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Formation of LLCs for Multi-Unit Buildings and Property Ownership
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
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