Thinking of starting a business or business venture? Becoming a corporation, limited liability company (LLC) or partnership maybe the correct choice for you. My office can help with the formation of an Illinois corporation, limited liabilty company or partnership.

What is a corporation?

A corporations is a legal entity recognized by the state. Corporations have become the standard for many businesses. Some times they help reduce your taxes, and they can also provide peace of mind by protecting your personal assets. The ability to shield personal assets from business debts and lawsuits is one of the main reason corporations are formed.

What is an LLC

An LLC is a hybrid business structure that provides the limited liability features of a corporation with the operational flexibility and tax advantages of a partnership. It is a popular choice for sole proprietors, real estate developers and other entrepreneurs who are looking for protection of assets or to secure additional financing.

LLCs are now recognized as a business structure in all 50 states and the District of Columbia. LLC owners are called members and can be individuals or other companies, including non-US citizens and non-US residents.

What is a partnership?

Partnerships come in two major varities, general and limited partnerships. The main drawback to a partnership is personal liability. In general a partner is responsible for all obligations and debts of the partnership. The main advantage to a partnership is flexibility and sometimes tax.

My standard fee for a simple incoporation is $125.00 plus state filing fees and County Recorder fees (approxiamately $175.00 for the state of Illinois and $38.50 for the Cook County Recorder of Deeds.) Thus the total cost for a standard incorproation is usually $338.50. These fees are current as of 1 March 2008.