LLC stands for Limited Liability Company. Like a corporation, a LLC is a separate and distinct legal entity. This means that a LLC can obtain a tax identification number, open a bank account and do business, all under its own name. The primary advantage of an LLC is that its owners, known as members, have "limited liability", meaning that, under most circumstances, they are not personally liable for the debts and liabilities of the LLC. Many landlords form a LLC to safeguard their investment should an accident occur.
Although LLCs have some attractive features, they also have a number of disadvantages, especially in relation to the structure of a corporation. For instance, a LLC has to be dissolved upon the death or bankruptcy of a member.
Bradford Miller Law, P.C. can answer all your questions regarding an LLC and will help you decide if a LLC will benefit your specific situation. We focus on real estate law, landlord tenant law, building code violations and estate planning. We are committed to providing you with expert legal support and approach every client with a focus on integrity, advocacy, and understanding.
At www.bradfordmillerlaw.com you will find helpful landlord information along with information about our firm. To discuss your pending or potential real estate transaction, your ongoing legal needs as a property owner or landlord, or your estate planning concerns, call us at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
Offering free legal representation to homeowners seeking a short sale
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