Create an Illinois LLC
Limited liability companies are created in Illinoisthrough the filing of Articles of Organization, and are subject to the Illinois Limited Liability Company Act. These Articles will organize the business as a separate legal entity - an entity separate from the individual owners.
This separation creates a barrier between the debts and obligations of the Illinois LLC and the individual members and owners of the Illinois small business.
Protecting your investment
In Illinois, the members of an Illinois LLC are not liable for the debts or obligations of the company simply because they are members. In most cases, even if the LLC fails to complete the state requirements the members are still often times protected.
The main exception to this rule is when an agreement is in place where a specific member, or members, agrees to be held liable for certain obligations.
Transfer of membership
The Limited Liability Company Act has specifications dealing with the transfer and assignment of membership and should be consulted when a possible transfer of membership will occur.
The LLC's operating agreement can also lay out specifications for the transfer of membership; however this operating agreement must comply with the Illinois Limited Liability Company Act.
Helpful regulatory guidelines for naming your Illinois LLC.
The name of the Limited Liability Company in the state of Illinois is governed by the Limited Liability Company Act 850 ILCS 180. It stipulates that all LLCs shall contain the terms "limited liability company", "L.L.C.", or "LLC” as its ending. The LLC shall not contain the following terms “corporation”, “incorporated”, “limited partnership”, “limited” or its abbreviation. The name of the LLC shall consist of letters contained in the English alphabet, Arabic or Roman numerals, or symbols capable of being readily reproduced by the Office of the Secretary of State. The LLC shall not contain any word or phrase that can potentially mislead or confuse the public that the limited liability company is authorized or empowered to represent a fiduciary entity unless prior authorization is obtained by the Commissioner of the Office of Banks and Real Estate. The word "trust", "trustee", or "fiduciary" may be used by a limited liability company only if it has first obtains permission to do so. The limited liability company shall be the same name as it transacts business with in the state of Illinois.
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