The July 2015 edition of the Illinois Bar Journal features an article written and published by Sandra D. Mertens of Dale & Gensburg, P.C. entitled “Can You Pierce the Veil of an Illinois LLC?”
In brief, the article discusses certain situations when creditors of an LLC may pierce an LLC’s veil of limited liability to reach the assets of the owners. Proper planning and advice from an experienced attorney can minimize the likelihood that an LLC owner’s assets will be available to a creditor of an LLC. A good attorney will also make the proper arguments in court to fight for or against the piercing of the LLC veil. This area of the law is constantly evolving and differs from state to state. The article provides a “snapshot” of the current state of the law in Illinois.
The Illinois Bar Journal is the statewide monthly magazine for Illinois lawyers from the Illinois State Bar Association (“ISBA”). The 33,000-member ISBA, with offices in Springfield and Chicago, provides professional services to Illinois lawyers, and education and services to the public through a website (illinoislawyerfinder.com), consumer brochures, and distribution of legal information.