Ruling Confirms Limited Liability Companies Value as a Business Form

By |2021-01-28T20:58:21+00:00April 22nd, 2014|Business Law, Business Structure|

A recent ruling confirms Limited Liability Companies value as a business form. In a recent decision by the Illinois first District Appellate Court, it was affirmed that the sole member of a Limited Liability Company (“the LLC”) could not be held personally liable for fraud while acting as managing member of the LLC.  In Dass [...]

Illinois: Low-Profit Limited Liability Companies – What You Need to Know

By |2021-01-28T21:00:17+00:00September 4th, 2011|Blog, Business Structure|

Recently, Illinois became one of the states to permit formation of low-profit limited liability companies (often called “L3Cs”), by adopting 805 ILCS 180/1-26, as added by P.A. 96-126 (the “Act”).  The main advantages of L3Cs are their tax treatment and flexibility generally associated with the limited liability companies.  Unlike traditional not-for-profit entities, L3Cs do not [...]

Compensation and Medical Insurance Issues for S-Corporations

By |2015-07-31T15:21:48+00:00May 2nd, 2011|Blog, Business Structure, Uncategorized|

When computing compensation for employees and shareholders, S corporations may run into a variety of issues. The information below may help to clarify some of these concerns. Reasonable Compensation S corporations must pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation before any non-wage distributions may be [...]

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