Frequently Asked QuestionsWe’re business law and franchise lawyers in Chicago providing customized legal services to businesses and their owners, franchisors and franchisees, and the restaurant and hospitality industry. Our knowledgeable, effective, and responsive attorneys counsel clients in connection with contracts and franchise agreements, corporate and LLC issues, leases and real estate transactions, employment issues, estate planning and business succession, and lawsuits and alternative dispute resolution.
Category Archives: Business and Corporate
Business owners should keep in mind that LLCs can request S corp. tax status. This allows your company to remain an LLC for legal purposes but gain the tax benefits of an S corp. To gain S corp. status, an … Continue reading
When business owners choose an S corp., it’s for the tax benefits. S corps. are more rigid and require more paperwork than LLCs, but they pay significantly less in employment taxes, which makes a big difference for highly profitable businesses. … Continue reading
The title “limited liability corporation” sounds good to business owners, but what are the key benefits of an LLC? The main reasons business owners choose LLCs over S corps. are simplicity and flexibility. S corps. are subject to a number … Continue reading
Two key benefits offered by LLCs and S corps. are limited liability and “pass-through” taxation. Limited liability means that owners generally are not personally liable for the debts and liabilities of the business. “Pass-through” taxation allows these business entities to … Continue reading