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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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Illinois business attorney, Illinois business laws, DuPage County business lawyerFor members of the Oakbrook Terrace Muslim community who are thinking about launching new business enterprise, it can be complicated to figure out how to draft an owner’s agreement. Different business structures have different forms of owner’s agreements.

The U.S. Small Business Administration helps to explain the distinctions among different kinds of business structures and the ways in which owner’s agreements can differ. Depending upon the type of business structure you have selected, your owner’s agreement will be entitled differently, but it should generally contain similar information. For instance, if you are forming a corporation, then you will need to create a shareholder agreement. If you are launching an LLC, however, you will need to create an operating agreement.

The information that you ultimately include in the owner’s agreement will provide guidance for handling a wide variety of issues that might arise at a later point in the life of the business. You should always discuss your situation with an experienced Oakbrook Terrace business lawyer before making decisions about a new business. An advocate at Farooqi & Husain Law Office can speak with you today.

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Illinois business attorney, Illinois business laws, Oakbrook Terrace business lawyerIf you are thinking about starting a business in DuPage County, it is important to understand the differences between forming an LLC and a corporation. Generally speaking, both of these business structures have the benefit of reducing an individual business owner’s liability in the event of a lawsuit or bankruptcy, for instance. However, these business structures are taxed very differently, and those tax differences can make a big difference in the long run. In addition, there are distinct types of corporations — namely, C corporations and S corporations — and the type you choose can have very different results in the long run.

It is important for members of the Muslim community in DuPage County to understand some of the distinctions between various business structures before launching a new enterprise. Once you have a sense of the pros and cons of each, you should always speak with an experienced business litigation attorney in Oakbrook Terrace. One of the dedicated lawyers at Farooqi & Husain Law Office can analyze your situation and discuss your options with you today.

Differences between an LLC and a C Corporation

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