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Three Best Series LLC Businesses for Illinois

By Marta Truskolaksa

Unlike many other areas in the country,  businesses in Illinois can lawfully establish a Series LLC. Series LLCs offer the flexibility of a partnership with the protection of an LLC. With a Series LLC formation, businesses can establish a series of LLCs under a Master LLC which provides many benefits including considerable savings in administrative fees, liability protection and “pass through” taxation.

Each business in the “series” shares profit and loss but maintains separate operational functions including separate EINs, bookkeeping, recordkeeping and membership. Series LLCs are ideal for businesses or individuals that own and operate multiple  properties and want to keep their businesses separate but share profit and loss.

Series LLC formations offer advantages for any business in any industry. However, at Gardi, Haught, Fischer & Bhosale LTD, we find the Series LLC particularly attractive to businesses in three major industries:

Property Managers. The Series LLC is a favorite among property managers who own several apartment buildings, condo complexes, etc. In these cases, if one property fails, the other properties in the series are insulated from financial and legal liability because of their establishment as totally separate LLCs. Creditors are unable to collect on the debt of the failed entity from the healthy ones and lawsuit judgements will only affect the entity in question.

Real Estate Developers. Real estate developers may want to separate their developments under a Series LLC. In addition to the advantages offered the property managers listed above, the Series LLC gives the real estate developer the flexibility to add additional Series as their developments reach various stages. Then, a real estate law firm like Gardi, Haught, Fischer & Bhosale LTD can help businesses add to, delete or modify their current operating agreement to include new entities. Working off a single operating agreement and amending it to include the Series is the most cost-efficient way to convert a single LLC to a Series.

Franchises. The Series LLC offers the obvious flexibility of adding entities under the Master LLC umbrella as the franchisor adds locations of his business. When we meet with franchisors looking to secure their first location, we encourage them to establish a Series LLC right away. That way they will be able to easily keep their future locations separate but operated under the Master LLC.

In the state of Illinois, the Secretary of State recently reduced the administrative fees for setting up a Series LLC which makes it even more attractive to businesses.

At Gardi, Haught, Fischer & Bhosale LTD, we are well-versed in the reasons for and advantages of the Series LLC  in Illinois. Is it the best choice for your business? Call us to find out or request a free case evaluation below.

Client Testimonials

Jimmy Su

We just had great experience with Tom Haught and his paralegal Courtney Kropf. The communication is clear and fast. All emails were replied within 30 minutes. We will definitely work with Tom Haught again.

Sagar Kanabar

Jeannette Gonzales

Was recommended to them from my company. They did an excellent job and always answered all my questions. Were always upfront with all things and made sure I understood everything that was explained to me.

Ardus

We used the law firm during the sale of our house. We dealt with Mr Haught and Courtney, who made the process very smooth. They were professional, yet very friendly to deal with.I would not hesitate to recommend them to my family and friends.

vanissa colaco

Our immigration experience with Ann Fischer has been amazing! She has been meticulous, organized and worked on our case in a timely manner. Ann and her team went above and beyond to address all of our concerns and provide a personalized support which made a significant difference during our stressful time.I highly recommend her services to anyone seeking legal representation for their immigration matters.

Mike and Keeley Aulert

We have used Tom Haught for two home purchases and one sale over the years and continue to be impressed by his professionalism, responsiveness, and thoroughness. Reasonable pricing too. Highly, highly recommended.

Waseem Chaudhry

Gardi, Haught is one of professional firm, I have been with G&H since last 8 years in all legal matters.RegardsWaseem Chaudhry

Khurram Ghani

Tom and his dedicated crew recently helped me close on a commercial property, and I must say they did an exceptional job! Throughout the entire process, they were incredibly responsive, attentive to detail, and a pleasure to work with. Their professionalism and expertise made the transaction smooth and efficient. I am thoroughly impressed with their performance and definitely plan to work with them again in the near future. I highly recommend Tom and his team for anyone in need of real estate services!

Ryan B

I'd like to thank Gardi, Haught, Fischer, & Bhosale LTD and the whole Team! For amazing service. They made my selling experience fast, easy and at my convenience. I'm very thankful for the whole team over there. Their service meant alot to me and will be using them in the future. 10/10 !

Roberta Murphy

We worked with Tom and Courtney mainly on our recent closing. While it did not go as planned (all the other side’s issues) they did a great job keeping us informed and in track. Highly recommend.

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