Legal Question in Business Law in Illinois

Either one will provide you that limitation of liability so long as you observe the statutory niceties and properly account for the business. An LLC has less "niceties" (no annual meeting requirements in IL....) but costs more to start up and annually than a corporation. LLCs also allow admission of just about any kind of investor if the business takes off. S corps have limitations on the number of shareholders as well as the type of investors that are eligible. There may be other considerations. I would take the time now, and spend a relatively small amount, to talk to an attorney, than start something up that costs you more to change, modify or undo later....