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 …
Starting a business in Illinois comes with many important decisions, and one of the biggest choices is deciding on the right business structure. LLC vs. Corporation in Illinois: Which One is Right for Your Business? This decision affects everything from taxes to liability protection, so it’s crucial to understand the differences before moving forward. At Rincker Law PLLC, we assist …
On December 29, 2022, President Biden signed into law new legislation expanding the protections of nursing mothers, known as the Providing Urgent Maternal Protections Act for Nursing Mothers Act (“PUMP Act”). The PUMP Act is intended to enhance existing lactation and pumping protections and close some gaps for workers who were previously left uncovered in 2010 when the Breaktime for …
On December 3, 2024, the U.S. District Court for the Eastern District of Texas declared the Corporate Transparency Act unenforceable and issued a nationwide preliminary injunction,[1] which effectively blocks the law from going into effect. As a reminder, the CTA was signed into law in 2023 and was scheduled to take effect in 2024. The law was enacted as part …
The Federal Trade Commission (FTC) has recently issued a new final rule prohibiting all employers from enforcing non-compete agreements against their employees. A non-compete agreement essentially bans a worker from moving to another employer within the same industry for a set period of time, citing the employer’s privacy and competition concerns. Workers have long protested the agreements, citing that they …
The Federal Trade Commission (FTC) implemented a new final rule prohibiting employers from enforcing non-compete agreements against employees. A non-compete agreement essentially bans a worker from moving to another employer within the same industry for a set period of time, citing the employer’s privacy and competition concerns. Non-compete agreements have traditionally restricted employee mobility by preventing workers from joining competing …
The risk of suffering a data breach has never been higher. Small businesses are three times more likely than larger businesses to be targeted by cybercriminals.[1] The costs of a cyberattack, both in terms of financial and reputational damage, can be devastating to small businesses. Although many business owners are aware of the risks of a cyberattack, they have not …
You have spent years building your business, but at some point, the time will come for you to sell the company and exit. While many business owners choose to keep the company in the family, that is not always realistic. Family members may not have the interest or skills needed to run the business. In such cases, selling the company …