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?
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. There can be a fee required for opening your LLC, however. Applicable Illinois laws govern the formation of LLC's and their actions. 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 Chester 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?
The decision of whether to form or convert to a LLC is best considered with the advice of local lawyers practicing business law in Illinois.