On October 5, 2016, Cook County, Illinois joined the growing list of jurisdictions across the country to pass a paid sick leave ordinance, following what’s becoming a popular trend across the country, not only in the Midwest, but nationwide. Previously, the city of Chicago, located in Cook County, also passed a similar ordinance in [...]
Businesses usually start with best intentions and under the best of circumstances. However, down the road many life events and business challenges occur that change business owners, their relationships, and goals. It’s essential, therefore, for most new businesses to begin with a discussion of a buy-sell agreement. A typical buy-sell agreement functions in the same [...]
The past few years have seen an increase in small to middle-sized business sales. The economic forecast suggests that this trend will continue. If you are considering a business sale, it’s vital to understand the selling process and prepare your business for the contemplated sale well before you try to put your business on the [...]
Everyday companies form and business partners come together with the best of intentions and hopes. Often things begin smoothly but trouble rears its ugly head down the road. If you have formed a company and have a business partner, it’s devastating to find your trusted partner stealing from you. If you find yourself in this [...]
The global business market has seen an increase in M&A deals in recent years. According to the Mergers and Acquisitions Condition Index, in July 2016 middle market business sale and business acquisition deals increased for the second consecutive month. Another noted trend is a decrease in deal closures - often the result of lack [...]
First of all, we would like to wish you a happy, healthy, and productive new year. As 2016 quickly gets underway, I'm sure you've been thinking of ways to become more efficient and successful this year. Yet, this year promises to be challenging in many respects. Many consumers will continue to struggle to get their [...]
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 [...]
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 [...]
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 [...]
