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Limited Liability Company (“LLCS”): The ins and Outs of LLCs

 Posted on August 23, 2022 in Business Law

Yorkville Real Estate Strategy and Asset Protection lawyer

A Limited Liability Company is a hybrid between a Corporation and a Partnership. A Partnership is when two or more people join together to establish a business. The benefit of a partnership is the flexibility of business arrangements. A partnership can be any written benefit that two or more people envision. The drawback to a partnership is the lack of limited liability protection. The benefit of a corporation is the separation between a person’s assets and business liabilities. A Corporation provides limited liability protection for their owners or otherwise known as “shareholders.”

1. Limited Personal Liability

In this article, we will examine the benefits of LLCs. The first major benefit that we will discuss is limited liability protection. Prior to incorporating a business, many entrepreneurs are sole proprietorships or partnerships. Generally, establishing an LLC is a sign of maturity in business. Limited personal liability is the benefit of limiting the business liabilities to the business (or LLC). An LLC creates a separate legal entity, which is distinct from its’ owners. As a separate legal entity, the business owners and its’ personal liabilities are distinct from the business.

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Legal Considerations When Selling Commercial Real Estate

 Posted on August 17, 2022 in Real Estate

kendall county real estate lawyer

The first step in the sale of commercial real estate property is the execution of the Commercial Sales Contract. The Mainstreet Organization of Realtors is the main (but not the only) contract for commercial real estate deals.

Attorney Review Period

The first step in the sale of a commercial real estate purchase or sale is negotiation of the attorney review period. The attorney review period is Paragraph 6 of the Commercial Sales Contract. Paragraph 6, Attorney Review Period, is the ability of either the buyer or seller’s real estate attorney to approve the contract; disapprove the contract; and/or propose modifications to the contract except for purchase price. Business negotiations must be finalized within ten business days after acceptance of the contract by the Seller(s).

In most buyer’s attorney’s attorney review contract, there is a phrase about extending the attorney review period until an agreement is reached or either party disapproves of the contract. Therefore, the 10-business day deadline is often repealed.

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Selling Or Buying a Franchise Business

 Posted on August 11, 2022 in Business Law

kendall county business law attorney

Oswego and Kendall County Franchise Business Attorneys

The purchase or sale of a franchise is a major investment transaction. The process is complex and requires varying different legal documents, which require precision and understanding. The first step in the sale and purchase of a franchise is the letter of intent.

Letter of Intent Attorney in Kendall County and Nearby Areas

The Letter of intent or “LOI” is necessary for several reasons:

  •  The Letter of Intent guarantees the franchise will be sold to the agreed buyer even if other potential buyers appear in the future. Thus, the LOI restricts the business deal between the buyer and seller.
  • The Letter of Intent shows seriousness by the Buyer and usually will include earnest money or a down payment evidencing their seriousness.
  • The Letter of Intent is the first step in consummating a business deal for the franchise purchase or sale.

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Formation of LLCs for Multi-Unit Buildings and Property Ownership

 Posted on August 04, 2022 in Real Estate

Yorkville Commercial Real Estate AttorneyForming an LLC or otherwise called a Limited Liability Company in Illinois is a wise decision. The first step in filing an Articles of Organization, which is the official process to become an Illinois LLC is to pick a business name. An LLC’s business name must be different and distinguishable from other LLCs and Corporations registered with the Illinois Secretary of State.

Differing business names reduces confusion and promotes accountability. Under Illinois law, the LLC must end with LLC, L.L.C. or Limited Liability Company. There are advantages of forming an LLC. These advantages include the following:

·         Limited Protection for the Business Owners

·         Taxation Flexibility and Savings

·         Cost-Effective to Start

·         Creditability

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