Illinois Reservation of Limited Partnership Name
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How to fill out Reservation Of Limited Partnership Name?
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FAQ
A Limited liability company (LLC) is a business structure that offers limited liability protection and pass-through taxation. As with corporations, the LLC legally exists as a separate entity from its owners. Therefore, owners cannot typically be held personally responsible for the business debts and liabilities.
Each member of a limited liability company needs to pay 12.4% of the LLC's profits for Self-Employment taxes, in addition to 2.9% for Medicare. Furthermore, they must pay the flat rate Illinois State Income Tax, 4.95%.
It costs $150 to start an Illinois LLC. This is a one-time filing fee for the LLC Articles of Organization. There are no other required filing fees to create your business entity with the state. Some LLCs may need a business license in Illinois.
Pick a naming structure for each series A series LLC will also have to pick a name for each individual series. ing to Illinois law, each series LLC name must begin with the full name of the parent LLC. After that, you can decide what to name each one on your own.
The Illinois Limited Liability Company Act permits Illinois LLCs registered with the Secretary of State to be formed for any lawful purpose.
If you decide you would like to reserve a corporate name, you will need to complete and submit a Name Reservation form. Alternatively, a preliminary check of corporate name availability may continue to be conducted via telephone by calling 217-782-9521. Proper completion of this form is the customer's responsibility.
The requirements for forming limited partnerships vary from state to state. In Illinois, the Uniform Limited Partnership Act governs the creation and management of limited partnerships. The Illinois Secretary of State is responsible for the registration of limited partnerships.
A Series LLC gives you all the same benefits as a regular LLC, but it serves as a sort of "umbrella company" with additional flexibility and protections for multiple companies or lines of business within your overall operation. But who uses a Series LLC? One example is rental property owners.
