Approximately two years ago, the Illinois Limited Liability Company Act was amended to allow for the creation of series limited liability companies (“Series LLCs”). Like a corporation or a non-series limited liability company, a Series LLC is treated as a single legal entity but is permitted to form multiple or “series” limited liability companies under the framework of one master limited liability company. While Series LLCs are widely used, especially within the real estate business sector, many business owners still do not know or understand the advantages of operating their business as a Series LLC.
When entering the new dimensions of the Internet, a business can encounter legal issues where the law is breaking new ground and striving to keep current with issues arising from new technology. Conducting business on-line can create new demands and challenges for any organization. Whether an organization is considered a new Internet start-up or a company is adding a new dimension to its traditional business by launching a website, the issues remain the same. In any event, the website launch will be based upon an organizational business or strategic plan and be accomplished through a phased approach.
On April 12, 2006, the U.S. Supreme Court approved certain amendments to the Federal Rules of Civil Procedure concerning discovery of electronically stored information. To ensure compliance with the recent amendments, your company should familiarize itself with the new electronic discovery procedures as they affect anyone that is a party to, or reasonably anticipates, federal litigation. The newly implemented rules introduce procedures that are complex and, at times, onerous.
On October 22, 2004, President Bush signed into law the American Job Creations Act of 2004 (the “Act”). The Act contains many sweeping changes to the tax landscape for businesses in many areas. Many people and companies are not aware that the Act provides significant tax advantages for real estate developers, builders, contractors, sub-contractors and many other businesses who can be classified as manufactures.