Simple Husband & wife LLC in Illinois, does it exist?
I am looking at forming, a Series LLC in Illinois, with my wife for our rental properties. After doing some research, I am only more confused. It seems like there are very different outlooks, strategies and methods. I want something simple for liability protection and taxes. Originally I was thinking 2 member( me & my wife) LLC as disregarded entity. But I believe in Illinois would have to file taxes as partnership? Also, some articles I've read go so in depth it seems like overkill. I've seen example Articles of Organization 17 pages in length, and clauses for every possible situation. Also, seems like if the details of the LLC aren't followed exactly, then the veil can be pierced. I'm not an attorney and would probably make a mistake. I would hate to think I went through the effort and cost to setup the LLC only to have it pierced because my T's weren't crossed. Maybe for a large company or an LLC with several members this is necessary, but I would like to believe for what I need something much more simple would suffice. The costs in Illinois are also prohibitive. For a Series LLC in Illinois $850($750 to file,$100 expedited fee), $50 for each additional series, $250 per year, not to mention attorney fees. I currently have an umbrella policy, would need one for the LLC as well. I'm assuming a LLC/partnership tax return could be an additional $250-$500 yearly. So, could be an extra $750-$1000 a year. I probably sound like I'm down on LLC's, I'm not, just looking for something simple that will provide protection. Is setting up and properly operating an LLC as difficult as I've been reading? Thanks