Often, the legal profession forgets that it is a service industry. This is especially true for small business owners who often feel left out as attorneys pursue larger clients. I recognize that small businesses make up a majority of new hiring in ...
Practice areas & skills: Limited Liability Company (LLC), Lawsuits & Disputes, Business, Corporate & Incorporation, Commercial
I concentrate in probate, trust administration and corporate law at DKMO, a general practice law firm with 11 attorneys established in downtown Arlington Heights in 1987.
Practice areas & skills: Limited Liability Company (LLC), Mergers & Acquisitions, Real Estate, Corporate & Incorporation, Probate
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Creating a limited liability company, or LLC, is one of several ways to structure a business. The other choices are general, limited, or limited liability partnerships. A shareholder in an LLC is not personally liable for any of the debts of the company, other than for the money they invested in that company. In a general partnership, all partners manage the business and are personally liable for its debts. In limited partnerships, partners' liability is limited and they have no voice in the decision-making. And in a limited liability partnership (LLP), all partners have some degree of limited liability. A lawyer with LLC experience can help you determine if forming an LLC is advantageous and appropriate for your business. If you decide to form an LLC, the attorney can draft the paperwork you need to formalize your choice, including provisions for management, ownership transfers, and profit and loss distributions.