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. For hundreds of years, limited liability has been a primary goal of some business forms, but since the Illinois legislature enacted laws authorizing its formation, the modern LLC has become more and more popular.

Can My Business Be Formed as an LLC?

Illinois allows a company to incorporate using the business form it chooses. To begin as an LLC, a company simply files the necessary form with the Secretary of State. There may 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 may 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 Niles may change their forms in specific circumstances. Whether a business may convert to a LLC or not 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 benefits and costs for forming and maintaining a LLC.