In the Chicago area, Limited Liability Corporations are being used for Condominium and Residential Development (large and small), Retail Stores and Resturaunt investments.

The L.L.C. is a recent addition to Illinois business structures and is similar to traditional European business structures. L.L.C.'s are extremely flexible in how owners structure payouts on investments and how owners structure ownership shares. As an example, members (think of them as "Shareholders") can make investments to the L.L.C. and receive preferred payouts while still holding onto their main interest. The Members are taxed as if they were in a partnership, but have the protections of the corporate structure.

One of the current disadvantages to L.L.C.'s is that lawyers, accountants and the SEC are still experimenting with how to take an L.L.C. public by either converting it to a standard C Corporation, converting it to a widely held L.L.C., or converting it to a Limited Partnership. The current trend is to try to convert the L.L.C. to a C Corporation and then sell the shares in a private placement or public offering. This works, but does not necessarily meet with everyone's planning goals.

Mr. Cooke has prepared and worked with his clients on a variety of Limited Liability Corporations.

Please feel free to contact Mr. Cooke at (312) 497-9002 or by email at "gc@Cookeslaw.com. Mr. Cooke's fee is $300.00 per hour.

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