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 Flourishes: Finding Success on Your Terms

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 [...]

Illinois Reduces LLC Filing Fees – by a lot!

Yesterday, Bruce Rauner signed a law reducing the filing fees for most Illinois Limited Liability Company paperwork. Illinois Secretary of State Jesse White announced that the law would go into effect immediately, stating “This is a business-friendly law that significantly reduces the cost of forming and maintaining a Limited Liability Company in Illinois”. (Read the full announcement here). This [...]

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