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Joliet Business and Incorporation Lawyers

LLC and S Corporations Attorneys in Will County

One of the first significant decisions of a new business owner or an experienced business owner is to incorporate a business. Generally, a Limited Liability Corporation and a S corporation are the two most popular business entities utilized in the State of Illinois. A Limited Liability Corporation or otherwise known as an “LLC” is a hybrid between enterprise between a corporation and partnership.

Unlike a partnership, the business partners of the LLC have limited liability protection. This means that generally owners of an LLC are not held legally responsible for the debts of the LLC. In contrasts, partners of a business that lacks incorporation are generally legal responsible for their business and personal assets of the business. This means that two (2) partners may be legally liable for the business of the small business.

Legal Liability Business Attorneys in Joliet and Plainfield

Mokena, Homer Glen, and Frankfort Business Attorneys

S corporations and LLCs have similar legal liability protection in Illinois. I often hear that business owners believe that an LLC is advantageous over an S corporation due to a lack of a business meeting is required. In my experience, an LLC and S corporation have similar liability protection where owners of the LLC or S corporation are generally not liable for the debts of the LLC or S corporation if proper corporate formalities are followed. Robertson Legal Group, LLC helps small to medium sized business owners such as Physicians and Medical Practices, Dentists Groups, Real Estate Investors and Construction Owners to incorporate their business enterprises. Typically incorporating your business enterprise means that your business will be registered through the Illinois Secretary of State.

S corporations vs. Limited Liability Corporations

Pass Through Entities

S corporations and Limited Liability Corporations are both pass through entities which mean that the Corporation or LLC does not pay double taxation. In contrast, a Corporation that is not properly designed as an S corporation pays “double taxation”. This means that the Corporation and the Shareholders pay taxes both. Unlike an LLC and a S corporation, the S corporation and LLC are ignored for tax purposes. The S corporation and LLC are considered owned by the owners without regard to their S corporation or LLC. Simply put, this means that the business owners will pay their income taxes as though the corporation or LLC did not exist. Hence, the individual business owners will file their personal taxes and include a schedule on the 1040 Tax returns unlike the Corporation filing its’ own corporate tax return. An S corporation and LLC does not file a corporation or business entity tax return. Generally, the S corporation and LLC only file an informational return and their profits and losses are broken down on the individual owner’s personal tax returns. Thus, an S corporation and LLC generally do not differ much when it comes to an owner’s personal income tax situation.

Series LLCs for Real Estate Investors

Joliet, Plainfield, and Shorewood Business and Real Estate Attorneys in Will County

What is a Series LLC?

A Series LLC is a type of business entity in Illinois which has the flexibility structure of a partnership and limited liability protection for the business owner(s). Unlike a typical LLC, a Series LLC authorizes additional LLCs to be issued under the umbrella of the Series LLC. The benefit of this arrangement is additional asset protection for the real estate investor at a lower cost structure than purchasing each LLC from the Illinois Secretary of State.

A Limited Liability Corporation (or otherwise known as an LLC) differs from a Corporation because it has flexibility unlike a S corporation. A corporation generally requires only one (1) type of stock structure and does not allow the shareholders to negotiate the profits and losses in a manner that deviates from their shares of ownership of the corporation. For example, an owner of an LLC may have a 15 percent ownership interests in the LLC and have twenty (20) percent of the profits of the LLC during Year 5. This flexible arrangement is not possible with a corporation.

Amendment of Joint Parenting Agreement or Marital Settlement Agreement

Post Decree Divorce Attorneys in Joliet and Plainfield, Illinois

Will County Divorce and Post-Divorce Lawyers

In divorce case that has been finalized, Judgments for Dissolution of Marriage are the legal paperwork that incorporates a joint parenting agreement and a marital settlement agreement. Hence, a Judgment for Dissolution of Marriage is a court order which requires a person to do something or refrain from doing something. A prime example is parenting time or a visitation schedule. When a person must change, their court ordered parenting or visitation time, it is often required to seek the authority of the Will County Court System. On some occasions, parents can work out their differences and agree to change their parenting time or schedules. Often when two (2) parents are unable to settle their differences between themselves, one or both parents must avail themselves of the Will County Court System to settle their differences such as a change in parenting time. Another example is a modification in a child support order such as a parent that wants to seek an increase in child support or a parent that wants to decrease their child support because they are making less money than before. These are just several examples of people wanting to change their Judgment for Dissolution of Marriage. Generally, on the issue of change in custody, the Will County Courts require the two (2) parties to maintain the status quo for a period of two (2) years after entry of the custody agreement or otherwise known as a “parenting plan”. 750 ILCS 5/610.5(a).

The exception to the general rule (for custody changes) is a Will County Court may change the Judgment for Dissolution of Marriage or Custody Judgment if there is reason to believe the child’s present environment may endanger seriously his or her mental, moral, or physical health or significantly impair the child’s emotional development. 750 ILCS 5/610.5(a). Please note that a modification in parenting time or visitation time may occur at any time if it is in the child’s best interests. The requirement of the two (2) year mortarium does not apply for a change in parenting time or visitation time.

How to Expedite a Plenary Order of Protection Hearing for Fathers

Joliet, Plainfield, and Bolingbrook Orders of Protection Attorneys for Fathers

We hear often that Fathers are concerned because they got served with an emergency order of protection, which does not allow them to see their children. Often, the timing is bad because the emergency order of protection occurs when they were supposed to receive parenting time with their children and the emergency order of protection prohibits the Father from having parenting time or otherwise known as visitation time until the plenary hearing is heard. Unfortunately, the plenary hearing is a long time away and the Father cannot imagine not seeing his children for this period especially since the emergency order of protection in their opinion is wrong.

What is an Order of Protection and How does it Impact You?

An order of protection is a court order that prohibits a Father from doing certain actions and requires you to stay away from the abuser. An order of protection may contain the following restrictions:

  • Order you to stay away or within a certain distance of the Petitioner, who is the person that filed the Petition for Order of Protection;
  • Order you to stay away or within a certain distance from a party that is a protected party including your children or the Petitioner’s children. A protected party is a party that is subject to a court order which requires you or your efforts through a third party to prevent you from abusing, stalking, harassing, and/or interfering with the Petitioner’s personal liberty or a protected party’s personal liberty (subject to the order of protection);
  • An emergency order of protection can force you to pay child support, pay legal fees, pay a mortgage or rent (of a shared residence) while you are prohibited from being present at the shared residence;
  • Order you to stay away from a personal residence, your children’s school, and her employer or your children’s daycare provider;
  • Order you to stay away from the Petitioner including by Facebook, social media, email, text messages, in person, and in form of communication with the Petitioner or the protected parties;
  • Order can prevent you from seeing your children or child as well until there is a plenary hearing.

Establishing a Medical Practice in the Naperville and Aurora Areas

Business and Asset Protection Professional Attorneys

Robertson Legal Group, LLC has extensive expertise in advising business owners particularly medical professionals and owners of professional medical practice groups and healthcare related companies in areas of business, estate planning, and asset protection strategies to maximize profitability and minimize liability concerns. Sean Robertson and Robertson Legal Group, LLC have extensive legal experience in a wide-ranging of issues affecting business owners and professional groups such as commercial litigation, business structure and entity selection planning, employment and independent contractors for medical professionals and physicians, and estate planning for owners of health care related practice groups such as physical therapist, home healthcare companies, medical professionals, and nursing staffing companies.

Business Formation Attorneys for Physicians and Medical Professionals in Oswego, Aurora, Plainfield, and Naperville

Sean Robertson and Robertson Legal Group, LLC have expertise in business formation, entity selection, Limited Liability Corporations, S corporations, and investment related business ventures in the Bolingbrook, Romeoville, Naperville, Plainfield, Aurora, Oswego, Wheaton, and Winfield areas. Sean Robertson has a strong advanced planning background in tax planning involving partnerships, corporations, real estate investment ventures, medical practice groups and healthcare related companies.

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