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.
Bradford Miller Law, P.C. can assist you with all your real estate needs at a very reasonable rate. We are adept at saving our clients time and expense while rigorously protecting their interests.Whether you are buying, selling, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau and we have great reviews on Yelp.
At bradfordmillerlaw.com you will find information about our firm along with helpful real estate information. Give us a call at 312-238-9298 for a FREE 15-minute consultation to discuss your pending or potential real estate transaction.
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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