According to the Corporate Transparency Act, which will be effective starting January 1st, 2024, certain companies should file specific information about their beneficial owners. Who needs to share this information? The “beneficial owners” are those who directly or indirectly have substantial control over the reporting company, or at least 25% of the ownership or voting […]
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A close corporation, also known as a closely held corporation, is a type of business entity where the majority of the ownership is held by a small number of shareholders. Typically, these shareholders are family members, friends, or a small group of individuals. This type of corporation is often characterized by a more intimate and
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FedEx, short for Federal Express, is a globally recognized courier delivery service that specializes in small package information, transportation, pickup, and delivery domestically or internationally between the US and Canada. Did you know that you can buy a FedEx route and benefit from each delivery that you make in your assigned territory? FedEx is one
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The trucking business in Illinois is a lucrative industry that offers great growth opportunities and a valuable service for the community. However, logistics and transportation are heavily regulated industries. To operate those businesses in Illinois, not only will you need a strategic business plan but also a thorough understanding of the legal and compliance requirements.
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When buying a business, an asset purchase agreement (APA) is the contract under which a seller transfers some or all the company’s assets to a buyer. This legal document outlines the price, terms, conditions, and warranties of the deal. With an asset purchase agreement (also known as an “asset transfer agreement”), the company sells only
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When it comes to business, contracts are going to be a focus, especially if you have connected with clients and other businesses. When establishing a contract, it’s important to do everything you can to reduce risk and make sure that all parties involved understand their duties and responsibilities. Whether you are just starting your business
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In the context of a business acquisition, a letter of intent (LOI) is a document that defines the preliminary terms of the transaction and formalizes the intention of two parties to engage in it. Typically, the letter is created by the purchasing party, who proposes a price and outlines the structure of the negotiation. Although
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What is a no-shop clause? A non-shop clause, also known as an “exclusivity clause”, is a provision often included in business contracts, particularly in merger and acquisition (M&A) agreements and letters of intent. This clause is designed to restrict one party to the contract, typically the seller or the target company, from actively seeking or
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An Area Development Agreement (ADA) is a type of franchise agreement in which a franchisee has the right and responsibility to open a certain number of franchise units in a particular territory within a set timeframe. How does it work? In an ADA, also called a Multi-Unit Development Agreement, a franchisee’s role is to introduce
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As a huge corporation having thousands of locations around the world, imagine how complicated it would be to personally vet and recruit franchisees. This is why big companies, such as McDonald’s, subfranchise their businesses and rely on master franchisees that manage multiple locations on their behalf within a determined region. Key takeaways: In a subfranchise,
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