Your Chicago LLC Formation Attorney

Limited Liability Companies (LLCs) are a popular choice among entrepreneurs forming a new business, both in and outside of the real estate arena. LLCs should be considered by anyone seeking to form a business. They can be created by an individual or a group of people, including trusts, estates, associations, and governmental bodies. They are multi-faceted companies that can serve a variety of purposes, which a Chicago LLC formation attorney at our firm can help explain to you. 

Benefits of an LLC

There is a reason LLCs are so popular, and that is because of all the benefits they offer. These include:

• Tax Flexibility: One attractive feature of an LLC is that the Internal Revenue Service (IRS) allows the LLC to choose how it will be taxed. This allows the owner(s) to consider the different options and proceed with the one that is best for their particular business. The default tax status of a multi-member LLC is as a partnership, while the default tax status of a single member LLC is as a disregarded entity. 

• Liability Protection: LLCs provide liability protections for their owners. If the business is sued, the personal assets of the owners are protected from judgments or liens. The person or entity suing is limited to whatever they can recover from the LLC. 

• Less Paperwork & Formality: Generally speaking, creating an LLC involves less paperwork than other types of business formations, such as a corporation. Also, an LLC does not have to follow the rigid formalities of a corporation, such as having a board of directors and annual meetings. 

• Business Credibility: Every business owner wants to be credible, and forming an LLC is a great way to obtain that credibility. This helps in situations where the business needs to take out a loan.

How An Experienced Chicago LLC Formation Attorney Can Help

LLC formation is not a one-size-fits-all project. While certain form companies may promote their ability to help you cheaply and quickly form an LLC, it is in your best interest to seek personalized counsel from an experienced Chicago LLC attorney. A lawyer can help by:

• Personalizing the formation to fit your specific needs and goals

• Determining whether a Series LLC would benefit you

• Filing for LLC in all 50 states

• Obtaining the Federal Employer Identification Number (EIN)

• Preparation of associated paperwork, including contracts and leases

• Preparation of the Operating Agreement

• Advising you on matters you need to be aware of moving forward with your business

• Ensuring your paperwork is error free, preventing any unnecessary delays

Contact a Chicago LLC Formation Attorney at the Law Office of Alexis Hart McDowell

Speak with a Chicago LLC formation attorney at Enterprise Esquire to find out more about how forming an LLC can help you reach your professional goals. At the Law Office of Alexis Hart McDowell, we will meet with you, learn about your business, and provide you with the legal business formation advice and assistance you need. We also offer customized cost-efficient LLC formation packages.