Corporate Focus: Winter 2016
Chuhak & Tecson Corporate Focus

Getting ready for the 2017 changes to the Illinois LLC Act

While we all know that budgetary gridlock in Springfield is ongoing, earlier this year, the Illinois legislature passed, and Governor Rauner signed, legislation that makes significant changes to the Illinois Limited Liability Company Act (the LLC Act). These changes are effective July 1, 2017.

This article captures a handful of the key changes outlined in the 112-page Act, click here to read more.
IRS threatens to eliminate discounts on transfers of family business interests

On Aug. 2, 2016, the IRS released proposed regulations under Section 2704 of the Internal Revenue Code. If adopted, the proposed regulations will significantly reduce the availability of valuation discounts in transferring interests in family entities, including limited partnerships and limited liability companies.

Under current law, the IRS allows valuation discounts for intra-family transfers of interests in family-owned businesses to account for lack of control or lack of marketability. To learn more about how this may change, click here.

Featured Attorneys
Mitchell Weinstein
Mitchell D. Weinstein,
Principal and
Practice Group Leader
Kathryn Kaler
Kathryn L. Kaler,
Meet the rest of our Corporate team
Is there a topic you would like to see covered in the newsletter?

Send us an email.
This newsletter is provided as an advertisement and for informational purposes only, and is not, nor is intended to be, legal advice. You should consult an attorney for advice regarding your individual circumstances. Contacting Chuhak & Tecson, P.C. does not create an "attorney-client" relationship. Please do not send any confidential information until such time as an "attorney-client" relationship has been established. If you wish to stop these emails, please click the unsubscribe link below.

Copyright © 2016 Chuhak & Tecson, P.C., All rights reserved.

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list

Email Marketing Powered by Mailchimp