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. LLC's, like corporations, may also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Illinois since the legislature enacted laws authorizing its creation.

Can My Business Be Formed as an LLC?

Illinois allows a company to incorporate using the business form it chooses. To start as an LLC, a company just files the necessary 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. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company may lead to increased profits, but the process may take some time.

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

Businesses in Romeoville might 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?

A lawyer versed in Illinois business law will be able to advise you of the advantages and costs for forming and maintaining a LLC.