Illinois HB3588 amends the Limited Liability Company Act to allow single-member LLCs to be treated as single taxpayers and appeal property tax.
Illinois HB3588 amends the Limited Liability Company Act to allow a single-member limited liability company to be considered a single taxpayer and appeal an assessment under the Property Tax Code. The bill also outlines rules for series within a limited liability company, including how they can be managed, named, and dissolved separately from the main LLC. The debts, liabilities, and obligations of a series are enforceable against the assets of that series only, not against the assets of the LLC generally or any other series.
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- Core Provisions
- Implementation
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- Legal Framework
- Critical Issues
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