What is an LLC?

Find the right LLC attorney in Evanston, IL

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?

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. However, some charge additional fees for the formation of LLC?s, and in Illinois there are specific laws that govern the actions of LLC?s. 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 certain conditions, a business in Evanston may change its form. Eligibility for conversion to a LLC is determined 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.

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Life in Evanston

Evanston, Illinois is a municipality in Cook County, Illinois. It is a suburb of Chicago, and its population is estimated at about 75,000 people. Evanston is probably best known as the home of Northwestern University, which is one of the most prestigious undergraduate and graduate schools in the U.S., and home to one of highest-ranked law schools in the U.S. Evanston was officially incorporated in 1863, and grew rapidly during the industrial revolution. The popular building toys known as "Tinkertoys" were invented in Evanston, Illinois. Evanston is one of several cities which claim to be the birthplace of the ice cream sundae, though the veracity this claim, and the claims of other cities, can't be confirmed. Modernly, Northwestern University makes up a significant portion of Evanston's economic activity, from the thousands of people it employs, and the students it brings to the community, who typically spend a lot of money. If you live in the Chicago/Evanston area, and need legal representation, an Evanston, Illinois lawyer would probably be able to meet your legal needs. Evanston's proximity to such a prestigious law school, as well as the huge city right next door, ensures that Evanston, Illinois lawyers must be far more sophisticated than the average small-town attorney.

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