Incorporating a business in Illinois questions - Chicagoland Sportbikes
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post #1 of 7 (permalink) Old 05-27-2009, 10:25 PM Thread Starter
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Incorporating a business in Illinois questions

I possibly need to incorporate a business as an LLC so I can work as an independent contractor for another company. What is the best and cheapest way to go about this? I see that Illinois' fees are ridiculously high. Should I go with a Delaware corp?

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post #2 of 7 (permalink) Old 05-28-2009, 08:38 AM
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Find an accountant who knows about this sort of thing, hopefully you can find a good one. In 2003 I paid $150.00 to get my business (a sub chapter S) set up for the same reason you need to now.
The limited liability insurance from the Hartford is what I used, it wasn’t too expensive.
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post #3 of 7 (permalink) Old 05-28-2009, 08:41 AM
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Yeah you shouldn't need to do an LLC. S-Corp should work fine. $281 if you do it all online.

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post #4 of 7 (permalink) Old 05-28-2009, 09:00 AM
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LLC and S-corp are pretty similar. I believe there is some tax benefits to having an LLC. From what I remember profits from the LLC get taxed as income on your individual return. S-corp profits are taxed seperately, then your income as a salary from the S-corp is also taxed. Sounds like you are smart going with the LLC in your situation. Last I checked it was a little more than $300 to set up. Where are you seeing it was rediculously expensive.

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post #5 of 7 (permalink) Old 05-28-2009, 09:06 AM
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here Marlene:

https://www.legalzoom.com/limited-li...y-pricing.html

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post #6 of 7 (permalink) Old 05-28-2009, 09:18 AM
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Also, the fee for Illinois is $500. For Michigan it's $50. wink...wink....

http://www.limitedliabilitycompanyce.../michigan.html

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post #7 of 7 (permalink) Old 05-28-2009, 11:35 AM Thread Starter
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What other stuff comes with incorporating in another state? I keep seeing the registered agent stuff and something about a fee for conducting business in IL.

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