The owners of a limited liability company (LLC) are called members. At some point, an LLC member may find that they want or need to withdraw from the LLC. That member, as well as the other owners of the LLC, may wonder how to accomplish this. To properly withdraw from an LLC, there are a few key questions that the …
The limited liability company (LLC) is one of the most commonly used business entity types. For many businesses, forming an LLC provides significant benefits, including flexible ownership arrangements and governance, as well as strategic tax planning. However, as a business develops, it sometimes becomes necessary to consider whether the way the entity is organized best facilitates the company’s future growth. …
It is never easy to end a marriage, especially when children are involved. It is possible to have a smooth divorce in Champaign if you plan for it in advance. Consider Hiring a Divorce Mediation Attorney With a divorce, there are so many difficult factors to sort through: child custody, division of assets, living arrangements and so much more. An …
Are you considering filing for a divorce in Champaign, Illinois? Here are 8 divorce tips that that may help you plan and file for your divorce. 1) In order to file for divorce, one spouse must live in Illinois for at least 90 days. 2) If both spouses cannot come to a settlement on their own; then a judge will …
When starting a business, many entrepreneurs jump immediately into day-to-day operations. They often struggle to make time to develop systems for documenting how decisions are made. However, failing to keep a written record of the factors that lead to business decisions can increase the risk of liability if things ever go awry. As a result, it is best practice for …
Getting divorced can be quite overwhelming and stressful. One way to ease the stress of divorce is to utilize available apps and resources that can help make the divorce process a bit more organized and streamlined. Below are a couple of resources that may help you with your divorce in Champaign. Dtour.Life This is a great resource that allows all …
If you are in the process of starting a corporation, there are many important legal documents you must create and abide by to comply with your state’s laws and ensure that the corporation will operate efficiently. Corporate bylaws are one of the most critical documents to have in place. Bylaws lay the corporation’s foundations and include important information that your …
A stay bonus agreement, also referred to as a retention bonus agreement, is a written agreement between a company and a key employee to induce the employee to stay with the company. Understanding the definition and purpose of this type of bonus agreement is critical for both business owners and employees. A stay bonus agreement is a contract between a …
The process of protecting your family and setting up your estate in the event of your death can be a daunting and expensive process. It can involve some very deep thinking about painful issues. Nonetheless, it is an important process – one that every family should engage in. First, it is important to understand why estate planning is so important. …
Determining whether to start a business is a major life decision. For small business owners, deciding when and how to sell the business is arguably even more consequential. Before selling a business, the owner is likely to spend many hours and even days worrying and considering the options: Is the market right? What price should I set for my business, …
If you are considering purchasing shares in a company, do you understand the potential risks as well as the perks? What are the rights and privileges of a shareholder? And how do you protect these rights once you have them? Before becoming a shareholder, review the shareholders’ agreement carefully with the help of a lawyer. The shareholders’ agreement typically provides …
Just a year ago, businesses across the United States shuttered temporarily in response to the novel coronavirus. Some of these businesses could not weather the virus storm and closed for good. Now that COVID-19 vaccines are available, many businesses are wrestling with deciding when to resume in-person operations and bring their staff back full-time. At the time of writing, 1.5 …