The legal business form of the LLC, or Limited Liability Company, offers the advantages of several other traditional business forms. A LLC has the advantages of a corporation's limited liability, but avoids double taxation like a partnership or sole proprietorship. Like a corporation, the LLC can also have an endless amount of shareholders, called members. Unlike a corporation however, if a member dies, files for bankruptcy, or otherwise leaves the LLC, the company is dissolved. Many business forms have traditionally been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Illinois that authorized its formation.
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. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business might take some effort to find, but finding the right business form can reward you with increased profitability.
Can I Change the Form of My Business to an LLC?
Changing business forms in Monee can be done if a company's situation meets particular conditions. Conversion to a LLC is possible if Illinois law permits it in your situation.
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.