Formation of LLCs for Multi-Unit Buildings and Property Ownership

 Posted on August 04, 2022 in Real Estate

Forming 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.

Here, at Gateville Law Firm, our law firm concentrates in asset protection for real estate owners and business owners. We work with commercial real estate owners; multi-unit property owners; and owners of real estate investment properties.

Multi-Unit Buildings and Apartment Complexes are significant liability concerns. These liability concerns range from property owner evictions to slip and falls. Landlord Evictions, LLC is a division of Gateville Law Firm, which concentrates in residential and commercial evictions for proprietors and rental property owners exclusively. Often, with property owner evictions, the Illinois Department of Human Rights files suits against rental property owners for discrimination even if the complaint is invalid.

Additionally, rental property ownership and building ownership contain significant liability concerns. Often, commercial building owners own their property interest in their personal or family’s name. This is extremely risky because one lawsuit threatens the family’s viability and economic security. On the contrary, forming an LLC provides insultation from business creditors and rental property ownership.

Unlike most law firms, Gateville Law Firm concentrates in Real Estate Legacy and Asset Protection for Investment Property Owners and Multi-Unit Building Owners. This unique set of qualifications enable our attorneys and support staff to specialize in business formations and rental property liability minimization.

Our attorneys and staff oversee the following interrelated legal concerns for rental property owners and building owners:

·         Formation of LLCs including Series LLCs and the use of Parent Company and Subsidiary LLCs

·         1031 Like-Kind Exchanges for Investment Properties

·         Commercial and Real Estate Investment Real Estate Closings

·         Asset Protection Planning for Commercial Property Owners

·         Estate Planning and Coordination of LLC and Asset Protection Concerns

·         Set-up of Private Land Trusts

·         Business Formation and Liability Minimization and Tax Profitability Concerns

·         Tax Planning for Commercial Property Owners

Kendall County Commercial and Investment Property Real Estate Attorneys

Our attorneys and support staff at Gateville Law Firm have years of litigation, title, and LLC asset protection and real estate experience. We have over 28 years of title insurance background and significant legal and tax planning legal acumen. Whether you want to form an LLC or want estate planning and asset protection legal advice for rental property ownership and commercial property ownership, call us today or fill out our online form.