Adam Diamond and his entire team were wonderful to work with. They provided succinct explanations of procedures, helpful advice on how to handle any hiccups along the way, and peace of mind, especially on the day of closing. Corporations also pay much lower annual fees than LLCs. In Illinois, an annual report is a regular filing that your LLC must complete every year. In addition, Illinois’ fee for starting an LLC is the country’s second-highest, just below the … The annual report is due each year by the first day of the month in which your LLC was created. All LLCs are required to file their annual report with the Illinois Secretary of State. Jean Butler is truly a one of a kind attorney. 1440 W. Taylor Street #510 The strange thing about Series LLC’s is that Illinois has authorized their creation since 2005, but as of the date of this article (January 2018), experts are still not certain that the separation of liability between the series, or pods, will withstand legal scrutiny. The annual report filing fee is about $250. She's very professional and we had alot of laughs too!! He has also added personal concern for us and that has meant so much! For real estate investors with many different LLC’s, this is a huge administrative cost savings. Diamond & LaSueur did a wonderful job helping us close on our first home! I formed an LLC, but have found out that I could also be a sole proprietor with a DBA. For example, if your company was registered on September 15th, your Annual Report would be due by August 31st. This means that under the new law the savings in using a Series LLC is only $100 at the start and $25 per year. He was a fantastic choice as an attorney for such a big step for my husband and I, and we highly recommend him!". An $800 annual tax is due by the 15th day of the fourth month after an LLC is formed. Illinois Secretary of State Significantly Decreases LLC Filing Fees By Emily Fiore and David Blum on January 29, 2018 Posted in Illinois, Sales Tax, Use Tax. I would recommend Diamond & LeSueur to anyone who needs attorney help in the field they serve. Adam Diamond and Grace stepping in and handling critical communications when Megan was tied up with another client. We could not expect better experience with Adam and his team. Illinois requires a business owner to pay certain fees to form an LLC. Instead of paying $250 each year for each company, you could pay $250 for the Series LLC and $50 for each series. We offer a free initial consultation for up to 15 minutes for most legal matters. Here is the link to the form you need to complete and mail. The choice of a lawyer is an important decision and should not be based solely upon advertisements. $100 per corporation; $250 per LLC; $250 per Series LLC plus $50 per cell ‍As you can see, if you have 2 businesses the Series LLC is already more cost-effective from a Secretary of State perspective than filing 2 LLCs. She made everything go smoothly from start to finish. Add photos. ... a law firm with a "small-town feel" providing effective, confidential representation with compassion and clear communication. If you form an LLC in Illinois, don’t forget about the annual report requirement!! Nothing on this site should be taken as legal advice for any individual case or situation. While an LLC may be involuntarily dissolved through a court decree, or for administrative reasons such as failing to file annual reports or pay fees, this article covers voluntary dissolution by the LLC members.In order to voluntarily dissolve your LLC, look … He went above and beyond in helping me through this difficult process. The report is essentially updating your registered agent address and paying a $250 fee for filing online or a $300 fee for filing in paper. This law firm rocks! Thanks. I am thankful to have found the Diamond and LeSueur team. hello@indielaw.com At closing, she made all the overwhelming amount of paperwork and legal jargon easy to understand. You’ll also have to pay filing fees if you need to change your LLC’s name or registered agent ($50). And if you wanted the convenience of filing online, the prices were even higher. The State of Illinois charges a $undefined fee to file and start an LLC. The Illinois Secretary of State charges $150 to file the Articles of Organization. I appreciate all you have done for me! Or click here to replenish your retainer. Thanks Adam! There is no other firm we would ever use! WHAT IS AN ANNUAL REPORT? She made this whole process easy, worry free and very comfortable! The case was resolved very quickly and smoothly. BACK TO … For a Traditional LLC, the fee for Articles of Organization (required to create it) went from $500 down to $150 (a 70% reduction!) Illinois wants $100 to dissolve an LLC officially, which is just more state robbery. I am always happy to know that Diamond and LeSueur or on one of my files, I never have to worry about things getting done it is a pleasure to work with Adam and his staff. I would absolutely recommend your services to everyone! The State of Illinois has reduced many of the Limited Liability Company (LLC) filing fees ... not filed within 60 days of the due date requires payment of the late filing penalty mandated by Section 50-15 of the Limited Liability Company Act. She will always have a special place in my family. She helped my son and I through what could have been a horrible divorce. Highly recommended. Calls were taken or returned promptly, we were always kept in the loop. These mandatory costs typically include fees associated with filing documents the state requires to legally establish the organization. Every year thereafter, in order to continue operations, the company must file an annual report and pay the state an annual report fee of $250. foreclosure defense, short sales, deeds in lieu of foreclosure, etc.) This team won't let you down and will be there for you to walk you through the tough times and celebrate your success! As of December 2017, the new filing fee for forming an LLC in Illinois is $150. The state filing fee to file this report is $250. Bryan Adcock & Kim Hammond. Illinois has recently become a much more business-friendly state. Meghan was so very friendly and helpful when buying our first home. Running into the issues we did with our buyer, I was thanking God we had Megan on our side. These are required every two years thereafter. Life at times hands us things we aren't knowledgeable to take care if without help; at least this was the case for my husband and me. ... the total cost of state fees for forming your LLC runs from $150 (standard process) to $300 (expedited process). You’ll also have to pay the filing fee for all missed annual reports and late fees ($100 per late report). This is my first home purchase and I will remember it forever. Instead of paying another $500 to create a whole new LLC, you could keep creating Series for $50 each. Would highly recommend their services to anyone. My attorney, Jean Butler has integrity, honesty, and fought hard for my daughter’s best interests. At the time of incorporation, the state charges an initial fee to organize the company in the amount of $500. Working with Grace Jinkins was a great experience. We would HIGHLY recommend Diamond and LeSueur for anyone's legal needs! Within 90 days after formation, LLCs must provide a $20 reporting fee and a statement of information. She was diligent, focused and fast in dismissing my Dad's unlawful charges. In Illinois, if you wanted to use multiple Limited Liability Companies (also known as a “Traditional LLC”) and you didn’t want to pay $500 to set up each one and $250 per year to maintain it, you may want to use a Series Limited Liability Company (also known as a “Series LLC”). A Series LLC is a LLC that can create separate cells, known as series, within itself designed to separate assets, liabilities and members (owners). Right before closing, they went through the math and actually caught my LENDER/BANK MAKING A CALCULATION MISTAKE. My interactions with these attorneys have been terrific. Also, Linda the receptionist is a doll. ; Filing on your own is often the … In Illinois, you’ll need to file an annual report each year. Really pleased with Grace Jinkins and the work she's done for us. I highly recommend if anyone is in need of a great team of attorneys, that you take the time to make an appointment and meet with this team. For a Traditional LLC, the fee for Articles of Organization (required to create it) went from $500 down to $150 (a 70% reduction!) LLC: Illinois LLCs, foreign or domestic, file Annual Report. Illinois Annual Registration Instructions & Filing Fees In order to remain in compliance with the law, each company that is registered for business in the state of Illinois is required to submit an annual report with the Illinois Department of Business Services. Jean Butler is awesome. She is extremely knowledgeable and actually cares about you and your situation. They did an amazing job assisting me. The form you’ll need to file is called the Limited Liability Company Act Articles of Organization. Let’s Talk! Can you believe that? Articles of Organization legally create an LLC. and the fee for the Annual Report (required to be filed every year to keep the company in good standing) went from $250 down to $75 (70% savings). The fee to organize a Series LLC used to be $750, as opposed to the $500 fee for a Traditional LLC.   However, once you have a Series LLC started, you can file a Certificate of Designation, and pay a $50 filing fee to create a Series that could be treated like a completely separate entity. (Be careful, Illinois still charges “expedited fees” if you file the forms electronically ($250 total to form the LLC, $125 total to file an annual report.). I work with attorneys every day, and I rate Drake Shunneson of Diamond LeSueur as one of the most thoughtful and talented attorneys that I know. After the amazing experience we had with our recent house purchase and closing, we will never go anywhere else! They're the best!! Going through legal battles can be very stressful and confusing. All required documents were submitted in a timely manner, usually within hours of being requested. You can reserve your LLC name with the Illinois Secretary of State for $25. Very informative and helpful. Did a great job for us and we'll be using him when we sell our home. Can I simply not file my Annual Fee to let the LLC die on its own? She was quick to respond when issues arose and quick to resolve. If they are able to help you, you can be sure they will give their all to help resolve your situation. Our closing went quickly and Adam's office kept us up to date and arranged for earlier closing at our request. The filing fee for the Illinois reinstatement form is $200. Filing an LLC and Fees I have no regrets. • Illinois LLC Annual Report Fee: – mail filing fee reduced from $250 to $75 – online filing fee reduced from $300 to $125 (later reduced to $75) Prior to these changes, Illinois (with Massachusetts) had the highest fees in the nation to start an LLC. We wouldn't go with anyone else. The penalty for not filing your annual report on time is steep. How much will it cost to revive an Illinois LLC? Due date for this filing is last day of previous filing anniversary month. and the fee for the Annual Report (required to be filed every year to keep the company in good standing) went from $250 down to $75 (70% savings). Click here to see a list of all of the price changes that went into effect under the recent legislation change. Megan was our attorney and she was in our corner 24/7. A Series LLC can also save you money on your annual reports that need to be filed every year for each company. She's super sweet and kind, and was most helpful during all of this. Officially ending its existence as a state-registered business entity, and putting it beyond the reach of creditors and other claimants, begins with a formal process called dissolution. Click here to find the Limited Liability Company file number. However, if you have paid capital to report then then the form will need to reflect those gains accordingly. is best for you, contact any of our corporate attorneys at Diamond & LeSueur P.C., the local McHenry Attorneys. Grace was amazing! Also she is very good at helping you feel less stressed out. With this debate in mind, the savings reduction created by the new law could substantially reduce the use of Series LLCs. reasonable prices. I'm blessed to have had Drake Shunneson as my attorney. The service I have received has been excellent. We've been dragging our feet for years, and were a bit overwhelmed. An Illinois limited liability company is formed by submitting in duplicate the Certificate of Organization for Limited Liability Company, LLC-5.5 and paying the filing fee to Illinois Secretary of State, Department of Business Services. Grace Jinkins helped me with my traffic ticket and did an excellent job. Thank you Drake, Linda, Sam, and the rest of your team! On the other side, experts are not sure that the separation will survive legal scrutiny in litigation because the very few appellate courts have addressed the issue. The minimum filing fee with Illinois is $100.00.The required Illinois business filling fee is $75.00 and $25.00 is franchise tax. To better assist Diamond & LeSueur clients, Adam is licensed to practice law in both Illinois and Wisconsin. She made it so the experience was fun and exciting (without stress); as buying a new house should be! This is the recommended method, as the filing is processed immediately. I don't think that I could have found a better attorney, thank you so much for everything. The Illinois LLC Annual Report costs $75 per year. Articles of Organization. A Series LLC can either be created by filing Articles of Organization or amending the Articles of Organization of a Traditional LLC to authorize it to establish a series. Hire Northwest for a one-time fee of $379 ($481 for 1-day expediting), including state filing fees, a year of registered agent service, limited mail forwarding and loads of useful forms and tools to help get your Illinois LLC up and running. For a Series LLC, the cost of filing the Articles of Organization wet from $750 down to $400 and the annual report for each series, stayed at $50. They saved me a day of disappointment and heartbreak, because I would have been short with cash at closing. Annual Report $250 $75 Reinstatement Application $500 $200 Petition for Refund $15 $5 Statement of Termination $25 $5 Application for Withdrawal – Foreign $100 $5 Any Other Document $100 $5 -###- It used to cost $500 in filing fees to form an LLC in Illinois, and $250 to pay annual report filing fees. Her presentation was fun, informative and overall an enjoyable experience. It was great to know we had an advocate during such a hectic time! Their team caught it, and once we brought it up to the lender, I was able to bring the right amount to closing. Your LLC is registered with the State of Illinois. Rented a house from them in wonder lake and they kept my security deposit because they claimed their were damages when in fact their were no damages AND I improved the property by removing old trees and a metal rusted shed from the 50's.... cheap rent but they will screw you out of your security deposit for no reason. I would recommend Diamond and LeSueur to anyone. She made took all of our input and made all the details look easy. Illinois LLC: $225; Illinois Corporation: $75 plus Franchise Tax; You can file Annual Reports online through CyberDrive. (Be careful, Illinois still charges “expedited fees” if you file the forms electronically ($250 total to form the LLC, $125 total to file an annual report.) My current LLC Annual Fees are due on 10/01, with a grace period until 12/01. Although his job is incredibly serious and important, he makes the process entertaining with his personality, but still makes sure your know what you are signing your name on. Effective, responsive, personable and enjoyable to do business with - the best McHenry attorneys -- I highly recommend! In December of 2017, Illinois passed a new law that reduced the fees for both Traditional and Series LLCs. My case was resolved quickly and the services were very reasonably priced. Like most states, Illinois requires that LLCs file an annual report each year. Series LLC (each series after the initial Series LLC is created). Him and his team at D&L are responsive, and have amazing attention to detail. IDPH licenses Community Mental Health Centers - entities that provide the following services: Outpatient services, including specialized outpatient services for children, the elderly, individuals who are chronically mentally ill, and residents of the CMHC’s mental health service area who have been discharged from inpatient treatment at a mental health facility; 24 hour-a-day emergency … "We chose Adam as our attorney as he was highly recommended by our Realtor, and rightfully so! I hope I don't need an attorney again for family law but if I did, Jean would be my first pick. We've had three deals and all went extremely smooth due to the efficiency of staff and attorneys. Would recommend to anyone! We have sold and purchased 3 homes with Diamond and LeSueur and I have never had a harder working attorney and group than I did with this last sale and purchase. We worked with Adam Diamond and the team at Diamond and LeSueur when selling our home. Awesome group of people!!! I have been in the title industry for many decades (we will leave it at that) and have worked with my attorney's. You can also choose to pay an attorney, an accountant, or a third-party agency to help you start your business. To set up an LLC in Illinois, costs include a $150 fee for filing your articles of organization, as well as other government and filing fees. Corporation & PC: He made sure that I understand each part of the home buying process, and was able to answer all of my million questions during this process. She was amazing to work with in every way. 312-766-6889. She made everything go smoothly and was a source of great emotional support as well. If you need help from an accountant for taxes, that will cost a few hundred dollars per year (on average). He has been so much more than just a lawyer handling our affairs. She gave us confidence in our decisions and our results. If you’d like assistance with forming an LLC in Illinois, call or text us at 800-205-4125 or email us at hello@indielaw.com. Very detailed and knows how to get things done. Submit the form in by mail, fax, in person or online. Here is a chart demonstrating the changes in savings created by the new law: This graphical view shows just how significant the savings are. Great experience with great lawyer!Thank you Adam!! Illinois LLC Legal Requirements & Fees Depending on the specifics of your Illinois business, you’ll be required to pay certain fees and fulfill different filing … They were infinitely professional, readily accessible and highly communicative: they were a dream to work with from the very beginning of the process. This means that using a Series LLC may not actually provide the protection it was designed for. To expand his real estate knowledge, in 2007 he acquired an Illinois Real Estate Broker’s License and became an active member of the Heartland Realtor Organization. ID Secretary of State, Annual Report: Illinois LLC: $150: $75: Annual, anniversary month: IL Secretary of State, Annual Report: Indiana LLC: $95: $30: Biennial, anniversary month: IN Secretary of State, Business Entity Report: Iowa LLC: $50: $45: Biennial, April 1 of odd years: IA Secretary of State, Biennial Report: Kansas LLC: $160: $50: Annual, April 15 Experience with great lawyer! thank you Adam! actually provide the protection it was great to know had! Calls were taken or returned promptly, we were always kept in the loop $ 500 to create whole. Protection it was designed for selling our home did an excellent job, free. And his entire team were wonderful to work with made took all of this could have a! 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