How to Form an LLC in Alton, IL
It takes courage and initiative to decide to start a small business of your own but knowing the steps you need to take to get a business off the ground can help you avoid small mistakes that might come back to haunt you in the future. The process of creating a limited liability company (LLC) in Alton, IL allows you to separate your personal life from that of your company and save you from being financially responsible for debts acquired by your company. Filing for a limited liability company is straightforward but can be confusing if you’re not familiar with Illinois statutes regarding the formation of business entities.
Before Filing Paperwork
If you’re preparing to form a small business, chances are you have already chosen the product or service you want to offer and may have even considered marketing strategies, design elements, and the name you want to use for your company. Before you can file official paperwork with the name you’ve chosen, however, you need to make sure another company in the state isn’t already using it. You also need to remember the following:
- Your business name must contain “limited liability company,” LLC or L.L.C., but cannot contain abbreviations or titles of other business entities, and such are Corporation, Limited Partnership, or other such derivatives
- You cannot include specific industry-specific titles in your names, such as Bank, University, or Doctor unless you have a licensed individual within the company who works in that field
- You cannot use any name that could be confused as part of the government, for example, CIA or Department of Education
LLC Decisions and Filing
Once you have chosen your small business name, Illinois statutes require you to select a registered agent for your limited liability company, a person designated to receive legal documents. You can choose yourself or a third party to act in the role, but hiring an outside entity can save you from being liable for misplaced or lost paperwork that could result in legal issues. If you are in partnership with another business or company, it is best to find an objective, third-party representative that can keep track of important documents regarding financial and legal issues.
Filing for your LLC Articles of Organization in Illinois is the easiest part of the process. It involves filling out an online or paper application that you will mail to the Department of Business Services. The cost to file is $150, and the paperwork should be completed within 10 days. You will have to state on your application your intended business structure, whether your company will be member-managed or manager-managed. Smaller companies and partnerships are typically member-managed.