HolmstromKennedy

by: Philip R. Frankfort The Tax Cuts and Jobs Act created a new concept for tax-exempt organizations – an excise tax on excess executive compensation. New Internal Revenue Code Section 4960 became effective January 1, 2018; and actually creates two separate taxes. First, there is a tax of 21% on remuneration over $1,000,000 paid in […]

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May 24th, 2018

Posted In: Corporate & Business

by: Michael J. Schappert Attorneys are often contacted by a client after a problem arises and are asked to help resolve it. While we are happy to do so, experience has shown that having good strategies and documents in place ahead of time often prevents the problem from arising in the first place. Following is […]

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April 27th, 2018

Posted In: Corporate & Business

by: Amanda J. Adams Martinez Good news – for those of you who operate a small business in Illinois organized as a limited liability company (“LLC”), this year you’ll notice that fees payable to the Illinois Secretary of State to create, maintain and otherwise manage LLCs have decreased. Senate Bill 867, signed into law by […]

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March 22nd, 2018

Posted In: Business Entities, Corporate & Business

Content Editor: Maryjo F. Pirages Reynolds Original Author Credit: Allison M. Huntley At the end of each year, business owners reflect on the viability of their organizations, and for a variety of reasons, they decide to discontinue operations. When shareholders decide to dissolve a corporation, questions about director and shareholder liability arise. In Illinois, there […]

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December 30th, 2016

Posted In: Corporate & Business

By: Amanda J. Adams Martinez Among the primary decisions that any new business owner should determine is whether to create a separate legal entity for the business, and, if so, what type of entity. Many factors impact this decision, such as: the type of services or products sold; liability concerns; the allocation of profit and loss […]

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October 23rd, 2012

Posted In: Business Entities, Corporate & Business

By: J. Joseph McCoy After more than two years of delays, the Federal Trade Commission (“FTC”) began enforcing the Red Flags Rule (“Rule”) on December 31, 2010. The Rule requires financial institutions and creditors with covered accounts to develop and implement a written identity theft prevention program. The program must include reasonable procedures to identify, detect, […]

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April 24th, 2011

Posted In: Corporate & Business