Partnerships are a common formed business structure in Illinois. The main difference between a limited partnership and a general partnership is that it allows for both limited and general partners. While a limited partner invests in the company, a general partner oversees day to day operations. Because of the risks a limited partnership can pose to its general partners, the entity is not recommended for long standing businesses.
In this article, we address upcoming changes to Illinois business law for 2020. The Illinois Human Rights Act prohibits employment and public accommodations, financial credit, sexual harassment, and housing discrimination in Illinois. The following amendments affect Illinois businesses and will go into effect January 1, 2020. This list is not exhaustive and Illinois businesses should review all additional amendments before the changes occur.
In this article we discuss the different types of Illinois partnerships. We discuss General, Limited, and Limited Liability Partnerships and the differences between them. Partnerships are one of the most commonly formed business entities. Partnerships come in three different forms: general partnerships, limited partnerships, and limited liability partnerships. All three of these partnerships are considered pass-through entities, meaning the partnership itself doesn’t pay any taxes, but the income it earns is passed through to the owners’ personal income.
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In a previous article, we discussed the benefits of incorporating. In this article we will discuss why it makes sense to hire an attorney to set up your corporation or LLC.
In this article, we explain the powers and duties of corporate directors and officers, and compare the role of corporate directors to corporate officers. We answer the following questions:
A fiduciary duty is a type of law applied to individuals who act on behalf of and in the best interests of someone or something else. Essentially, it is an obligation of trust from the person acting on behalf of another aka fiduciary, to the one for whom they are acting. In terms of businesses and corporations, a fiduciary duty is an obligation to act in good faith, with the care of a reasonable person in a similar position and the belief that their decisions are in the best interests of the company and its shareholders.
In a previous article, we discussed the benefits of incorporating. In this article we will discuss why it makes sense to hire an attorney to set up your corporation or LLC.
In this article, we explain the powers and duties of corporate directors and officers, and compare the role of corporate directors to corporate officers. We answer the following questions:
A fiduciary duty is a type of law applied to individuals who act on behalf of and in the best interests of someone or something else. Essentially, it is an obligation of trust from the person acting on behalf of another aka fiduciary, to the one for whom they are acting. In terms of businesses and corporations, a fiduciary duty is an obligation to act in good faith, with the care of a reasonable person in a similar position and the belief that their decisions are in the best interests of the company and its shareholders.
In a previous article, we discussed the benefits of incorporating. In this article we will discuss why it makes sense to hire an attorney to set up your corporation or LLC.
In this article, we explain the powers and duties of corporate directors and officers, and compare the role of corporate directors to corporate officers. We answer the following questions:
A fiduciary duty is a type of law applied to individuals who act on behalf of and in the best interests of someone or something else. Essentially, it is an obligation of trust from the person acting on behalf of another aka fiduciary, to the one for whom they are acting. In terms of businesses and corporations, a fiduciary duty is an obligation to act in good faith, with the care of a reasonable person in a similar position and the belief that their decisions are in the best interests of the company and its shareholders.
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