In 2025, women- and minority-owned businesses continue to grow at a record pace in Illinois—and a clear trend is emerging: many of these entrepreneurs are choosing the Limited Liability Company (LLC) structure to launch or scale their businesses. Below, we share, “Why More Women and Minority Entrepreneurs in Illinois Are Choosing LLCs in 2025. But why are LLCs the go-to …
Removing a business partner is one of the most delicate legal issues a business owner can face. In Illinois, it’s not as simple as voting someone out or changing the locks. If done incorrectly, you could face a costly lawsuit, damage your business’s reputation, and trigger major tax or liability consequences. But when handled properly—and legally—you can protect your business …
Whether your partnership has run its course or it’s time to move in a new direction, dissolving a business partnership in Illinois requires more than just walking away. There are legal steps to follow, financial responsibilities to settle, and formal notices to file. In this guide, we’ll walk you through how to dissolve a partnership in Illinois the right way—without …
Starting a business with a partner can be exciting, but even the best relationships can break down without the right legal and operational framework. Whether it’s money, power struggles, or misaligned values, business partnerships often collapse due to issues that could have been prevented. At Rincker Law PLLC, we’ve seen the warning signs up close. This blog covers the top …
If you’re starting a business or nonprofit in Illinois, you might be wondering: Can I Form an LLC or Nonprofit Without a Lawyer in Illinois? The short answer is yes, you can form an LLC or nonprofit without a lawyer in Illinois. The Illinois Secretary of State allows you to file all the necessary documents on your own. But the …
Forming a corporation in Illinois can be a smart legal and strategic move for entrepreneurs who want liability protection, credibility, and the ability to scale. But the process involves more than just filing a form—you must meet specific state requirements and make important legal and tax decisions. At Rincker Law PLLC, we help business owners across Illinois form corporations the …
If you’re starting a business with one or more partners in Illinois, one of the most important decisions you’ll make early on is whether to create a partnership agreement. Legally, you’re not required to have one—but skipping it is one of the fastest ways to run into conflict, confusion, or costly legal battles. At Rincker Law PLLC, we help entrepreneurs …
Illinois 1031 Exchange: A 1031 exchange allows Illinois real estate investors to postpone capital gains taxes by investing sale proceeds of a property in a like-kind property. The strategy preserves capital, increases cash flow, and grows investment portfolios. Requirements Like-Kind Property: Must be for investment or business purposes (e.g., rental buildings, commercial property). Qualified Intermediary (QI): Must conduct the transaction; …
Starting a business? If you want liability protection, tax benefits, and a simple business structure, forming a Limited Liability Company (LLC) in Illinois is a great option. In this guide, we’ll walk you through how to form an LLC in Illinois, covering all the key steps, requirements, and tips to make the process as smooth as possible. If you need …
On February 27, 2025, FinCEN released a significant notice regarding the enforcement of Beneficial Ownership Information (BOI) filing under the Corporate Transparency Act (CTA). The agency indicated that it will not enforce fines, penalties, or enforcement against companies for failing to file or update BOI reports (BOIR) by current deadlines. What This Means for Businesses If your business qualifies for BOI reporting under Corporate …
Businesses subject to the Corporate Transparency Act (CTA) must now report Beneficial Ownership Information (BOI) to FinCEN by March 21, 2025—an extension from the previous deadline. Key Updates January 7, 2025: A court ruling paused BOI reporting requirements. February 18, 2025: The stay was lifted, reinstating the requirements. FinCEN extended the compliance deadline to March 21, 2025 to allow businesses …
Starting a non-profit in Illinois is a rewarding way to make a difference in your community while benefiting from legal and tax-exempt protections. Whether your mission is to support education, provide social services, or advocate for a cause, setting up a non-profit requires careful planning and compliance with Illinois state laws and federal IRS regulations. At Rincker Law PLLC, we …