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 …
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. …
A joint venture is an agreement in which two parties combine resources or expertise for a certain project or objective. In a partnership, two or more individuals agree to continuously conduct a business together and share its ownership. The key difference between them is that, while in a partnership there is an ongoing business relationship, …
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As a business owner, a website is an essential tool that will help you increase the brand awareness of your company and reach more potential clients. However, you must be aware that your website needs to comply with certain regulations according to the following factors: The purpose of your website: Is your website built for …
When starting a restaurant, restaurant business owners should be careful to write up proper written agreements at the very beginning. One common mistake is that business partners will wait until the restaurant opens before they write a written partnership agreement (if they write one at all). The problem with waiting is that by the time …
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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 …
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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 …
Business law can be puzzling to many new business owners. Put simply, the definition of business law is “The combination of statutes and court rulings that govern everything that concerns business operations”. Also known as commercial law or corporate law, this area of law addresses a wide variety of legal issues regarding business formation, contracts, …
Anyone who is starting a business will need to select a business entity or model with which they will follow. A corporation and limited liability company (LLC) are two different types of business entities that both offer their own benefits. Depending on how you would like ownership, taxation, and management to look for your business, you can …
What Is the Difference Between a Corporation and an LLC? Read More »