William A. Price, Attorney at Law CALL: 800-630-4780

Where In The World Should I Incorporate?

Tax minimization for international operations depends on your citizenship, the location where income and assets are likely to be, the supply chain you need to work with and location of your customers, and the political and regulatory aspects of asset holding and account reporting. US organization of international business entities is reasonable for asset protection (DE […]

Puppy Trusts And Cat Wills

Our animals are as dear to us as children and grandchildren, these days, and we spend more time and money on our pets every year. If your animals are likely to survive us, we need to make arrangements for their care and feeding, just like we do for our descendants. Every state except Minnesota allows […]

Selling Your Business (Without Losing Your Shirt)

Many Americans own a side business, or make most of their money from a company they help run. Very few of them get the money they deserve after building the business, because they either leave feet first in a health emergency, or fail to sell the place on terms that let them keep busy, get […]

Should You Avoid Probate?

  A lot of lawyers sell four or five thousand dollar will and trust packages that might avoid probate court processes for clients who would be better off with a court looking over their child or other adviser’s shoulder to make sure estate administration is prompt and fair. Illinois law now allows transfer by affidavit, […]

HB 4361 (New Illinois LLC Changes) Passes House and Senate

The Institute of Illinois Business Laws, which I chaired for 2014-2016, drafted and has supported HB 4361, which, with the able leadership of our legislative chairman Mike Hansen, has passed the Illinois House and Senate, and awaits action by Governor Rauner. HB 4361  is an extensive reqrite of current Illinois law, designed to bring our statutes […]

Record Level Of Venture Investments In China

Venture capital investments in China reached $15.3 billion during 2015, significantly higher than the previous high of $7.3 billion in 2011. Mobile device deals predominated, with an average of $9.8 million per deal. Exits have also seen growth, with 61 deals raising $7.2 billion of venture backed company IPO’s in China in 2014, the last […]

Business Issues In Estate Administration

Just delivered a talk to the DuPage County Bar Association on family business issues in estate disputes. Reminded those present that most buy-sell agreements are not funded with “Key Man” insurance, that most spouses and children are incompetent to manage the business but want money, and that even rich people like the Wrigleys and the […]

Filings Required To Close Out An Illinois Business Entity

Just posted on Slideshare a detailed checklist of business actions, federal and state income and UI and sales tax forms to file, and entity-specific forms to file with the Business Services Division of the Secretary of State in order to close out an Illinois business entity. For details, see http://www.slideshare.net/wpriceiit/filings-required-to-close-out-an-illinois-business-entity

Parent companies may not be liable for their subsidiary company’s contracts and other liabilities

The First District of the Illinois Appellate Court, in Saletech, LLC v. East Balt, Inc. et. al., 2014 IL App (1st) 132639, https://www.state.il.us/court/Opinions/AppellateCourt/2014/1stDistrict/1132639.pdf, upheld a decision that a distribution agent who claimed that the European parent of a Ukrainian subsidiary had agreed to implement an exclusive US distribution rights deal with the Ukrainian subsidiary in […]

Lying On Expense Reports Can Eliminate Rights To All Compensation, Even For A Company President

The First District of the Illinois Appellate Court upheld a $9.8 million award for ICD Publications, Inc. against Ian Gittlitz this December, http://www.state.il.us/court/Opinions/AppellateCourt/2014/1stDistrict/1133277.pdf Mr. Gittlitz had admitted to fraudulently taking more than $1 million in advances on entity distributions, without information to the other two co-owners of ICD Publications, Inc. He had signed an agreement […]