Posted By: Will
LLC and Assumed Names - 08/27/08 09:59 PM
Our bank has a new customer that is organized as an LLC. The LLC is conducting business under a separate name and the checks are made payable to this business name. I have read through the Assumed Business Name Act (805 ILCS 405/) and found that LLCs are exempt from this act. However, does this mean they are exempt if they operate under the LLC name, or are they exempt completely? I can't see how they can be completely exempt because how would our bank be able to prove that we can accept checks made payable to a business that is completely different from the name of the LLC? I would think we would need something (i.e. assumed name certificate) showing the LLC operates its business under the separate business name.
Thank you for your help.
Thank you for your help.