When forming a limited liability company (LLC) in Chicago, there is a lot to consider in terms of local regulations and laws in order to ensure you remain in compliance. Thus, if you’re hoping to start your own LLC in Chicago, here are the five top things to consider to help you do so properly and avoid potential legal issues.

1. Hire an Experienced Business Attorney

The most important criterion for starting an LLC in Chicago is to hire an experienced and competent business attorney who is well-versed in local regulations. Not only will they be able to guide you through the legal processes, but they can also alert you of any possible risks or potential losses before you enter into any agreement.

Business attorneys, in particular, can help create company contracts, will be knowledgeable about applicable tax laws, and more. UpCounsel is an excellent choice for finding lawyers experienced in LLC formation in Chicago since it boasts a network of experienced attorneys, has a trusted selection of lawyer profiles that highlight client reviews, and it’s easy to find other attorneys in UpCounsel’s network when you need them.

2. Register with the State of Illinois

The next crucial step in forming an LLC in Chicago is registering your business with the State of Illinois. To do this, you must do the following:

• Choose a unique name for your LLC.

• File articles of organization with the Illinois Secretary of State.

• Pay the required fee.

• Submit specific requests related to your business.

Your lawyer can help you through this process and ensure that you remain in full compliance with the law.

3. Have Your LLC Documents Ready

To form an LLC in Chicago, you’ll need the following documents:

• Operating Agreement - This is the document that outlines the roles, rights, and responsibilities of the LLC members. It should include all the necessary information that defines the ownership of the LLC, distribution of profits, and management structure.

• Statement of Authority - This filing is required to show that the LLC is registered with the state and is authorized to conduct business in Chicago.

• Business Licenses - Depending on the type of business you are operating, you may need to obtain certain business licenses from the state of Illinois.

Once again, be sure that you are up-to-date on any applicable regulations or laws and seek the help of a business attorney to make sure you are covered.

4. Set Up a Business Bank Account

For tax purposes, it’s important to set up a separate business bank account for your LLC. This will help ensure that your business’s financial activities remain separate from your personal ones. As such, you’ll need to submit the proper documents to your bank for verification.

5. Obtain Necessary Insurances

In Chicago, all businesses must be adequately insured. This includes any coverage needed to protect the LLC’s business assets, as well as liability insurance to protect the company and you from any potential claims that could arise.

Furthermore, depending on the type of business you are operating, you may need to obtain other types of insurance such as workers’ compensation, property insurance, and more.

In summary

Forming an LLC in Chicago requires a great deal of planning ahead of time and extensive knowledge of all applicable local regulations and laws. With the help of an experienced business lawyer, however, the process can be made easier and smoother. Above are the five most important things to consider when forming an LLC in Chicago.


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