The Illinois Articles of Organization is the name given to a legal document that is required to formally register a limited liability company in this state. This document provides the Illinois Secretary of State with the essential information to start the formation process of your LLC. An LLC is a business structure in which owners […]
Articles of Organization Illinois: 2023 Guide to File your LLC Read More »
What is an operating agreement? An operating agreement is the governing document of a Limited Liability Company (LLC). This document dictates the obligations and rights of the owners of the LLC, which are called members. An operating agreement also determines the distribution of profit and losses of the company.The terms included in an operating agreement
What is an Operating Agreement and Why Does Your LLC Need It? Read More »
A professional limited liability company, or PLLC, is a kind of business structure that offers personal asset protection to a group of licensed professionals whose business provides the same type of services. PLLCs are formed specifically for services that require professional licensures, such as lawyers, dentists, accountants, and chiropractors. Not all states allow this variation
Reaching an agreement on the purchase price can be one of the most difficult aspects of a business transaction, as it requires strong negotiation skills from both parties. When there seems to be no consensus about the final price, the parties can include an earnout provision in the agreement as a strategy to close the
Earnout: Meaning, Structure, and Uses in M&A Read More »
Buying a business involves a lot of risks that need to be analyzed before moving forward in the deal. To properly assess all the aspects of a business purchase you should conduct due diligence, but before entering deeper into the deal, it’s a good idea to prepare these 10 questions to ask when buying a business.
10 Questions to ask when buying a business Read More »
Buying a restaurant comes with several advantages. By purchasing an existing food business you will have access to its equipment, existing brand recognition, and built-in customer base, which may translate into an immediate profit. However, purchasing a restaurant also comes with risks that may be imperceptible at first sight. Follow our guide to buy a
How to buy a restaurant Read More »
Purchasing a business offers the advantage of not having to build a company from the ground. A business acquisition gives the new owner the capacity to operate from day one and have more probability of immediately receiving profit. Before buying a business, be aware of these 10 red flags that may affect your acquisition. 1.
10 Red Flags When Buying a Business Read More »
People who buy into franchises often buy more than one so they can have more businesses and make more money. Franchise buyers are often entrepreneurially-minded and want to grow their book of business (meaning their book of franchises). The nice thing about franchising is that all the rules, systems, and recipes (if food related) are
Can You Own More Than One Franchise? Read More »
What is commercial due diligence? Commercial due diligence is the process of inspecting the business you are buying. It’s similar to buying a house —you do an inspection before purchasing the house. The objective of due diligence is to have a full understanding of the target company’s liabilities and strengths, in order to be aware
What is Commercial Due Diligence? Read More »
Congratulations, you signed a letter of intent (LOI) to buy a business, but now you don’t know what to do next. Or maybe you’re about to sign an LOI, but want to go with eyes wide open and know the next steps. So what are the steps of the M&A process? The process of buying