The General Assembly repealed the 1/10 of 1% capital assets of business corporations franchise tax, and the Governor has signed the repeal, P.A. 101-0009. The tax disappears for amounts due below $30 in 2020, below $1,000 in 2021, $10,000 in 2022, $100,000 in 2023, and all amounts in 2024. The tax comes back in 2026…
DetailsWhen Roman tenants stumbled back into the lobby of their apartment buildings after a night of drinking, they probably threw a few coins into a clay pot by the stairway. If they died of drink (or the lead lined pipes, or the diseases that city life still features), the coins in the pot would pay…
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Jim Nepple and I presented a half day seminar on LLC and S corporation tax issues on May 15, 2018. My part focused on what pass-through entities are, and how Illinois LLC operating agreements should be modified to define agency authority (e.g., who can sign contracts for the company) and manager rights, if the company…
DetailsThe Illinois State Bar Association just posted a video with me talking about the documents you need to negotiate in the course of buying or selling a business, from the initial nondisclosure/noncircumvent that allows buyers and sellers to exchange confidential information to the term sheet which outlines their deal to the final sales contract (with…
DetailsJust posted a video to Youtube on what could happen if you die before a business deal like the sale of your business closes, with suggestions for how to document who has authority to act for your business or estate if something happens.
Exit Plans Do Not Always Require A Sale So what else can you do besides selling? What constitutes a successful business exit? A few examples, which does not need to include selling everything to strangers as part of your plan: All in the family: The Tuttle family, of Dover, New Hampshire, kept a dairy operation…
DetailsIf you don’t take care of those who depend on you, bad things (often involving lawyers) tend to happen: A promise is not a will: Charles Kuralt, the TV commentator, lived with Patricia Elizabeth Shannon for 29 years, many on 90 acres of Montana land with a renovated schoolhouse and a view. He sent her…
DetailsMany 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…
DetailsA 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,…
DetailsThe 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…
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