New year, new laws! In our 2025 annual legislative digest for Illinois’ small business community, we highlight seven new developments. Please note: This post covers only some of the new legislation taking effect this year and, while these laws certainly affect small businesses, there may be others as well. These laws make the following changes: The FTC’s battle [...]
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 [...]
The following transcript has been edited for clarity and conciseness. You can view the entire livestream here. https://www.youtube.com/embed/oIklYbvCyeI Michelle: Thank you, Rebecca, for being here. Rebecca has done a ton of deep diving into trademarks and trademark law over the past couple of years. One of my favorite things to do is talk to Rebecca about trademarks because [...]
As a result of the coronavirus pandemic, only three new laws take effect this year that affect Illinois businesses. The statewide minimum wage increased. The minimum wage in Chicago will increase this summer. Chicago has also extended some licensing and permitting deadlines. New Laws for Businesses in 2021 Normally a new year brings a bevy of new laws. Last [...]
