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limited liability company (llc)

A limited liability company (LLC) is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. Our Resource Center offers the latest industry news and updates on this particular business structure.


Articles

LLC vs. S Corporations: Advantages and Disadvantages

Trying to decide between forming an LLC or S Corp (S Corporation)? Both offer benefits of limited liability and pass-through taxation, but there are many differences. Read about the advantages and disadvantages each offers over the other

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Articles

Quarterly State Compliance Review - October 2017

The Quarterly State Compliance Review surveyed legislation and case law affecting business entity law. The following is a summary of notable changes.

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Articles

Piercing the Veil of Small Business: What the Owners of LLCs and Corporations Need to Know

Piercing the veil disregards the corporation or LLC’s separate existence. Learn how this legal exception makes shareholders liable for the business’ debts.

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Articles

Sweeping Changes to Illinois’ LLC Law Effective July 1

Illinois has enacted sweeping changes to its Limited Liability Company Act, effective July 1, 2017. Read our summary of the key changes made by House Bill 4361.

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State Legislative Updates

Illinois House Bill 4361

Illinois House Bill 4361 substantially amends the LLC Act. 

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