Articles on Limited Liability Companies

How Limited Is Limited Liability? By David K. Staub Trusts and Estates, May 2020 By acting responsibly and taking a few precautions, the limited liability of the LLC is a major benefit over a sole proprietorship, general partnership, or even a limited partnership.
Requesting books and records of an Illinois LLC under the recently amended Illinois LLC Act By Nick Zagotta, Michael Sherlock, & Erin O’Brien Corporate Law Departments, May 2018 This article explores the amendments to the Illinois Limited Liability Company Act. 
Requesting books and records of an Illinois LLC under the recently amended Illinois LLC Act By Nick Zagotta, Michael Sherlock, & Erin O’Brien Labor and Employment Law, January 2018 This article explores what information is available to LLC members under the Act, the procedure for requesting said information, the rights of dissociated members to request the books and records, and the protections an LLC may employ to protect the books and records. The article also discusses the “proper exercise” requirement under Section 10-15(a) of the Act.
Member managed LLCs under the Illinois Amended Limited Liability Company Act By Chad Richter Business and Securities Law, May 2017 This article will address some of the concerns regarding the amendments that will be effective July 1, 2017 as they relate to member managed 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.
Series LLCs By Ethel Spyratos Business and Securities Law, April 2006 If asset protection is important for your clients’ business, series LLCs may be an entity organization option to consider.
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.
Advantageous uses of LLCs By Richard M. Colombik & Randall H. Borkus Business Advice and Financial Planning, May 2004 Because of their flexibility and relative simplicity, the LLC is well-suited for both start-up businesses and more mature businesses.

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