Illinois’ Concealed Carry Act
By Jeff Warren and Alex Marks, partners at Burke, Warren, MacKay & Serritella, P.C. Implications for Business Owners and Employers While Illinois’ enactment of the Firearm Concealed Carry Act (“Act”) has important implications for business owners, and at first blush… Read more→
THE DANGERS OF FIFTY-FIFTY AND HOW TO AVOID THEM
Many businesses are owned “50-50,” for a multitude of reasons – perhaps the entity was initially formed, or later inherited, by two parties, or perhaps the entity’s ownership structure changed during the life of the business (e.g., one of three… Read more→
Let it Snow, Let it Snow, Let it Snow
A recent Illinois Appellate Court case made life a lot easier for those who love to spend their summers in Chicago but can no longer tolerate the long, cold winters and the Illinois income and inheritance tax systems. Old Man… Read more→
S Corporations and the Second Class of Stock Rule
Most small businesses are classified either as an S corporation or as a partnership for income tax purposes. One disadvantage of being taxed as an S corporation as opposed to a partnership is the inability to issue multiple classes of… Read more→
Six steps to protect against claims by employees
In today’s business world, all employers are susceptible to claims brought by their employees and former employees. Lifetime employment and job loyalty no longer exist, and family-owned businesses are not immune from lawsuits by their employees. There is never a… Read more→