Recent Blog Posts
Differences Between LLCs and Corporations
Whether you already have a business in place or are looking to set up a new business, it’s important to understand the difference between an LLC and a corporation. Knowing which structure best fits your business needs will allow you to make the best choice in setting up your company. Let’s go over the… Read More »
MacDonald, Lee & Senechalle, Ltd. Proudly Sponsors Little Heroes League’s 2023 Big Hero Charity Golf Outing
At MacDonald, Lee & Senechalle, Ltd. , we believe in giving back to the community that has supported us throughout the years. We are thrilled to announce our sponsorship of the Little Heroes League’s 2023 Big Hero Charity Golf Outing. This event was more than just a day on the golf course; it was… Read More »
Why Your Company Needs a Buy-Sell Agreement
Starting a business is a lot like getting married. You enter into the arrangement optimistic, hoping and planning for the best. Like a marriage, although you should hope for the best, it’s prudent to plan for alternative outcomes. With a business, it’s even more important–even if your company performs well, there will come a… Read More »
What to Do if Your Business is Sued in IL
You answer a knock at the door and a deputy sheriff or process server hands you a copy of a summons and complaint. Your business is being sued. Now what? What do you do? How do you protect your business? Read on for tips on what to do after being sued in Illinois. If… Read More »
What Are the Different Kinds of Partnerships?
When you establish a business with a partner, you have several options available for the corporate structure. Certain types of businesses are limited to certain types of business structures. For example, some states do not allow law practices to operate as a limited liability company. Even if you can form an LLC or corporation,… Read More »
Firm Sponsors Local Bar Association Golf Outing
Earlier this year, MacDonald, Lee & Senechalle, Ltd. was pleased to help sponsor the 2022 Annual Golf Outing hosted by the Northwest Suburban Bar Association (NWSBA). Our firm served as a Main Event co-sponsor for the occasion held on September 21st. One hundred forty attendees joined the NWSBA for a day of golfing followed… Read More »
What Do I Need to Do to Expand My Nonprofit to Other States?
If you aim to expand your charitable activities to multiple states, it’s important to follow all relevant rules in both states. You’ll need to take certain measures in order to maintain compliance in the state of incorporation as well as the additional states in which you will be acting. The requirements vary by state… Read More »
How Do You Start a Non-Profit?
Starting a non-profit is easier said than done. There are a number of formalities to follow and hoops to jump through in order to form your non-profit corporation, comply with all appropriate regulations, and obtain tax-exempt status. However, with the right legal guidance, you can get your non-profit off the ground and start pursuing… Read More »
Recommended Policies for Nonprofits
For better or worse, a nonprofit shares some similarities with a business. Like businesses, nonprofits are subject to myriad regulations, taxes, and certain duties to owners, employees, clients, and even the public. To protect your mission and avoid unnecessary liability, it’s important to implement and enforce good governance policies. Governance policies are living documents… Read More »
What Powers and Rights Does a Minority Shareholder Have?
Majority shareholders have significant authority over how a company operates. They can make decisions regarding mergers and acquisitions, elect corporate officers, and make other important decisions. Minority shareholders, on the other hand, have relatively little power. If they hold voting shares they can cast their vote, but unless they pool with enough other minority… Read More »