What is an LLC?

Find the right LLC attorney in Mount Prospect, IL

The legal business form of the LLC, or Limited Liability Company, offers the benefits of several other traditional business forms. A LLC has the benefits 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 unlimited 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 historically 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 simply by filing the appropriate form with the Secretary of State. Fees are generally charged for opening LLC's, however, and Illinois law determines the costs for creating 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 can lead to increased profits, but the process may take some time.

Can I Change the Form of My Business to an LLC?

Businesses in Mount Prospect may 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?

Attorneys practicing business law in Illinois can advise you on whether it would be favorable for your business to form or convert to a LLC.

Talk to a Business Law Attorney now!

Life in Mount Prospect

Mount Prospect is located in Cook County, Illinois. It is located about 20 miles northwest from downtown Chicago. Around 55,000 people call Mount Prospect home.

Some famous people who have lived in Mount Prospect include Ian Brennan, Lee DeWyze, Jennifer Morrison, and Brian Gregory.

Some of the top employers include Caremark Rx, Bosch Tools, MetLife, Cummins-Allison, Wal-Mart, Rauland-Borg, and the school district.

Being so near to Chicago, Glenview residents have the benefit of taking advantage of the strong legal force in Chicago. Chicago is home to many top law firms that train excellent attorneys to handle any and every legal matter.

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