Yesterday, Bruce Rauner signed a law reducing the filing fees for most Illinois Limited Liability Company paperwork. Illinois Secretary of State Jesse White announced that the law would go into effect immediately, stating “This is a business-friendly law that significantly reduces the cost of forming and maintaining a Limited Liability Company in Illinois”. (Read the full announcement here). This [...]
A Comparison Guide Interested in starting a business but not sure where to begin? One of the first things you should consider is how you want your business to be structured. Different structures are better for different situations, so getting some basic information on the difference between business entity types is an important first step. There are a number [...]
An LLC (Limited Liability Company) is a business entity that shares characteristics with both partnerships and corporations. The owners of an LLC are called “members.” Like a partnership, an LLC is a flow-through entity that allows its members to enjoy pass-through income taxation. In other words, the income of the entity is regarded as the income of the members. [...]