PLLC owners must get an IDFPR login to register their business with the department, in addition to their personal registration. The IDFPR started cracking down on PLLCs a couple years ago. The registration process is obscure and hard to navigate, and help is hard to find. So, you have a new PLLC. Congratulations! Whether you just formed it [...]
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 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 [...]
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 [...]
Owning a business is no cakewalk and, as with most facets of modern life, being a woman makes it harder. From the gender pay gap to the lack of maternity leave to discrimination and harassment in the workplace, the barriers facing professional women are well-documented. If they fall into other underrepresented communities – women of color, queer women, disabled [...]
