Can a trust be the single member of an llc in Illinois? If so, what are the practical considerations, advantages and disadvantages?
– Mike, Illinois
Illinois permits single member LLCs, and a trust (including a living trust) can be that single member.
As far as the advantages and disadvantages, you’d probably need to speak with an attorney or CPA.
One possible advantage with the living trust is to keep your LLC out of probate in the event of the single member’s death, and instead have ownership transferred via the living trust. However, you’re going to need professional help with this more complex situation.