Larry O. Brockman, Attorney at Law
Larry O. Brockman
Attorney at Law
Limited Liability Company
Limited Liability Company is a rather new type of business organization in the State of Illinois.
A Limited Liability Company blends the elements of the corporation and a partnership.
Under Illinois Law, a limited liability company must adopt an agreement among its members/owners. Such an agreement is similar to By Laws of a general corporation.
Limited liability companies are excellent vehicles under the proper circumstances; however, filing fees and annual fees are quite a bit more expensive than general corporations.
As noted above, the members/owners shall execute an operating agreement. This document is private and not filed with any agency.
The operating agreement concerns issues on how the actual limited liability company will be managed, whether there will be periodic meetings, compensation for members and rights and responsibilities toward the LLC.
An operating agreement will also provide other important details concerning dissolution and other related matters.
Like a corporation, a limited liability company shields its members from personal liability and for tax purposes; it is treated as a partnership by the Internal Revenue Service.
5 Executive Woods Court
Swansea, IL 62226
Phone: 618-233-5052
Fax: 618-233-5396
