The Limited Liability Company, or LLC, is a legal form of business organization that offers the benefits of several other traditional structures. Limited liability is an advantage that the LLC shares with the corporation, but instead of being taxed as its own entity, it is viewed more like a sole proprietorship or partnership for tax purposes. LLC's, like corporations, may also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. Different forms of limited liability companies have been around for hundreds years, but the modern LLC, like the legislature enacted in Illinois, became more popular in the past several decades.

Can My Business Be Formed as an LLC?

The right business form is a decision left up to each business that openes in Illinois. An LLC is started just by filing the appropriate form with the Secretary of State. Fees are regularly charged for opening LLC's, however, and Illinois law determines the costs for creating LLC's. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company might take some effort, but it will ultimately make your business more profitable.

Can I Change the Form of My Business to an LLC?

Businesses in Addison might sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Illinois law.

How Can an Attorney Help?

A lawyer versed in Illinois business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.