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. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Illinois since the legislature enacted laws authorizing its creation.
Can My Business Be Formed as an LLC?
Illinois allows a company to incorporate using the business form it chooses. To start as an LLC, a company just files the necessary form with the Secretary of State. However, fees are frequently required to form a LLC. The actions of LLC's as well as the costs for operating them are determined by Illinois law. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company might be difficult to find, but different structures can end up saving your company a lot of money.
Can I Change the Form of My Business to an LLC?
A business in Batavia may change its form under specific conditions. Whether or not a business is eligible for conversion to a LLC is a determination made by applicable Illinois laws.
How Can an Attorney Help?
Lawyers practicing business law in Illinois can advise you on whether it would be favorable for your business to form or convert to a LLC.