What is an LLC?

Find the right LLC attorney in Park Ridge, 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?

In Illinois, a business can be formed using the form that it chooses. Opening an LLC simply requires that the business founders file a 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. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company may be difficult to find, but different structures can end up saving your company a lot of money.

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

Under certain conditions, a business in Park Ridge 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 benefits and costs for forming and maintaining a LLC.

Talk to a Law Attorney now!

Life in Park Ridge

Park Ridge is one of Chicago's most affluent suburbs. It has a little over 38,000 residents and conveniently located near O'Hare International Airport. Ironically, the suburb is located "on a ridge," hence the name Park Ridge.

Some popular spots to visit include the Des Plaines River, Rodham Corner, Pickwick Theatre, the main auditorium theater and Park Ridge Public Library.

Park Ridge is also famous because it is the hometown of former First Lady and current Secretary of State Hillary Clinton. When Clinton goes back to visit, she makes sure to visit all her favorite childhood spots.

Park Ridge residents, being so near Chicago, have available to them a very competent and strong legal force. Chicago is home to top-tier firms that train excellent attorneys in all areas of law.

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