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b2ap3_thumbnail_llc-or-corporation-Illinois_20171130-190738_1.jpgSeries LLCs for Real Estate Investors

Naperville, Bolingbrook, and Plainfield 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.

Tax Structure of a Series LLC

Naperville, Bolingbrook, and Plainfield Business and Real Estate Attorneys

A Series LLC and a LLC have the same tax structure as each other. A Series LLC is characterized as a Pass-Through Entity, which means that each member or owner of the Series LLC pays taxes based upon their individual tax. A Pass-Through Entity reduces the “double taxation” of a Corporation. An S corporation and LLC both have Pass Through Entity Tax Treatment because the entity or the Series LLC does not pay a tax. Whereas the member or individual owners pay taxes and put it on their individual 1040 tax return or on their appropriate Schedule.

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b2ap3_thumbnail_liability-corporate-law-definition_20171122-192659_1.jpgKey Provisions In A Limited Liability Corporation Operating Agreement

Oswego, Aurora, and Naperville LLC Operating Agreement Attorney

Business and LLC Attorney in Aurora and Oswego

What is an Limited Liability Corporation Operating Agreement?

An Limited Liability Corporation Operating Agreement or otherwise known as an “LLC Operating Agreement” is a written agreement describing how an Illinois Limited Liability Corporation will be operated.  Generally, there are twelve (12) major subjects that should be discussed in an LLC Operating Agreement.

Article One:  Company Formation

The Company formation section describe the name of the LLC, how the LLC will be taxed, the Company’s purpose and scope, the company restrictions, the company’s principal place of business and the registered agent for the LLC.  The purpose of the Company Formation section is to describe the basics about the LLC and where it operates and who is empowered to be the registered agent on behalf of the LLC.

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5 Reasons to Hire a Small Business and Corporate LawyerNaperville and Aurora Entrepreneur and Business Attorney

Small Business and Llc Lawyer in Dupage County

Sean Robertson and Robertson Legal Group, LLC concentrate in the areas of entrepreneurship, small to medium-sized business law, partnership and LLC law, and the purchase and sale of a business law.  Sean Robertson is a graduate of DePaul University College of Law and the University of Illinois at Urbana-Champaign.  Sean Robertson is a thirteen (13) year experienced entrepreneur and business attorney for small to medium-sized businesses, start-up and mature companies, and franchises.

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b2ap3_thumbnail_commercial-real-estate-Illinois.jpg

Experienced Real Estate and Asset Protection Attorneys in Naperville, Oswego, Plainfield, Bolingbrook, and Romeoville

When most people think of real estate investment they look mainly at the acquisition and the sale of real estate and the profits and tax consequences that come from the exchanges of property. Unfortunately, this means that what occurs for much of an investor’s time in the real estate industry, simply holding the property, is not as scrutinized as it could be. This is unfortunate as the investor bares a lot of risk when holding onto real estate. Many investors look to the creation of holding companies to minimize liability during this static period.

What is a Holding Company?

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Posted on in Estate Planning

b2ap3_thumbnail_estate-planning-after-divorce-Naperville.jpgOswego and Kendall County Living Trust Attorney

Yorkville Estate Planning Attorney

What is a Living Trust?

A Living Trust is often called a “Revocable Living Trust”, a “Trust” or “Family Trust” is a legal instrument which distributes your property upon death or incapacity with the purpose of avoiding probate court and court procedures.  Unlike a Last Will and Testament, a properly executed and funded Living Trust avoids probate court and transfers your property upon your death or incapacity to your loved ones.  A properly executed and fund Living Trust means that it is important to transfer ownership of your assets such as your house title, your life insurance proceeds, your bank and savings account to your Living Trust’s name.  Like a corporation, a Living Trust is a fictional person and creation which is separate and distinct from you as an individual.  Unlike a corporation, a Revocable Living Trust is revocable which means that you may amend, alter, or change your Revocable Living Trust.  Due to this feature, a Living Trust does not provide you asset protection benefits.  Thus, a Living Trust does not protect your assets in case of a lawsuit or creditor proceeding.

Oswego, Yorkville, and Kendall County Probate and Trust Attorney

Sean Robertson resides in Yorkville, Kendall County (Illinois) and handles estate planning, estates and trust, and probate related issues in Kendall County.  Probate is a legal process in court such as in Kendall County Circuit Court that determines who is the appropriate owner of the property of a deceased person.  Hence, probate court is necessary when you have a Last Will and Testament and/or you do not have a valid estate plan.

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Will County family law attorney, parenting plan, fireworks injury, parenting time orders, child injuriesFor the past few weeks, a small liquor store’s marquee sign delivered the following blessing to passersby: “May you have as many fingers on July 5th as you do on July 3rd.” As humorous as some may find such a message, the message presupposes a terrible reality: The Fourth of July holiday can be extremely dangerous for adults and children who play with or set off fireworks.

It is illegal for individuals to possess or use fireworks in Illinois, but other nearby states such as Indiana do not have such restrictions. If your child’s other parent lives in such a state, does that parent’s decision to possess or use fireworks around your child constitute bad parenting? Does an injury accident involving fireworks and your child provide any ground to adjust your parenting plan?

No Automatic Changes to a Parenting Plan for Fireworks Accidents

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Naperville family law attorney, valuing tangible assets, Illinois divorce, marital assets, property divisionIndividuals who are familiar with the basic steps of a divorce in Illinois (or a divorce in any other state) know that, in many cases, one of the chief functions of the family law judge is to divide the marital assets of the divorcing parties in a “fair and equitable” manner.(Note, however, that some states follow “community property” rules and, therefore, the division of property follows slightly different principles.)

In the vast majority of Illinois divorce cases, the court’s goal is to award each a party assets and property of (roughly) equal value.

Methods of Determining the Value of Assets

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Naperville estate planning lawyers, estate planning documents, estate planning services, Illinois estate planning, Illinois willFor some Illinois residents, creating their first estate planning document, such as a will or trust, is a positive step in protecting their assets and providing certainty for their loved ones following their deaths. Others, however, are prolific creators of estate planning documents, generating several wills, trusts, and/or other estate planning documents over the course of their lives. If not done properly, these multiple incarnations can cause headaches for the creator’s loved ones and beneficiaries as well as for probate courts.

What Does a Court Do When Presented with Multiple Estate Planning Documents?

When a court is presented with several wills or other estate planning documents, all purporting to be executed by the same decedent, a court must sift through the various documents to determine which, if any, is the document that should be followed and enforced by the court. In making this determination, a court may employ one or more of the following guidelines:

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