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, fees are often required to form a LLC. The actions of LLC's as well as the costs for operating them are determined by Illinois law. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business may take some effort to find, but finding the right business form can reward you with increased profitability.
Can I Change the Form of My Business to an LLC?
Businesses in Wood Dale may change their forms in certain circumstances. Whether a business may convert to a LLC or not is determined by Illinois law.
How Can an Attorney Help?
Whether it would be favorable for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in Illinois can give you valuable advice.