Business structures

The Illinois series LLC

One LLC can contain separate series, each able to hold its own assets and keep its liabilities separate.

Costs

Articles for a series LLC cost $400. The annual report costs $75 plus $50 per series. See the Secretary of State LLC forms.

Requirements for the series liability shield

The operating agreement must authorize series.
The articles must include the statutory notice.
A certificate of designation must be filed.
Each series must keep separate records and assets.

Who uses one?

Series LLCs are mostly used by people holding several rental properties or running several distinct business lines. They are overkill for most solo owners.

Talk to an attorney first

Banks, lenders, and courts in other states may treat series LLCs unpredictably. Talk to an attorney before choosing this structure.

See the standard sole proprietorship and LLC comparison and insurance and separate financial records.

Not sure which structure fits? Try the Structure Finder, or request help. Call (331) 261-4788

General information, not legal or tax advice.