LLC and Eviction in Chicago
Ignore the title of the post, please. I can't change it.
Hi,
As I research structuring, I have a few questions. Any help is greatly appreciated.
Assume a sole prop Owner moving property management to member managed LCC in Chicago. My wife and I will be the LLC member managers and property Owners. I'm not interested in discussing "liability protections" offered by LLCs, this is related to attorney involvement.
I can manage my own properties as sole prop, but what happens when the LLC is established in Illinois?
* Do I need a licence to manage my properties if I move management to my own LCC in Chicago, Illinois? If so, it seems I would need additional business insurance My personal umbrella may not cover a business.
* If I receive a city violation and want to contest it, can I attend the hearing or do I need to hire a lawyer?
* What if I face an eviction, do I need to hire a lawyer to represent me or can I do so?
* Are there any other hidden expenses related to management by having the LLC vs. sole prop?
Thanks,
Frank
Most Popular Reply
"see if there are any activities that may be currently excluded from self-managing my units."
FORGET the "self-managing" aspect. This is NOT about you. It is about your business pursuits. You may or may not have sufficient primary insurance, but I highly doubt your PERSONAL umbrella policy covers business pursuits, no matter how hands on you are.