Include the wordslimited liability companyor an abbreviation, such asLLC. Not include words or abbreviations that are reserved for other entity types, such ascorporation,limited partnership, orInc. Not include the wordstrust,trustee, orfiduciary, unless the business is an authorized corporate fiduciary...
For other purposes, such as limited liability, distributions, redemptions and reorganizations, the Subchapter S Corporation is treated much like a regular corporation.What are the tax benefits of a Subchapter S Corporation? A regular Corporation is subject to federal and any applicable state ...
The Illinois legislature passed the Illinois Limited Liability Company Act on September 11, 1992.1 The effective date of the Act was January 1, 1994.2 Illinois was the eighteenth state to enact legislation allowing limited liability companies (LLCs). 3 The issue of whetherPotocki, Kristina D...
Limited Liability Company Note that, unlike most states, Illinoisdoes not allowLLC business names to include the abbreviations “Ltd.” or “Co.” The name of your LLC also cannot have a name that makes it sound like a corporation or limited partnership. That means the words “Corporation,”...
(LLCs). If you form an LLC, the company name must include the phrase “limited liability company” or one of its abbreviations, “LLC” or “L.L.C.” Similarly, Illinois corporation names must contain the word “corporation,”“company,”“incorporated,” or a proper abbreviation of those...
Illinois requires corporations to have names that can't be confused with the names of any corporation or LLC in Illinois, assumed corporate or limited liability company, not-for-profit, or reserved or registered names. Permitted designations: Illinois corporate names may be followed by several ...
Are you looking to limit your tax liability? Unless your LLC elects to be taxed as a C corporation, it is considered a “pass-through” entity in Illinois. This means that your company’s profits wouldn’t be subject to corporate taxes, and instead would be taxed one time at your perso...
The business litigation attorneys at Lavelle Law are experienced in managing complex matters involving violations of the Illinois Business Corporation Act, the Illinois Limited Liability Company Act and the Uniform Partnership Act, Illinois Trade Secret Act, the Illinois Consumer Fraud Act, as well as ...
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LLC is short for "limited liability company." It's considered a hybrid business entity since it combines the simple tax structure of a partnership with a corporation's limited liability. However, it doesn't have all the formalities of a corporation, so LLCs are a popular structure among smal...