Frequently Asked Questions
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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Category Archives: Business and Corporate
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