Illinois has specific guidelines when it comes to forming a limited liability company within the state. In addition to the legal requirements, there are certain best practices to consider as well, such as creating an operating agreement. In this article, we’ll go over the basics of forming an LLC in the state of Illinois.
New Issues to Consider—The Illinois LLC Act
First off, the Illinois Limited Liability Company Act that went into effect last year made some changes to state law with respect to how LLCs operate. Some of these changes have an impact on the formation of your company, often allowing more leeway.