Who Can Be a Member of an Illinois LLC?

by

Introduction to LLCs

An LLC is a limited liability company, a legal entity separate from its owners. The owners of an LLC are not personally liable for the debts and liabilities of the LLC. To determine the LLC type that fits your goals, consider single-member, multi-member, and series LLCs. One advantage of an LLC is tax implications. Multi-member LLCs can be manager-managed or member-managed. Series LLCs have a top LLC that owns lower LLCs.

Steps to Forming an Illinois LLC

Forming an Illinois LLC takes 3-4 weeks. Steps include:

  1. Choose a name
  2. Appoint a registered agent
  3. File articles
  4. Create an operating agreement
  5. Obtain an EIN

Rules for Minors in Illinois LLCs

In Illinois, minors can’t start LLCs or be members. Use manager-managed structures so minors can own LLCs. Know job limits for minors in dangerous settings. If minors can’t form LLCs where you live, use partnerships where adults own LLCs and minors hold passive stakes. Most states need LLC principals to be 18+. See a lawyer when organizing a minor’s business.

Leave a Comment