Department of the secretary of state office. Most notably, the LLC registration process requires articles of organization to be sent to the secretary of state office.
You may file an LLC online for the following reasons:
- If the business has one or more partners when you complete the transaction
- The business uses a general purpose clause
- The company will exist in perpetuity
- If there is a sole organizer who is at least 18 years old and is not completing the document for someone else via power of attorney
If any of the standards above do not apply, the business must submit its articles of organization via paper (Form LLC-5.5). Also, you may not file online if you have over eight managers. The processing time for electronic submission takes place between one or two business days. The paper process ranges from six to eight weeks.
LLC Naming Process
When it comes to the LLC naming process, you must first ensure that the name adheres to Illinois state law. In addition, the words must include such designators as “LLC” or “Limited Liability Company.” You must also be aware of restricted words:
The aforementioned words come with additional licensure and certification. Outright prohibited words include:
- Secret Service
You may not associate your business with government agencies of any kind.
To know more about the LLC Illinois Secretary of State, post your legal need to our UpCounsel marketplace. UpCounsel’s lawyers have graduated from some of the best law schools in the nation and will help you create an LLC in Illinois. Moreover, they will provide further insight into maintenance procedures for your LLC.