Forming a Limited Liability Company in Illinois
Forming an LLC in Illinois, may not be as hard as you think it is. However, it can be a difficult and time consuming task if you are forming an LLC in Illinois for the first time. Still, there are options which can make the process much easier and we are going to review the most common.
There are three primary ways businesses choose when forming an LLC in Illinois.
- First, you can form the LLC yourself through the Illinois Secretary of State
- You can also hire an attorney to handle your filing
- Or you can hire a company specializing in business formations
Each of these options provide advantages and disadvantages, so it is important to choose carefully, based on your own levels of experience and understanding of limited liability companies, as well as the budget you have allotted for starting your business.
Let's quickly review the three options.
Cost will probably always make this a popular option with small businesses. There is no other option that will cost less than doing it yourself, as is true with so many things. However, forming your business personally is also the most likely of the three ways to result in errors in the filing. When errors happen, your cost savings are almost certainly gone. The state forms, as with so many government processes, are complicated and errors can be expensive to correct. First, of course, you must be aware you made a mistake. The Illinois Secretary of State does not concern itself with insuring much beyond having all the boxes filled in. When forming an LLC in Illinois, the responsibility for doing it right falls on you.
Anyone who has your best interest at heart will suggest you consult with an attorney, as well as a financial expert before forming an LLC in Illinois or anywhere else. After all, you are forming an LLC for the limited liability protection and the tax benefits it can provide you. In a matter as important as this, you may need more than what your friends and family can offer. When you meet with a licensed professional, the advice they give should prove to be invaluable in terms of how you structure both the legal entity and the financial order of the company. Unfortunately, you will also see how very expensive their help can be. Depending on where you are located and the rates charged, this one meeting can easily cost hundreds of dollars. Still, you are paying them because of their expertise and this meeting probably should be part of your plan. Once they structure the plan, however, you have other options, which are less expensive, for implementing it. Having an attorney form an LLC for you is the most expensive way to go, to the point of potentially costing thousand of dollars.
Companies that specialize in business formations, like EZOnlineFiling.com are the bridge between the other two options. We will not advise you on legal and/or financial matters, since we are not licensed to do so, but we are significantly less expensive for the actual process of forming an LLC in Illinois and the help we provide as specialists is invaluable. The idea is to know basically what you want when you go to the formation company. All we do is business formations, so when you are ready to form an LLC in Illinois, there is no other choice that offers a better combination of speed, accuracy and expense control.