Illinois Series LLC Formation Lawyer

What is a Series LLC? A Illinois Series LLC formation allows entrepreneurs plenty of added flexibility and versatility when compared to a regular LLC. The Illinois Series LLC is a business entity where a (“parent”) LLC is formed, and designated series (“child LLC’s”) are created underneath it with separate rights, powers, and assets. Organizing a Illinois Series LLC enables separation of ownership and liability for different business lines while retaining unified management. By doing so, each series can be treated—in many crucial respects, as if it is a separate and distinct business entity, limiting creditors’ legal recourse to the assets of that particular series alone. Each of the series of assets in a Illinois series LLC can act independently of the LLC in general and any other series and avoid their liabilities.

Each Corporation or Limited Liability Company is COMPLETE INCLUDES State Filing Fee, “YES! Includes State Filing Fee” INCLUDES Corporate or Company Seal and Book INCLUDES Certificate or Articles of Incorporation or Organization INCLUDES Company or Corporate Minutes INCLUDES Corporate By Laws or LLC Regulations INCLUDES Corporate or LLC Ownership Register INCLUDES Banking Resolution INCLUDES Membership or Stock Certificate INCLUDES Preliminary Name Search INCLUDES 110% Lowest Price Guarantee! Yes, even INCLUDES Attorney’s Fee (No Hidden Attorney Fees). What’s the secret to such great prices? ORDER ONLINE | $779.95!

Illinois Series LLC’s Liability Protection

Here’s an example of a Illinois Series LLC formation’s effectiveness at protecting the LLC’s owners and their assets: Franklin and Eleanor are real estate investors and hire a Illinois Series LLC formation lawyer to create a Illinois Series LLC called ABC Limited with three series; A Series, B Series, and C Series. Once ABC Limited is up and running, they deed ownership of a parcel of land to A Series. Soon after, they transfer the building to Series B, and later set up operations of a retail store and transfer the inventory to Series C. By doing so, Franklin and Eleanor are able to limit their exposure to liability to a particular asset so that the other assets are not jeopardized, while retaining uniformity of control and administration.

Transfering Assets and Ownership within a Illinois Series LLC

Another situation where a Illinois Series LLC formation may be effective is when a business owns different divisions. The Members and Managers of the Series may want to stimulate productivity by granting ownership interests to members if they meet specified goals. For instance, Jesse James is the sole Member and Manager of XYZ, LLC, which is the parent of Series X, a medical supply distributor, Series Y, involved in medical equipment research and development and Series Z, which provides medical equipment installation and repair services. Jesse wants to bring in his brothers Frank, John Thomas and Archie. Frank will get a 49% ownership interest of Series X if he generates $500,000 in the next calendar year, John Thomas will get a 51% interest in Series Y if he is able to complete a heart regulator product line rollout by 2010, and Archie will get a 50% interest in Series Z if repeat repair calls are held down to 5% of all equipment installed. In this way, Jesse is able to segregate ownership and target the brothers’ expertise to specific operations and product lines, rather than share control in the overall business.

Which States allow a Series LLC formation?

However, because of the newness of the Illinois Series LLC formation, many states may not accept the separate and distinct nature of the Series LLC as intended by Illinois lawmakers and there is little or no case law. Thus, in the situation of a Illinois Series LLC formation where there will be series and operations in states other than Illinois, Delaware or Illinois (which also allows the Series LLC), the prudent approach would be to form an LLC in the other state with the Illinois Series LLC formation as the sole Member. For example, Charles Lindbergh and Amelia Earhardt form a Illinois Series LLC, DEF LLC, with the business purpose of investing in real estate. Their first series, D Series, is created to hold Illinois property. Then they get a tip on a sweet land deal in Lakewood, New Jersey. Instead of creating E Series having the New Jersey land owned by it, Lindbergh and Earhardt decide to form a New Jersey LLC owned by their Illinois Series LLC, DEF LLC. While forming a new entity typically involves a greater cost in the short term, Lindbergh and Earhardt won’t have the hassle and uncertainty that New Jersey will not respect the series and deem the series assets a part of the Illinois Series LLC and thus expose the entirety of Illinois Series LLC assets to the claims of creditors.

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Should you hire a Illinois Series LLC formation lawyer?

Hiring our experienced and affordable Illinois Series LLC formation lawyer may help you avoid many of the negative business and legal implications that people face when starting a Illinois Series LLC. The fee for a Series LLC with one series is just $1229.90 for up to 4 members, additional members are $50 each, and includes all the necessary documents, such as the Articles of Organization and Membership Certificate(s). The fee does include an Operating Agreement. Please note that the $1229.95 includes one series, additional series are $349.95 if ordered at the time of formation of the Series LLC for up to 4 members (additional members are $50 each), $449.95 thereafter for up to 4 members (additional members are $50 each).

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