What is an LLC?

Find the right LLC attorney in Oak Lawn, 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. 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. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it may take some time to find, choosing the right business structure for your company will lead to increased profitability.

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

Businesses in Oak Lawn 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.

Talk to a Business Law Attorney now!

Life in Oak Lawn

Oak Lawn, IL is a village in Cook County. Its population is approximately 55,000 as of the 2000 Census.

Being in Cook County, Oak Lawn is generally considered to be a suburb of Chicago. Residents of Oak Lawn are particularly proud of their city's park system, which is composed of over 300 acres of open green space, parks, and recreational facilities, such as basketball and tennis courts, as well as baseball and soccer fields.

The downtown area of Oak Lawn, Illinois went nearly a decade without significant new construction. However, in recent years, it has undergone a major redevelopment, with the intent of revitalizing the area, and creating jobs. New condominium developments, office space, as well as many new spaces for retailers and restaurants were all added, significantly revitalizing the area.

This seems to have been effective, as the percentage of people living below the poverty line in Oak Lawn, Illinois is far lower than the national average, which is about 20%. By contrast, only 5% of the population of Oak Lawn lives below the poverty line.

There are many lawyers in and around Oak Law, Illinois who can help you with virtually any legal problem you might have. Oak Lawn, Illinois attorneys are always ready to help.

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