Legal Question in Business Law in Illinois

Looking to hide identity

Hello �

I�m hoping to get some clarification and advice regarding an opportunity my partner and I are hoping to begin. We are trying to start a new company, but do not want our current employer to ever find out about it. While one day we hope to leave and work full time on the new company, we aren�t able to leave quite yet.

We�ve formed an LLC, and listed ourselves as the two partners. I know in Illinois people are able to look up owners, so I was given advice to list ourselves as shareholders, and to get a front person who can be listed on the LLC as the minority owner.

If we form a new LLC or corporation for the new company, and list our current LLC as the majority shareholder with an employee yet-to-be-hired listed as the President, would my partner and I be effectively shielded so no one was able to determine that we are the owners?

I look forward to hearing your thoughts, and thank you in advance for your advice.

SNP


Asked on 5/07/08, 9:09 pm

2 Answers from Attorneys
John Steele Steele Law Firm

Re: Looking to hide identity

Use NV, but there is more involved then simply incorporating in a 'secret' way. Why are you doing this. If you have a boss taking the time to investigate if you have an interest in a corporation, you must be doing some important work!

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Answered on 5/08/08, 10:55 pm
Thomas Moens Moens Law Offices, Chartered

Re: Looking to hide identity

You could do anything from an Illinois LLC or corporation to a Nevada corporation which is owned by a Bahamas trust which is owned by a Lichtenstein partnership. It depends on how much money you want to spend and the effort you think your employer would put forth to look into it. Unless you are competing with your current employer, my guess is they won't much care what you do outside of work. If you are going to be competing with your current employer while still working for them, there are a lot of other problems (legal and otherwise) you might cause yourselves, so I would recommend discussing your plan with an attorney first.

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Answered on 5/08/08, 10:41 am


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