ISBA LLC and S Corporation Tax Seminar Free Powerpoint

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…

New Illinois Bar Video On Buying And Selling A Business

The 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…

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…