Legal Question in Business Law in Illinois

I am looking to set up a LLC in Illinois. I will be the only member.

1) what is the process to funding the initial start up costs? I read somewhere that it should be done before the business is set up? Is this tax exempt?

Asked on 12/21/18, 6:24 am

2 Answers from Attorneys

Thomas Moens Moens Law Offices, Chartered

You will need to complete articles of organization to be sent to the Secretary of State along with their $150 fee. You also should have an operating agreement. A business law attorney in your area can assist you with these items. If you need money for start up costs, you will need to speak to a lending institution, but they likely will require significant collateral. The IRS will treat an LLC as a corporation, partnership, or as part of the owner's tax return, often referred to as a disregarded entity. Your business law attorney can assist you with this as well. You also may want to seek the advice of a tax professional.

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Answered on 12/21/18, 6:50 am
Michael Goldberg Johnston Tomei Lenczycki & Goldberg LLC

I concur with Mr. Moens. I recommend you speak with a business attorney to have the articles of organization and an operating agreement created. If you are looking for funding, the SBA can help.

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Answered on 12/21/18, 7:25 am

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