S Corp Taxes In Illinois (SB 2351)

S-Corp taxes recently changed in Illinois. The state legislature recently passed SB 2351, a corporate tax reform law, that has significant ramifications for S-Corporations (“S-Corps”). Before diving into the law and why it matters, we should cover some background information. What Is An S-Corp? An S-Corp is a sub-type of the classic corporate entity structure, often referred to as [...]

S Corp: Is It Right For Me?

S Corps may seem complex, but they are actually a quite simple tax designation. Not all small businesses will benefit from an S-Corp designation, and the decision to file as one is very individualized. If filing as an S Corp is right for your company, it is not a complicated process; just follow the timeline! https://www.youtube.com/watch?v=JfQ9MHXHo-s This article was [...]

IDFPR Cracking Down: PLLC vs. LLC

PLLCs now required. Professionals licensed by the IDFPR: there has been a major change to the LLC statute in Illinois. It likely affects you and your business. Previously, licensed professionals were able to form their businesses as LLCs. Now, these businesses must register as a Professional LLC (PLLC). This change went largely unenforced, but no longer. Attention IDFPR Licensed [...]

Freelancing During COVID-19? Five Reasons For An LLC

Freelancers work at the mercy of the market. If you're freelancing during COVID-19, the see-sawing economy may make you want to shelve your business for a while. But this may actually be the ideal time to officially form an LLC for your freelancing business. Seems crazy, right? But official registration confers many benefits, we think that by the end [...]

New Cannabis Licenses Delayed, Leaving Minority Entrepreneurs In The Lurch

“Social equity” status was a trademark of Illinois’s cannabis legalization legislation. It aims to give a leg up to license applicants from overpoliced, underinvested, and primarily minority neighborhoods. However, despite the promise of fairness, they must wait a while longer. Cannabis Licenses for New Businesses Delayed The state postponed the issuance of 75 new dispensary licenses for recreational adult [...]

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