The acronym DBA stands for “doing business as.” It is a registration that enables a company to conduct business under a name other than its legal name. A DBA is also referred to as an assumed name in Illinois. You must register your DBA with the Illinois Secretary of State if your business will operate under a name other than your own or the name of the entity. Do I require a DBA in Illinois? If your company will operate under a name other than your legal name or the name of your entity, then “yes” is the correct response. For example, if your LLC is called “ABC Company” and you wish to run a coffee shop under the name “XYZ Cafe,” you must register “XYZ Cafe” as your DBA. What is an LLC, exactly? LLC is an abbreviation for “limited liability company.” It is a type of corporate structure that shields its owners from personal liability. This indicates that the owners are not held personally accountable for the debts and obligations of the company. By submitting Articles of Organization to the Illinois Secretary of State, you can create an LLC in Illinois.
Can one LLC own more than one LLC? The response is “yes.” A subsidiary LLC is an LLC that is owned by another LLC. To be sure that this structure is the best fit for your business needs and goals, it is necessary to speak with an attorney. What what is a Series LLC?
A series LLC is a particular kind of LLC that enables the establishment of distinct “series” inside the entity. Each series may have its own resources, obligations, and participants. Due to the liability protection provided by this structure, one series’ debts and liabilities cannot be utilized to pay off another series’ debts and liabilities.
Is an LLC superior than a series LLC? Your company’s needs will determine the solution. Businesses that desire to divide their assets and liabilities into distinct series may find it advantageous to form a series LLC. Real estate investors who wish to own numerous properties but want to shield each one from the responsibilities of the others may find this structure advantageous. Can I act as my own LLC registered agent?
If you live in Illinois and have a physical address there, then “yes” is the appropriate response. It is important to keep in mind, too, that serving as a registered agent necessitates being accessible during regular business hours to accept legal notices and paperwork. You can use a registered agent service if you are unavailable during office hours or do not want to share your personal information.
In conclusion, choosing the right business structure is crucial when beginning a new venture, including deciding if you need an LLC, DBA, or series LLC. You should also think about whether you want to use a professional service or act as your own registered agent. Making an informed decision and ensuring that your company conforms with Illinois rules and regulations can both be accomplished by seeking legal advice.
An organizer is a person or organization that is in charge of forming an LLC and submitting the articles of organization to the state. Anyone who has the authority to act on behalf of the LLC throughout the creation process may serve as the organizer; this person does not necessarily need to be a member or owner of the LLC.