Illinois Agreement with Limited Liability Company which Supplies Activity Directors and Companions for Seniors

State:
Multi-State
Control #:
US-02560BG
Format:
Word; 
Rich Text
Instant download

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This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
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  • Preview Agreement with Limited Liability Company which Supplies Activity Directors and Companions for Seniors
  • Preview Agreement with Limited Liability Company which Supplies Activity Directors and Companions for Seniors
  • Preview Agreement with Limited Liability Company which Supplies Activity Directors and Companions for Seniors

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FAQ

Establishing individual series requires an additional state filing called the Illinois LLC Certificate of Designation (Form LLC-37.40), which must be filed for each series within your Series LLC that you wish to form. The Illinois Secretary of State charges $50 for each Certificate of Designation.

If all the owners want to participate in running the business, LLC beats Inc. But if the members want to be passive investors and have the business run by managers with more expertise than they have, and want the extra protections provided by the corporation statutes, then Inc.

Series LLC Requirements In Illinois, a Series LLC must: Establish one or more series in its operating agreement. Maintain separate LLC agreements and business records for each series. Hold assets of each series in accounts that are separate from each other and from those of the umbrella LLC.

LLC (limited liability company) is more commonly used in the U.S. whereas Ltd. (limited) is more commonly used in the U.K. The differences in types and jurisdictions stipulate the different rules regarding ownership, taxes, and dividends.

In general, a series LLC is quite similar to a corporation that has several subsidiaries ? or more specifically, an S corporation with qualified subchapter subsidiaries. The difference is that the series LLC is considerably less expensive to start, and also avoids paying corporate tax rates.

Does a series LLC need its own EIN? Yes. If a state treats each business under a series LLC as a separate entity, then that's how the IRS will treat them as well. That means each one will need a unique EIN.

"LLC" stands for "limited liability company," while the abbreviation "inc." at the end of a company name means the business is a corporation. Both LLC and inc. offer personal liability protection for their owners. They may also provide tax advantages, lend legitimacy to a business, and position it for growth.

California does not permit series LLCs. However, California requires that each cell of a foreign series LLC that does business in California must pay the annual franchise fee.

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Illinois Agreement with Limited Liability Company which Supplies Activity Directors and Companions for Seniors