Should your client organize as a corporation? An LLP? An LLLP? An L3C? This back-to-basics article identifies the entities and the factors to consider when choosing among them.
The Illinois Appellate Court, First District, affirmed on November 9, 2006, the Circuit Court of Cook County's grant of summary judgment in favor of the plaintiff after the Illinois Department of Revenue (Department) issued a notice of deficiency against her for alleged failure to report over $20 million in partnership income.
The Office of the Secretary State recently adopted small, but significant, changes to the Revised Uniform Limited Partnership Act (14 Ill Adm Code 170) and the Limited Liability Company Act (14 Ill Adm Code 178).
On September 9, 2002, the Appellate Court of Illinois, First District, affirmed in part and reversed in part the orders of the circuit court of Cook County striking the plaintiff's breach of contract counts, dismissing part of the claim for damages.
On July 25, 2002, Gov. George H. Ryan signed into law Senate Bill 2049, which will replace the current Uniform Partnership Act with a new statute drafted by the National Conference of Uniform State Laws.
