Serving Waukegan, Libertyville, Lake County, Gurnee & nearby areas of Illinois
In today’s video blog, Attorney Ted Bond, Jr. discusses when businesses can be held liable for slip and fall accidents on their property and what can be done to minimize your exposure to injury claims.
The State of Illinois passed legislation on December 20, 2017 which became effective immediately and significantly reduced the fees which must be paid to set up and maintain a limited liability company with the Secretary of State's office. The fee to file articles of organization was reduced from $500 to only $150. The fee to file an annual report was reduced from $250 to only $75. These fees are more in line with those charged in other states as Illinois was charging some of the highest rates in the nation.
Our firm represents many small businesses including start up enterprises. With our help, they typically establish a corporation or limited liability company both to protect the owner(s) from unforeseen business liabilities and for certain tax advantages. Despite setting up this shield, most small business owners expose themselves to personal liability for claims arising out of the lease for the space used for their business.