December 2014 Archives

Naming a business in Illinois

Starting a new business in Illinois can be an exciting process. One of the key elements that may affect the success of a new business is an attractive and memorable name. Choosing a name for a business involves as much creativity as it does research. The process of choosing a business name usually takes several steps.

Illinois firms face penalties for not filing oversights

Corporations in Illinois and other states may find that failing to file federal tax returns or submitting them after the deadline results in the assessment of penalties by the IRS. Subchapter C corporations, which are separate from their shareholders for tax purposes, have to file their annual returns using a Form 1120. This form must be filed by March 15, a month earlier than the standard April deadline for most individual taxpayers, and companies that miss it are made to pay penalties amounting to 5 percent of overdue income tax per month.

Sales contract breaches in Illinois

Many Illinois companies enter into sales contracts with buyers as a routine part of doing business. At times, misunderstandings between sellers and buyers give rise to contract disputes, sometimes due to unclear terms and provisions contained within the contract while at other times the disputes arise from a breach of a contract's terms.

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