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We’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.Search For:
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Author Archives: mboxerman
What’s the Difference Between an LLC and an S Corporation?
An LLC and an S corporation are two different concepts that often get confused. An LLC (limited liability company) is a legal business structure created under state law. It provides limited liability protection to its owners (called members) while allowing … Continue reading
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How Do I Conduct Due Diligence On A Franchise?
So, you’re thinking about buying a franchise? Franchising can be a fantastic way to dive into business ownership, providing the security of an established brand and proven business model. Before you take the plunge, however, it’s crucial to do your … Continue reading
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What is a Franchise Disclosure Document (FDD)?
What is an FDD? A Franchise Disclosure Document (FDD) is a critical legal document that franchisors are required to provide to potential franchisees before any sale or offer of sale. Mandated by the Federal Trade Commission (FTC) and various state … Continue reading
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Should I Hire an Attorney to Review My Franchise Disclosure Document (FDD)?
Considering a franchise investment? Understanding your Franchise Disclosure Document (FDD) is crucial, and professional legal guidance offers significant advantages. Let’s explore the compelling reasons to engage a franchise attorney for your FDD review. Experienced Navigation of Complex Documentation The FDD … Continue reading
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Can an LLC receive S corp. tax status?
Yes. A limited liability company (LLC) can elect to be taxed as an S corporation for federal income tax purposes. This election allows the LLC to retain its flexible legal structure (meaning it remains an LLC under state law) but … Continue reading
What are the benefits of an S corp.?
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
What are the benefits of an LLC?
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
What do LLCs and S corps. have in common?
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
What is joint employment and does it apply to my business?
The National Labor Relations Board considers franchisors joint employers of their franchisees’ employees when they “share or codetermine those matters governing the essential terms and conditions of employment,” such as hiring, firing, discipline, supervision and direction, determining wages and benefits, … Continue reading
Are my workers employees or independent contractors?
Knowing whether your workers are employees or independent contractors is crucial for compliance with wage and hour laws and figuring it out is not always as simple as employers think. “Independent contractor” is the most common misclassification for employees. Employers … Continue reading