Skokie Limited Liability Company Lawyer

Cook County LLC Attorney

Owning and operating your own business is an important part of the American Dream. If you are thinking about opening a small business or medical practice, the attorneys at Simon, Lapidos & Uhler, LLC, would like to offer their support. We understand that starting a new business is a large investment of time, money and resources, and we want to see clients succeed.

One of the most important decisions is the choice of business entity. The attorneys at Simon, Lapidos & Uhler, LLC, can explain the advantages and disadvantages of a limited liability company as well as other business entities.

Creating a Limited Liability Company

When we meet with clients for the first time, we will talk about their goals, the amount of capital they can raise, and their leadership styles. We discuss LLC advantages, which is often used for real estate ventures, as well as other business entities.

A limited liability company, unlike a traditional incorporation, is flexible. Like a corporation, it protects the owners from being personally responsible for the company's debts. Only the assets of the limited liability company can be used to pay bona fide business debts.

Our attorneys recommend that the owners of an LLC carry business liability insurance coverage to protect themselves from liability claims not covered by LLC agreements.

An LLC is a "pass-through" entity, according to the IRS. A pass-through entity functions like a partnership or sole proprietorship. Income from the business is paid directly to the owners, who must report yearly income on their personal income tax returns. No corporate income tax is paid.

For a consultation with our firm, please call 847-329-7878 or contact us online. Our firm advises clients throughout the greater Chicago area, including the Northwest suburbs and the North Shore. We are available for counsel concerning start-ups, contract disputes and business law issues.

Our offices are conveniently located in Skokie, Illinois, near the intersection of I-94 and Old Orchard Road, just east of Old Orchard Shopping Center. We are available for appointments during business hours, and evenings and weekends by special arrangement.