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 Llc 1 36 1 37 2012

Changind Llc Partnership to Sole 2012-2025 Form

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Instructions and help about illinois liability disclaimer forms

organizing your business as a limited liability company or LLC has many advantages it's simple to set up there are tax benefits and perhaps best of all an LLC can Shield your personal assets such as your home and car from business liabilities we'll show you why that is and how you can make sure that that protection is maintained but first some background to answer the question what exactly is a limited liability company or LLC what is an LLC the LLC as a legal way of organizing a business was created to gain the advantages and avoid the drawbacks of two tried and tested business models that is Partnerships and corporations Partnerships face only one level of Taxation which is good but owners or Partners have unlimited liability they can be on the hook for any amount of debt run up by the business which they would have to satisfy from their personal assets corporations are different their owners or shareholders have limited liability this means their liability is limited

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