Legal Question in Business Law in Illinois

My friend and I are looking to form an LLC in the state of Illinois for a film we are producing. We are already in the production stages but have not filed the proper paperwork to start the business name. My question is, what would be your suggestion in how we should divide the business? Curretly, the film was written and being financed by my friend, however, I have done majority of the work to put it in production. I want to be fare when it comes to profiting from this production. I would like for him to at least receive his intial investment from it, but I'm unclear on how we should decide on dividing the remainder? Also, would forming an LLC be our best option?


Asked on 6/16/10, 10:17 am

2 Answers from Attorneys
Kevin B. Murphy Franchise Foundations, APC

Any attorney will say there are way too many questions asked and not enough information here. The division will ultimately come down to what the two of your agreed on. A partnership may be better than an LLC; then again it may not, depending on a lot of individual facts. Consult with an attorney in your area for specific advice.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

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Answered on 6/16/10, 1:25 pm
Namit Bammi Schwartz + Sciara, P.C.

My firm practices in this area of law and if you would like to discuss further, please feel free to contact me at your earliest convenience.

Regards,

Namit

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Answered on 6/16/10, 3:12 pm


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