Category Archives: Business and Corporate Law
Does a Nonprofit Need a Business License in Illinois?
Nonprofit organizations serve important roles in their communities, providing charitable, educational, religious, and social services. If you are starting a nonprofit in Illinois, you may be wondering whether your organization needs a business license to operate legally. The answer depends on several factors, including the type of nonprofit, its location, and its activities. Below,… Read More »
Things to Consider When Buying a Business
Acquiring another company is an exciting step as you grow your enterprise. It can mean growing your customer base, a synergy of products and services, or even expanding into a new market. Before you close on your business acquisition, however, it’s important to conduct yourself appropriately. Take the time you need to make the… Read More »
What to Do if You’re in Dispute With Your Partner in Business
When you establish a partnership, you do so because you believe you and your partners see eye-to-eye. You have complementary areas of expertise, individual contributions to add to the enterprise, and a shared vision for the future. Your business partner is, nevertheless, another human being. Humans disagree, even with the best of intentions. What… Read More »
Asset Buying vs. Stock Sale: What’s the Difference? What Should I Do?
When you acquire a company, the process is significantly more involved than purchasing real estate or other property. There are more options, more nuances, more regulatory issues to consider, more taxation concerns to keep an eye on, and more opportunities for unexpected liability. One of the most important decisions the parties must make is… Read More »
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 »
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 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 »
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 »
Things to Know About Forming a Corporation
Forming a corporation is an exciting step in the life of any budding business, but it requires careful consideration of a variety of factors and jumping through many legal hoops. Below, our seasoned Illinois business law legal team discusses several of the important factors to keep in mind when forming a corporation. Type of… Read More »
Avoiding The Imposition Of Personal Liability For Corporations
Post Authored by Brian Bentrup The limited liability rule is firmly established in Illinois. It means that individuals are not personally liable for the debts of a corporation or a limited liability company (“LLC”). Piercing the corporate veil is a concept that applies to corporations and LLCs in Illinois. Specifically, it imposes personal liability… Read More »