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Yearly Archives: 2018

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Handling Unemployment Claims In Illinois

Picture the situation, Bob, an employee of your small business, has crossed the line one too many times, and you fire him for legal cause (assume one that may even disqualify him from receiving unemployment benefits).  You give him his final paycheck and begin trying to figure out who will pick up Bob’s share of [...]

Handling Unemployment Claims In Illinois2020-06-20T12:44:15+00:00

Capital Accounts in Illinois Limited Liability Companies

Illinois limited liability companies that elect to be taxed as a sole proprietorship (single member) or partnership (multi member) maintain balance sheets that are distinct from Illinois corporations in one important respect: they require a separate equity account, or capital account, for each member – a member is an individual or entity that holds a [...]

Capital Accounts in Illinois Limited Liability Companies2018-10-04T22:00:36+00:00

New Tax Law 2018 – Changing the Game for Businesses

With the new tax law now passed through Congress and signed by the President, our Chicago business lawyers have been spending time unpacking the new 2018 tax law related to Illinois corporations and pass through entities, such as Illinois limited liability companies.  We have found that the choice of business entity and the elected tax [...]

New Tax Law 2018 – Changing the Game for Businesses2020-06-20T12:44:15+00:00