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Corporate Records Maintenance Package for Existing Corporations Illinois  Form

Corporate Records Maintenance Package for Existing Corporations Illinois Form

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Instructions and help about Corporate Records Maintenance Package For Existing Corporations Illinois

welcome to learn about law my name is Kevin no clarity from a flirty lawn today we're going to talk about how to choose a corporation type in Illinois we'll talk a little bit about the benefits of incorporating and then we'll talk about the different types of corporations including C corporations S corporations and LLC's so the benefits of incorporating as opposed to operating as a sole proprietorship or a partnership are that corporations whether you're a S corp C Corp or LLC get two primary benefits they get personal protection from corporate debts so shareholders of a corporation or members of an LLC are not personally liable for the debts of the corporation meaning that creditors of the corporation can only go after assets actually owned by the corporation they can't go after the homes of the shareholders or the personal bank accounts of the shareholders the other benefit is generally favorable tax treatment both on income tax and sel

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