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. Limited liability has traditionally been a primary goal of many business forms, but since the legislature authorized it in Illinois, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
In Illinois, a business can be formed using the form that it chooses. Opening an LLC just requires that the business founders file a 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. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company may lead to increased profits, but the process may take some time.
Can I Change the Form of My Business to an LLC?
Under particular conditions, a business in Elmhurst may change its form. Eligibility for conversion to a LLC is determined by Illinois law.
How Can an Attorney Help?
Attorneys experienced in Illinois business law can give you valuable input on whether your business would be more profitable as a LLC.