How to set up an Illinois Series LLC

8,732 views

Published on

Published in: Business, Economy & Finance
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
8,732
On SlideShare
0
From Embeds
0
Number of Embeds
68
Actions
Shares
0
Downloads
91
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

How to set up an Illinois Series LLC

  1. 1. How to set up an   Illinois Series LLC Law Office of Tom Sammons 502 N. Plum Grove Rd Palatine IL 60067 847-359-9610   www.lawsam.com  [email_address]   (This article is not legal advice. Please consult your own lawyer)
  2. 2. Series LLC- Saves on filing fees <ul><li>This presentation assumes that you know the benefits of a Limited Liability Company and that the use of an LLC is appropriate for your situation. </li></ul><ul><li>  </li></ul><ul><li>The most common use of a Series LLC is to hold title to several pieces of real estate. Normal practice (before the series LLC was established), was set up and maintain a separate LLC for each piece of real estate owned. Usually, the real estate put into an LLC is “investment” real estate. A primary residence is not usually put into an LLC. The main benefit of a series LLC, compared to separate LLCs,  is the cost savings in filing fees with the Secretary of State. </li></ul><ul><li>  </li></ul><ul><li>The filing fee (expedited) for an LLC is $600.00 each. So, if there were 3 standard LLCs, the filing fees would be $1800.00, with annual fees thereafter of $750.00 ($250 times 3). </li></ul><ul><li>  </li></ul><ul><li>With a Series LLC, the filing fee (expedited and online) is $850 total, plus $150 for the series designations or $1000 total. The annual report is $250 plus $50 for each series, or $400 total. </li></ul><ul><li>  </li></ul><ul><li>  </li></ul>
  3. 3. First Step: <ul><li>Prepare articles online. We will call the Series LLC we are creating: </li></ul><ul><li>  </li></ul><ul><li>&quot;Palatine Investors, an Illinois Series LLC.&quot; </li></ul><ul><li>  </li></ul><ul><li>Go to the Secretary of State’s website to file online: </li></ul><ul><li>  </li></ul><ul><li>http://www.ilsos.gov/llcarticles/index.jsp </li></ul><ul><li>  </li></ul><ul><li>The fee is $850.00. Visa is accepted (required). Within 1 day you will get the filed articles returned by email. Their system is very efficient and works well. </li></ul><ul><li>  </li></ul>
  4. 4. Second step:
  5. 5. Third Step:
  6. 6. Fourth step: <ul><li>Obtain an FEIN number online for the master LLC.  </li></ul><ul><li>  </li></ul><ul><li>You can do this here: </li></ul><ul><li>  </li></ul><ul><li>You will need the SS# of one of the members or the manager to get the FEIN. Discuss with your accountant whether you need a separate FEIN for each series. </li></ul>
  7. 7. Fifth Step: The form can be found here
  8. 8. Sixth step:

×