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IL business lawyerThe start of the New Year is an important time to revisit the financial and legal documents governing your business. Depending upon the type of business you currently own and the structure of your company, reviewing your business documents and updating them could involve many different tasks. At the start of 2018, you should have reviewed your partnership agreement and the partnership audit rules that took effect on January 1, 2018, as part of the Bipartisan Budget Act of 2015. Whether or not you reviewed your business documents at this same time last year, it is important to work with an experienced DuPage business law attorney to review your company’s agreements, financial materials, and legal considerations for 2019.

Reviewing and Amending a Partnership Agreement

If your business is a partnership, the New Year is a good time to review your partnership agreement and to amend it if necessary. If all partners agree to amend the partnership agreement, then an amendment is possible at any time under the Uniform Partnership Act (805 ILCS 206/) in Illinois.

There are numerous reasons that a business might need to amend its partnership agreement. For example, maybe you added a new partner or are planning to add a new partner in 2019. Or, if a partner left the business or is planning to leave, you will also need to amend the partnership agreement.

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Posted on in Business Law

Illinois business attorney, Illinois business lawsIs your small business healthy when it comes to legal risks and vulnerabilities? It can be exciting to start a small business in Oakbrook Terrace and to begin the process of structuring your business and hiring employees, but many legal complications can arise. When most small business owners hear the term “audit,” they think of a tax audit or an accounting audit. Legal audits are very different. Legal audits refer to a small business owner hiring a DuPage County business law attorney who can review the operations of your business to determine whether you are likely to encounter any legal problems.

When you run a small business, there are already many complicating matters that arise on a daily or weekly basis concerning your company. You should not have the extra anxiety of worrying about whether your business is at risk of a legal issue. A business lawyer in Oakbrook Terrace with experience assisting Muslim small business owners can speak with you today.

What Happens during a Legal Audit?

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