The Many Kinds Of Business Entities and Groups Of Entities, and How To Use Them
Learn about the different types of business organizations in Illinois and under other state and country laws. There are hundreds of these, not just corporations or limited liability companies or partnerships or trusts. Quasi non-governmental organizations like local development corporations, and entities with mixed investor and customer governance, like cooperatives, also exist and actively do business. Understand the tax advantages/disadvantages and market uses of each.
William A. Price, Growth Law, Warrenville
Subchapter S Corporations: Maximizing Pass Through Tax Benefits
Understand the management and organizational structure of S-Corps, with a focus on the tax advantages and disadvantages of this entity type compared with others. Learn about qualified Subchapter S-Trusts, estate and testamentary issues, and maintaining and terminating S-Corp elections.
Chad J. Richter, Mathis, Marifian and Richter, LTD., Edwardsville
Fiduciary Duties in Different Types of Entities
Review the Illinois development of both the traditional forms of fiduciary duty in the corporate context, in which the duty is owed to the entity, and then the more recent development in close corporations in which shareholders owe a fiduciary duty to each other. Understand the concept of oppressive conduct and its application to LLC fiduciary duties by analogy. Learn about recent trends in which shareholders and members seek to restrict or eliminate fiduciary duties, including both existing and proposed legislation and the reasons behind the same.
Charles W. Murdock, Loyola University Chicago School of Law, Chicago
