LIMITED LIABILITY COMPANIES
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 an LLC are called “Managers." LLCs can be formed under the laws of any state. The authority to form Illinois LLCs is derived from the Illinois Limited Liability Company Act (805 ILCS 180/).
LLC Formation
An LLC is created by filing Articles of Organization or a Certificate of Formation with the applicable Secretary of State. The Articles of Organization to form an Illinois LLC must include: (i) the LLC’s name; (ii) the LLC’s principal address; (iii) the 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) the 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 limited liability companies. These flat fees include the services listed below:
- Initial Consultation
- Name Availability Search
- Prepare and File Articles of Organization
- Obtain EIN (Employer Identification Number) from the IRS
- Prepare Initial Member and Manager Resolutions
- Prepare Multi-Member or Single-Member Operating Agreement
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 LLCs 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 limited liability companies.