You need to form your LLC before getting an EIN. This is because the IRS will ask for your business formation date and legal business name on the EIN application. You will need to register your business and get approval for the business’s name from your state before applying for an EIN.
How much does an EIN cost in Illinois?
Every Illinois LLC should have a unique employer identification number (EIN). These are provided by the Internal Revenue Service and you use them when filing taxes, opening a business bank account and paying employees. You can get one yourself at no cost from the IRS or have Incfile obtain one on your behalf.
How much does it cost to create an EIN?
There is no cost to apply for an EIN.
Why do I need an EIN for my Illinois LLC?
It helps the IRS identify your business for tax and filing purposes. Having an EIN for your Illinois LLC allows you to open a separate bank account under the LLC’s name, apply for certain licenses and permits, and handle employee payroll (if applicable).
What do you need to start a LLC in Illinois?
The Articles of Organization for an LLC (limited liability company) in Illinois is a legal document to officially form your business. You’ll be expected to provide the name of your LLC, choose a registered agent, list the services your LLC will offer, and pay the state filing fee.
How does a LLC file a Illinois tax return?
If the LLC is a subchapter S Corporation for federal income tax purposes, and files a U.S. Form 1120S, U.S. Income Tax Return for an S Corporation, for Illinois purposes the LLC will file Form IL-1120-ST, Illinois Small Business Corporation Replacement Tax Return.
Can a LLC be a disregarded entity in Illinois?
If the LLC is a disregarded entity for federal income tax purposes, so that its income, deductions, and other items are reported on the federal income tax return of its owner, its income, deductions, and other items will be reported on the Illinois return of its owner. The LLC has no Illinois income tax filing requirements.
