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Selling Or Buying a Franchise Business
Oswego and Kendall County Franchise Business Attorneys
The purchase or sale of a franchise is a major investment transaction. The process is complex and requires varying different legal documents, which require precision and understanding. The first step in the sale and purchase of a franchise is the letter of intent.
Letter of Intent Attorney in Kendall County and Nearby Areas
The Letter of intent or “LOI” is necessary for several reasons:
- The Letter of Intent guarantees the franchise will be sold to the agreed buyer even if other potential buyers appear in the future. Thus, the LOI restricts the business deal between the buyer and seller.
- The Letter of Intent shows seriousness by the Buyer and usually will include earnest money or a down payment evidencing their seriousness.
- The Letter of Intent is the first step in consummating a business deal for the franchise purchase or sale.
Formation of LLCs for Multi-Unit Buildings and Property Ownership
Forming an LLC or otherwise called a Limited Liability Company in Illinois is a wise decision. The first step in filing an Articles of Organization, which is the official process to become an Illinois LLC is to pick a business name. An LLC’s business name must be different and distinguishable from other LLCs and Corporations registered with the Illinois Secretary of State.
Differing business names reduces confusion and promotes accountability. Under Illinois law, the LLC must end with LLC, L.L.C. or Limited Liability Company. There are advantages of forming an LLC. These advantages include the following:
Limited Protection for the Business Owners
Taxation Flexibility and Savings
Cost-Effective to Start
Creditability
Management Flexibility
The formal process to become an Illinois Limited Liability Company entails forming an LLC through the Illinois Secretary of State. The Business Services Section of the Illinois Secretary of State regulates and establishes LLCs and Corporations in Illinois. An LLC has filing fees ranging from $154 to $254 depending on whether one wants to expedite the LLC Articles of Organization filing process.
Gateville Law Firm
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In Service of Your Wealth
If you own assets with a value in excess of $1 million, it is crucial to take steps to ensure that your wealth will be preserved and passed on to future generations. Failure to do so could lead to financial losses due to lawsuits, actions by creditors, or other issues. You will also need to be aware of potential estate taxes that may apply at both the state and federal levels. When working with our attorneys, you can make sure your wealth will be properly preserved.
Our estate planning team can provide guidance on the best asset protection options that are available to you. With our help, you can reduce the value of your taxable estate to ensure that more of your wealth will be preserved for future generations. We can also help you use asset protection trusts or other methods to make sure your property will be safeguarded. Our goal is to provide you with assurance that your family will be prepared for whatever the future may bring.
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How to Avoid Catastrophic Probate and Guardianship Risk in Oswego
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From our office in Yorkville, we provide services to clients throughout Kendall County, Kane County, DeKalb County, LaSalle County, Grundy County, and the surrounding areas, including Aurora, Big Rock, Boulder Hill, Newark, Ottawa, Joliet, Leland, Morris, LaSalle, Minooka, Montgomery, Plainfield, Plano, Oswego, Sandwich, Somonauk, Sugar Grove, Mendota, Earlville, Serena, Sheridan, Marseilles, Lisbon, and Plattville.
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201 East Veterans Parkway, Suite 14
Yorkville, IL 60560
630-780-1034
