9501 W. 144th Place, Suite 205, Orland Park, IL 60462
Call Us708-448-8141
Sosin, Arnold & Schoenbeck Ltd.
9501 W. 144th Place, Suite 205, Orland Park, IL 60462
Call Us708-448-8141
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Illinois limited liability company LLC attorneyThe advent of the Limited Liability Company (LLC) has been a wonderful thing for many business owners. As a business entity, an LLC differs from others, such as a Corporation or General Partnership, in a variety of ways. Most importantly, an LLC protects the individuals that own it from being personally liable for debts assumed by the business. 

Such liability protection is an extension of core principles of capitalism, which seeks to encourage economic competition. Without risk, competition cannot thrive; it is what motivates businesses to produce and market the best products and services and thereby earn profits. This fundamental tenet of the American capitalistic economic system underlies the very existence of the LLC.  

It takes courage (and a whole lot of work, as any business owner knows) to start a small business and to give it everything you have in competing in an existing market or, with enough ingenuity, creating a new market altogether. Beyond guts and your own valuable time, a new business requires capital, whether in the form of a bank loan or funds from investors. Of course, your business must pay back these debts. This duty is where the LLC has very important ramifications.

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