Everyone is open to potential lawsuits, but licensed professionals and business owners are even more at risk. Doctors, dentists, veterinarians, small business owners, and even attorneys themselves, have a higher risk of being sued and need more extensive estate planning to protect all they’ve worked for. So while it’s important for everyone to have an [...]
If a business has multiple owners, eventually a change in ownership will need to happen. An owner will retire or move on for another reason. Don’t forget that emergencies can also happen. Changing ownership doesn’t need to be complicated. Planning ahead will help dispel disaster when the time comes for a transition. The plan [...]
Good news! On December 20th, the Illinois Governor Bruce Rauner signed SB 867 into law, reducing Illinois' excessive limited liability company's (LLCs) filing and maintenance fees. This law went into effect immediately upon signing, i.e. December 20, 2017. Although Illinois has a long way to go to make this state attractive for small businesses [...]
Center Partners, Ltd. v. Growth Head GP, LLC, Nos. 113107 & 113128 Cons. , 1st Dist. This case presents an attorney-client privileged communication question as to whether a trial court properly required defendants to produce all attorney-client communications pertaining to negotiations for purchasing company under circumstances where defendants had acknowledged sharing among each other legal [...]
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 [...]
