Schaumburg Startup Attorneys & Lawyers
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Schaumburg Startup Lawyers
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On UpCounsel, you can find and connect with top-rated Schaumburg startup attorneys & lawyers that provide a range of startup law services for startups and entrepreneurs that are starting a business. Any of the top-rated Schaumburg startup lawyers you connect with will be available to help with a variety of your startup law related legal needs on-demand or on an ongoing basis in the city of Schaumburg, IL.
From primarily dealing with things like business formation, contracts, leases, equity financing, securities, and intellectual property protection, the Schaumburg startup lawyers on UpCounsel can help you with a variety of specialized and general startup law related legal matters. No matter what type of startup law needs you have, you can easily hire an experienced Schaumburg startup lawyer on UpCounsel to help you today.
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- 6 min read
Form 8832 can be filed with the IRS for Partnerships and Limited Liability Companies (LLCs) if they want to be taxed as different kinds of companies, like a corporation.
Form 8832: What Is It?
Partnerships and Limited Liability Companies can file IRS Form 8832. Businesses file this form if they want to be taxed as different kinds of companies, like a corporation.
Why Is Form 8832 Important?
No business wants to pay too much in taxes. Business entities are given a default tax classification (i.e. a multi-member LLC is taxed as a partnership unless it changes its tax status). Sometimes businesses can pay thousands of dollars less in taxes, just by changing how the business is taxed!
Entities Eligible to Use Form 8832
The IRS restricts which entities are eligible to file Form 8832. Limited liability companies and partnerships are two of the most common eligible entities. Certain foreign corporations can also file this IR
- 5 min read
What Is Cumulative Voting?
Cumulative voting is a type of voting system used by a company's shareholders that allows them to distribute their votes between candidates when voting for a company's directors. It is also known as proportional voting.
Shareholders get one vote per share that they hold, multiplied by the number of directors that need electing.
Where multiple candidates are running for a position, each shareholder can choose between voting for a single candidate or splitting their votes between multiple candidates.
How Does Cumulative Voting Work?
If a shareholder with 10 shares is participating in a vote for two open board seats, with Candidates 1 and 2 running for one seat, and Candidates 3 and 4 running for the second seat, they would receive 20 votes (10 x 2). The shareholder's options are as follows:
- 8 min read
“How should I structure my new business – as an LLC or as an S Corp?”
I get that question from time to time from clients who want to start a new business.
But there are really two separate questions embedded there:
Question 1 (State Law Form): Should I form my company under state laws as a “Limited Liability Company” or as a “Corporation”?
- 10 min read
How to Form a Single Member LLC in California
Learning how to form a Single Member Limited Liability Company is not that difficult, but there are some choices you need to make. A limited liability company (LLC) that has one owner is designed to protect that owner against personal liability. Accordingly, it should be treated as a separate "person" for legal purposes, and thus the sole member and equity holder should be shielded from any liabilities of the LLC, including debts and lawsuits.
A Guide to Forming a Single Member LLC in California
Learning how to form a Single Member Limited Liability Company (LLC) is not that difficult, but there are some choices you need to make.
A limited liability company that has one owner is designed to protect
- 5 min read
What Is an Arm's Length Transaction?
"Arm's length" refers to a legal transaction in which buyers and sellers of products or services have no relationship to one another either by blood, marriage, or business dealings. Without a relationship, buyers and sellers can act independently. Without previous ties, an arm's length transaction makes sure neither person feels pressured by the other or acts in connection with one another.
The idea of an arm's length transaction, also known as an arm-in-arm transaction, came about in the real estate market as a way of handling tax authorities. Generally, family members and businesses with related shareholders are not acting at arm's length, which can cause ethical problems. Such ethical issues include a company's supervisor who forces an employee, under the threat of termination, to buy real estate using the boss's name.
In the 1997 case McNichol et al v. The Queen, the tax judge su