Illinois Limited Liability Companies

Illinois Limited Liability Companies

LLC FORMATION

A limited liability company (LLC) is a popular form of business entity that provides flexibility for ownership, management, and taxation of the business. Unlike corporations, LLCs are non-corporate business entities with one or more owners called “Members." The individuals with authority to direct and control the business of a LLC are called “Managers." The authority to form Illinois LLCs is derived from the Illinois Limited Liability Company Act (805 ILCS 180/).

In Illinois, an LLC is created by filing Articles of Organization with the Illinois Secretary of State. The Articles of Organization must include the: (i) LLC’s name; (ii) LLC’s principal address; (iii) name and address of the LLC’s registered agent; (iv) a statement as to whether the existence of the Company is perpetual or designated to end on a specific date; (v) name and address of the managers and members having managerial authority; and (vi) name and address of the LLC’s organizers.

The Articles of Organization may also contain additional provisions about the governance and management of the LLC; however, most of that information is typically contained in the LLC’s operating agreement (which is a confidential document), and not in the Articles of Organization (which is a public record).

Linnemeyer Law offers flat-fee arrangements for formation of Illinois limited liability companies. These flat fees include the services listed below:

These flat fees start at $500.00 and increase based on the number of members and the complexity of the business structure.

An attorney experienced with Illinois LLC’s can help you plan how to meet the various organizational and ownership requirements, prepare Articles of Organization and an Operating Agreement, and provide general advice for making your LLC venture a safe and productive enterprise.

Please contact Linnemeyer Law, LLC for more information on Illinois limited liability companies.