Types of Illinois Business Entities
- General Partnership
- Limited Partnership
- Limited Liability Partnership
- Limited Liability Company
- Statutory Close Corporation
- Professional Service Corporation
- Medical Corporation
- Non-Profit Corporation
- Low-Profit Limited Liability Company
Start-up businesses may be conducted as a sole proprietorship, a general or limited partnership, a joint venture, in a corporate form, in one of several forms of special business structures, such as professional corporation, or as a limited liability company.
There is no one form of business entity that fits all businesses. Whether new business owners should use partnerships, corporations, or limited liability companies (or other forms of organization) in the operation of their businesses depends on various factors. Below is a sample listing of the more popular business forms available in Illinois.