Publications

Section Newsletter Articles on Limited Liability Companies

Claims against members of a dissolved LLC By Paul Osborn Commercial Banking, Collections, and Bankruptcy, January 2014 Some states provide for express liability of members after an LLC is dissolved when creditors are unpaid. Illinois is not one.
Would an Illinois Series LLC meet your clients’ needs? By Phillip J. Salerno II Young Lawyers Division, June 2008 The Illinois Limited Liability Company Act (the “Act”) was amended in 2007 to permit the organization of series eligible Limited Liability Companies (“Series LLCs”).
The threat is real—The fight for limited liability in Illinois By Derek P. Usman Business and Securities Law, April 2008 The statutory provisions providing limited liability to shareholders of Illinois business entities were undermined recently when the Illinois Supreme Court endorsed “direct participation” as a viable theory of tort liability under Illinois law
The Illinois Series LLC provides several planning opportunities but significant issues remain unresolved By Edward J. Hannon Federal Taxation, June 2007 In 2005, Illinois amended its Limited Liability Company Act to provide for the creation of a “Series LLC.”
Puleo v. Topel—A testament to the protection afforded by LLCs By Edward J. Jarot Jr. Business and Securities Law, February 2007 When advising a client about the benefits of operating his business under the protective shell of a corporation or limited liability company, many advisors tend to focus on the tax and employee benefit differences between the two business forms, without much detailed attention paid to the differences from a liability and asset protection standpoint.
The Series LLC—a brief update By Frank M. Grenard Corporate Law Departments, April 2006 In July of 2005, Illinois became the fourth state to allow the formation of a unique limited liability company, one whose usefulness is still unresolved.