I had an LLC in IL for many years before I sold it. I was carrying business and personal liability insurance in order to protect myself and my business. You will need to contact a corporate lawyer in IL to help you with this matter. I also found a couple of sites for you to read for more information. I hope this helps:
Hi William. This is a question that you MUST ask your legal counsel. The answer to your question, and how you proceed is too important to rely on answers you get through a ‘fitness’ forum.
Both an LLC and S-corp are generally considered entities separate from their owner IF all of the necessary paperwork and other legal requirements are followed.
Talk to your attorney! I hope that this helps.