Each state has different requirements for forming a limited liability company (LLC). Whether you are starting a business or incorporating a business already in existence, you'll want to understand the state requirements for LLC formation.
Acceptable LLC Names in Illinois
In Illinois, the name of an LLC must end with "Limited Liability Company," "LLC" or "L.L.C.” and must be distinguishable from all other domestic and foreign LLCs in the state. The use of "Bank," "Trust" or variations on those words must be approved by the Department of Banks and Trusts.
Illinois’s Requirements for LLC Members and Managers
- There must be at least one member/manager.
- There are no residency requirements for members or managers.
- There are no age requirements to be an LLC member or manager.
Requirements for Illinois Articles of Organization
An Illinois LLC is created when Articles of Organization are approved by the state. Formation of an LLC in Illinois requires that the names and addresses of members/managers be disclosed in the Articles of Organization.
LLC Must Have a Registered Agent
Every Illinois LLC must appoint a registered agent as part of the formation process. The Articles of Organization require the name and address of a registered agent. The registered agent must have a physical address (no post office boxes) in Illinois and must be available during normal business hours to accept important legal and tax documents for the business.
Can Professionals Operate as an LLC in Illinois?
Professionals, such as accountants, attorneys and physicians, are not allowed to form professional limited liability companies (PLLCs) in Illinois.