Re: Changing to an LLC
Assuming you want to create an Illinois limited liability company, there is a relatively simple form to fill out with the Secretary of State's office -- called the Articles of Organization. It is Form LLC-5.5, and you can find the form on this link: http://www.cyberdriveillinois.com/publications/pdf_publications/llc55.pdf
There are a couple of subtleties on the form that you might want to ask a lawyer about, such as whether the LLC will be member-managed or manager-managed, and who will serve as the Registered Agent.
You would also want to create something known as an Operating Agreement. This sets forth the rights between you and your "partner" -- who will do what tasks, who will have what position, who will have what responsibilities, how much of the LLC each will own, etc. It is similar to the By-Laws of a corporation, if you've ever seen anything like that. Using an experienced lawyer is typically helpful here.
Once you receive word from the Secretary of State's office, you will need to file appropriate forms in the county in which the main office of the LLC is located.
You would also want to get a FEIN -- a federal tax number for the LLC. And, you would likely want to open a bank account, get insurance, etc.
I hope that helps.
-- Kenneth J. Ashman; www.AshmanLawOffices.com; KAshman@AshmanLawOffices.com.
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