Whether to structure a business purchase as an asset sale or a stock sale is one of the most important decisions in an M&A transaction. It’s important to consider a number of factors, including: liabilities; licenses, contracts, and relationships; tax implications; sales tax; and employee relationships. The decision often comes down to: Liability transfer vs. Business continuation The [...]
As a result of the coronavirus pandemic, only three new laws take effect this year that affect Illinois businesses. The statewide minimum wage increased. The minimum wage in Chicago will increase this summer. Chicago has also extended some licensing and permitting deadlines. New Laws for Businesses in 2021 Normally a new year brings a bevy of new laws. Last [...]
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 [...]
It’s Christmas come early! Earlier this week, Mayor Lightfoot gave an early present to small business owners outside of the Loop. She released a plan to streamline small business licensing, which would open five regional centers to help with licensing issues. Currently, these matters can only be handled downtown at the Department of Business Affairs and Consumer Protection (BACP) [...]
Way back in 1893, the Chicago World’s Fair saw 27 million visitors pour into downtown. Skip forward a century to 1991 to witness the birth of Lollapalooza, a festival that now brings massive money to our Windy City. Cities have long used fairs and festivals as economic engines, driving growth and investment, but the practice is not limited to [...]
