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Formation of LLCs for Multi-Unit Buildings and Property Ownership

 Posted on August 04, 2022 in Real Estate

Yorkville Commercial Real Estate AttorneyForming an LLC or otherwise called a Limited Liability Company in Illinois is a wise decision. The first step in filing an Articles of Organization, which is the official process to become an Illinois LLC is to pick a business name. An LLC’s business name must be different and distinguishable from other LLCs and Corporations registered with the Illinois Secretary of State.

Differing business names reduces confusion and promotes accountability. Under Illinois law, the LLC must end with LLC, L.L.C. or Limited Liability Company. There are advantages of forming an LLC. These advantages include the following:

Limited Protection for the Business Owners

Taxation Flexibility and Savings

Cost-Effective to Start

Creditability

Management Flexibility

The formal process to become an Illinois Limited Liability Company entails forming an LLC through the Illinois Secretary of State. The Business Services Section of the Illinois Secretary of State regulates and establishes LLCs and Corporations in Illinois. An LLC has filing fees ranging from $154 to $254 depending on whether one wants to expedite the LLC Articles of Organization filing process.

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