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. LLC's, like corporations, can also have as many shareholders, or members, as desired. The LLC, however, is dissolved if one of those members files for bankruptcy or dies. Limited liability has historically been a primary goal of many business forms, but since the legislature authorized it in Illinois, the modern LLC has become increasingly 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. However, some charge additional fees for the formation of LLC?s, and in Illinois there are certain laws that govern the actions of LLC?s. 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?

Changing business forms in Wheeling can be done if a company's situation meets particular conditions. Conversion to a LLC is possible if Illinois law permits it in your situation.

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.