Chicago Business Attorney Blog
Business owners form an LLC and treat the acronym itself like a force field. Once it’s filed with the state, the thinking goes, personal assets are off limits no matter what happens in the business. That belief is doing a lot of unnoticed work in the phrase “limited liability company,” and the word carrying that weight is limited, not total.
Illinois courts do respect the LLC structure, and they don’t strip that protection away lightly. But there are specific, common ways business owners undo their own protection without realizing it, usually years before anything goes wrong, when the habits that create the exposure were formed.