Costs
What it costs to start in Illinois
Government fees are exact. First-year totals are rough estimates.
Government fees
| Item | Fee |
|---|---|
| LLC formation (Form LLC-5.5) | $150 (series LLC: $400) |
| LLC annual report | $75 per year |
| LLC name reservation | $25 for 90 days |
| County assumed name (DBA) | $5-$50, depending on county |
| EIN from the IRS | Free |
| Chicago home occupation license | $250 for 2 years |
A sole proprietorship has no state formation filing, so its state filing cost is $0.
First-year totals (estimates)
| Setup | Estimated first-year total |
|---|---|
| Minimal sole proprietorship | About $300-$1,500 |
| Basic single-member LLC | About $500-$2,000 |
| LLC with S-corp election | About $2,500-$6,000+ |
These totals are rough estimates. They include outside services such as insurance, bookkeeping, tax preparation, and payroll, which vary widely. The government fees above are exact.
Not sure which structure fits? Try the Structure Finder, or request help. Call (331) 261-4788
General information, not legal or tax advice.