If your business made or received payments to independent contractors and entities (other than compensation to your employees) during the calendar year, it’s likely you must file an information return called a Form 1099 with the IRS. You may also …
Read What Every You Need to Know about IRS Form 1099: Reporting and Requirements
I had the pleasure of being the keynote speaker last night to the Knox County Beef Association, a county affiliate of the Illinois Beef Association. What a crowd they had for their annual meeting — exciting to witness and be …
Read Keynote Speech: The Cattle Business Really is a Family Business
Divorce. An unexpected death, disability, or retirement. An irreconcilable dispute. These triggering events may put your successful, stable business into a tailspin. Luckily, a buy-sell agreement can help you and your business be better prepared to handle these events. What …
Read Don’t Let Change Wreck Your Business: The Buy-Sell Agreement
I was quoted in this publication by the Illinois Soybean Association on estate planning and the millennial mindset. Check it out and let me know if you agree!
I interviewed Beth Rumley from The National Agriculture Law Center in this week’s Ag Law Today podcast. You can listen to the recording on YouTube here or on iTunes. A lot of agriculture producers and lawyers forget that this fantastic …
Read Episode 10 of Ag Law Today: National Agriculture Law Center
The LLC is a popular way to structure a business because it provides personal liability protection to the members– like a corporation does to its shareholders–but without as many administrative formalities. But if you’re an LLC member, don’t let this …
An LLC affords its members a certain amount of personal asset protection. Part of this protection hinges on the restricted transferability of LLC membership interests. Restricted transferability protects the non-transferring members from creditors and unwelcome new members, which upholds the …
Read Transferring LLC Membership Interests Part 2—Voluntary Transfers
Say you are a member of an LLC. You own membership interests in the LLC. But what if you want to leave the LLC? What if you get a divorce? What if you have creditors seeking immediate repayment? What can …
Read Transferring LLC Membership Interests Part 1—An Overview
I’m talking about Advanced Directives with Deborah Kaminetzky on the most recent Ag Law Today podcast. So many people focus on Last Will and Testaments instead of Powers of Attorneys and Health Care Proxies, which are arguably MORE important. Deborah …
Almost everyone wants to be the good guy. Engaging your business in the local community through volunteerism and charitable giving can have a positive impact both on your business and in your community. The more public-facing your business is and …