Not every limited liability company lasts indefinitely. No matter how much time and effort you put into building your business, there may come a time when you decide it’s the right time to close it. However, it’s important to understand that there are certain steps that must be followed when it comes to dissolving an…
Continue reading ›Members of a Limited Liability Company (LLC) owe certain fiduciary duties to the LLC and each other under Illinois law. Among the most important are the duties of care and loyalty. Unfortunately, LLC members can sometimes violate their fiduciary duties to the company by placing their own interests above the interests of the company or…
Continue reading ›If you’re an entrepreneur, selecting an entity type for your company is one of the most important decisions you will make. For many small business owners, a limited liability company (“LLC”) is the ideal business structure due to the flexibility, tax advantages, and liability protection it can offer. However, there are certain legal and procedural…
Continue reading ›Assuming a member has a “proper purpose,” Illinois LLCs are required to provide documents a member demands. Within ten days of a member’s demand, the company is required to either: 1) produce the requested documents; or 2) respond in writing describing the documents that will be provided and stating a reasonable time and place at…
Continue reading ›A limited liability company (“LLC”) allows members limited liability, but LLCs aren’t perpetual. Section 180/35-1 of the Limited Liability Company Act details the events that cause the dissolution of LLCs. 805 ILCS 180/35-1. Section 180/35-1(4)(E) indicates that LLCs can be dissolved “on application by a member or a disassociated member, upon entry of a judicial…
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