This helpful chart for Illinois business entities was used for a speaking engagement last spring with Illinois Farm Bureau. It illustrates some of the major differences among different choices of business entities in Illinois including but not limited to sole proprietorship, general/limited partnerships, limited liability companies (including series LLC’s), and corporations.
I’m a visual person so I love charts and flowcharts! Perhaps this will make the choices more clear. I’m also available for a consultation either via telephone or at my office in Downtown Champaign to help you better understand the choices available in Illinois.