Illinois' amended Limited Liability Company Act now permits single member LLCs. This feature offers some unique opportunities to the sole proprietor.
The big difference is, the LLC is a recognized legal entity for purposes of state law. It provides a liability shield like a corporation, but with far less formality. There is no requirement for the election of Directors and Officers. No annual meetings need be held and no minutes need be prepared. In fact, the LLC act says, in so many words, "The failure of a limited liability company to observe the usual company formalities or requirements relating to the exercise of its company powers or management of its business is not a ground for imposing personal liability on the members or managers for liabilities of the company."
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