Do you have certain key employees who help make your family business a success? Keeping those employees may be essential to a successful transition of ownership and management to your children or another new owner when you retire or pass away. A “stay bonus” (also called a retention bonus) is a strategy that is frequently used by large companies during …
What happens when you form an LLC in another state but want to regularly conduct business within the State of Illinois? These are called “foreign LLC’s.” A foreign LLC must be admitted by the Illinois Secretary of State to transact business in Illinois. To do this, the foreign LLC must submit an application for admission to transact business as a foreign …
The goal of most businesses is to grow – at least somewhat. However, in order to grow or to be able to step away from the business for a personal life, vacation, or other ventures, you’ll need help with day-to-day operations. If you’ve never hired someone before – or it’s been a long time – don’t worry – here’s the …