[LUNI] <Off Topic> Setting up a corp in Illinois

[Douglas J. Trainor]

If you're up to it and have reading time, just do it yourself.
The book to get you going is:  "Form Your Own Limited Liability
Company" by Anthony Mancuso.  Mancuso is a lawyer and
the 3rd edition includes all the forms on a CD-ROM -- published
by Nolo Press.  Mancuso also has a thicker book called
"Your Limited Liability Company: An Operating Manual"
which has more post-start information -- also published by
Nolo Press.  I haven't seen a bad book by Nolo Press:
http://nolo.com

Aside from the company formation forms, you'll want to first
check for availability of the name in the state.  You'll also want
to get a FEIN number from the IRS.  I'd also check your name
at the federal level at http://uspto.gov in the trademark section.
This still does not rule out the chance that someone may be
using the name for some entity or product, but it's a pretty good
"poor man" way to check.  Of course, use some search engines
too.

I didn't have the time, so I used a front-end web system by
http://bizfilings.com and that added $220 to the cost of forming
a LLC in Pennsylvania (I also had a coupon from American
Express).  But it was well worth it when I got thrown a curve
ball by the state, and they also included an embosser to crimp
paper.

Some banks will want to see certified copies of your formation
paperwork (an extra fee paid to the state to get it) but some will
not ask for that.  If you choose a big bank, they'll want to loan you
$25K or more at pretty good SBA terms with collateral.  If you
choose a local bank, which is what I did, you have the chance
to build a relationship with them; check to see how long the
president has been at that location.  You may also get financial
help from a local economic development counsel, but usually
they come in behind a bank, but don't want collateral.

You may want a lawyer if you are starting the LLC with others
and/or want an unconventional setup.  They will cost a lot more,
however.

	douglas

On Jan 5, 2006, at 11:25 AM, K.R. Foley wrote:

> Jay Strauss wrote:
>> Hi,
>>
>> I need to setup an Illinois LLC.  Can anyone recommend a  
>> inexpensive route?
>>
>> Thanks
>> Jay
>
> There is a book that may or may not still be available called
> "Incorporating in Illinois Without a Lawyer". Has everything you need
> including all forms, instructions, etc. Lawyer will add something  
> on the
> order of $250 - $300. Can't remember exactly but state and federal  
> fees
> will cost you close to that also, whichever method you choose. All of
> the above applies to an S or C corp. Not sure what difference there
> might be for LLC.