Our Chicago business law firm advises clients across multiple industries, market sectors, and various stages in the supply chain regarding numerous Coronavirus-related issues. Companies need to understand where the law, the virus, and their businesses intersect. Whether in retail, entertainment, transportation, or manufacturing, as factory production slows in line with the reduction of workforces, clients [...]
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 [...]
A limited liability company can function as an extremely powerful and flexible Illinois business organization structure. The LLC, if structured properly by a Chicago business lawyer, can shield members (aka LLC business owners) from the legal obligations and debts of the LLC. In limited liability companies which are solely owned, small or family owned, business assets [...]
