May 2015 Archives

IRS audits are no laughing matter

There was a television commercial years ago that featured a man having a particularly bad day. At the end of it all, when he returns home, his young son comes up to him and tells him that he has a phone call, following up with, "What does it mean, 'I-R-S?'" The commercial played upon the widespread notion that an inquiry from the Internal Revenue Service is something to send chills down the spine, but most people in any given tax year will never experience an actual tax audit. If you do receive a communication from the IRS, though, you can be excused for not perceiving it as a subject for humor.

Are contract arbitration agreements enforceable?

Many business contracts, including employer-employee agreements, contain a built-in arbitration clause in the event that a dispute arises between the parties. Arbitration is one form of alternative dispute resolution, the objective of which is to avoid costly and time-consuming litigation if the parties cannot agree on the matter.

What remedies can I seek for breach of contract?

No one enters into an agreement, as an individual or as a business, with the expectation that things will go wrong or that the other party will breach the contract. But sometimes things do go wrong, and when the terms of the contract cannot resolve a disagreement or a breach takes place you may need to consider what legal or equitable remedies you may have. This post will cover the most common kinds of relief that are sought when the parties to a contract turn to Illinois courts for a remedy.

Choosing the right business formation

As many Illinois business owners know, deciding on the legal structure under which a company is formed is an important first step. The structure determines the liability the owners have and the way taxes are paid. Many other operational plans are affected by the choice of legal structure as well.

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