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A series LLC in Illinois is a form of LLC that offers its owners and members unique liability and tax advantages. The series LLC is made up of a master LLC and one or more sub-series that branch out of it.

Beginning your own series It is not need to be tough to form an LLC in Illinois. It’s easy with our step-by-step instructions!

An illustration of how a series L L C permits its members to split a “parent” L L C’s assets and activities into a number of “child” series.

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You should know the answers to the following questions before naming your series LLC:

1. Series LLC name regulations differ per state. In Illinois, you must follow typical LLC naming requirements, and the complete name of the parent LLC must be included in the name of each child series.

Follow the Illinois LLC Naming Regulations:

2. Consider the following basic guidelines for making the titles of your series more identifiable, unified, and clear:

3. Does my company name exist in Illinois? Check the Illinois Secretary of State’s “Cyberdrive Illinois” website to see if the name you desire isn’t already taken.

Is my company’s name accessible as a URL? We propose that you investigate if your company’s name is accessible as a web domain. Even if you don’t intend to create a company website right away, you may wish to purchase the URL to prevent others from doing so.

You must name a Registered Agent for your Illinois series LLC. The parent LLC’s Registered Agent must be the same for each child series.

What exactly is a Registered Agent? A registered agent is a person or corporation that agrees to deliver and receive legal documents on your series LLC’s behalf. Service of process of legal action (if you are sued) and state filings are examples of such paperwork.

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Who is eligible to be a Registered Agent? A registered agent must be an Illinois citizen or a company allowed to do business in Illinois. You may choose someone from your organization, even yourself.

You must submit the Articles of Organization with the State of Illinois to register your series LLC. This may be done online or in the mail.

You must submit your Certificate of Designation for each child series after submitting the Articles of Organization.

To subsequently add one or more child series, the Articles of Amendment must be completed. Remember to provide another Certificate of Designation as well (see below).

After filing your Articles of Organization, you must complete a Certificate of Designation for each child series.

When forming a series LLC in Illinois, an operating agreement is necessary. The operating agreement is not required to be registered with the state.

What exactly is an operating agreement? An operating agreement is a legal document that outlines an LLC’s ownership and running processes.

Why are operating agreements necessary? The operating agreement for a series LLC in Illinois is crucial since it allows for the series’ creation and describes the series’ activities and structure.

What exactly is an EIN? A corporate entity is identified by its Employer Identification Number (EIN) or Federal Tax Identification Number. Each of your series LLC’s offspring series will need an EIN.

Why do I need an EIN? An EIN is necessary for the following activities:

How can I get an EIN for my LLC series? The IRS does not have precise procedures for obtaining an EIN for a series LLC’s child series. For each subsequent EIN, experts recommend utilizing the name of your series LLC coupled with the name of the child series.

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