Advice for starting an LLC at UIUC?

Hey there, I'm a current high school junior and really interested in entrepreneurship. I've heard that UIUC is a great place for starting a business while in college. For those who have experience with this, how did you start your own LLC at UIUC? Any pointers or advice would be appreciated!

First of all, congrats on being proactive with your entrepreneurial interests! Starting an LLC in college can be a valuable experience, especially at UIUC, known for its strong entrepreneurial ecosystem.

1. Develop your business idea: Before forming an LLC, refine your business idea and establish a plan for execution. This could include identifying your target market, creating a marketing strategy, and outlining financial projections. Having a solid business plan will help you with the next steps.

2. Create a professional network: Engage with like-minded students, professors, and other professionals in the field at UIUC. Join clubs and organizations related to entrepreneurship, such as Founders, EntreCORPS, and the Technology Entrepreneur Center. These connections can help you gain insights, find potential co-founders, and gather feedback on your business idea.

3. Seek out resources and support: UIUC offers resources such as the iVenture Accelerator and the EnterpriseWorks Incubator that provide funding, mentorship, and support to aspiring entrepreneurs. Attending events like hackathons, workshops, and networking events will also expose you to more opportunities.

4. Form the LLC: To officially form your LLC, first choose a name for your company that complies with Illinois state regulations and check its availability. Then, file the Articles of Organization with the Illinois Secretary of State and pay the required filing fee. Obtain an EIN (Employer Identification Number) from the IRS and open a dedicated business bank account. It's also crucial to stay compliant with local, state, and federal regulations related to your industry.

5. UIUC-specific considerations: Though forming an LLC is quite separate from the university itself, some university policies might apply to your business, especially if you're using UIUC resources or facilities. Make sure to review these policies and seek guidance from relevant campus offices when necessary.

Remember, businesses often evolve, so don't be afraid to adapt and pivot as you learn and grow. Stay committed and take advantage of the fantastic resources and opportunities available at UIUC. Best of luck on your entrepreneurial journey!