Business Entities, Corporations, Limited Liability Company (LLC)

The Illinois Business Annual Report Form: Part II [The LLC Report]

The Attorney’s Role In Filing Your Limited Liability Company’s Illinois Annual Report

            THIS IS TIME-SENSITIVE! The State of Illinois Domestic Limited Liability Company Annual Report discussed here is issued once a year and it is important because it involves your business corporation’s continued good standing status in Illinois.

            Your Registered Agent has received Annual Report Form. It must be completed each year for your LLC. If it is not filed, there can be late-filing penalties, and eventually the LLC  may be involuntarily dissolved. The costs to seek reinstatement can be significant.

            When must the Annual Report be filed?

            The Annual Report must be filed by the deadline that appears on the upper left-hand corner of the form. 

            Can you file the Annual Report on your own

            Yes. You can reach out to your Attorney to assist you, or you may access the State of Illinois Business Services Division portal and submit the Annual Report on your own in most cases.

            If you would like Marc Sherman to file the Annual Report for your LLC, do the following:

            >         Review the Annual Report form that you received and confirm that all of the information is still accurate, including spelling of names, addresses, and other information. Inform your Attorney of any changes during the past year prior to the filing with the State of Illinois, including any changes to your LLC Members,  issuance of new Member Interests, and changes to the management of the LLC (have you decided to be a “manager-managed” LLC or a “member-managed” LLC or changed the Manager identity?).

            >         Notify us at least ten (10) days prior to the Annual Report filing deadline that you would like Marc Sherman to file the report on your behalf. 

           >          Provide us with the payment information for the attorney fees and out-of-pocket expenses (this will be provided to you with the Annual Report Form). We will process an e-check or a credit card payment through an Attorney-approved, secure on-line payment portal.  

            >         Confirm your agreement for Marc Sherman to sign the Annual Report form and submit the form on your behalf to the Illinois Secretary of State. 

           Important: Your Attorney is not responsible for late fees or other charges resulting from an absence of updated information or delay in notification or delay in payment from you. Your Attorney will NOT file the Annual Report if all of the steps are not taken.

            One of the important steps for LLC Members, to ensure the limited liability protection, is to be sure that the activities necessary to demonstrate that activities are consistent with the LLC  entity status are accomplished. Your Annual Report filing is one of those steps.

Contact Marc Sherman for further information or for assistance at (847) 674-8756 or by email to msherman@mshermanlaw.com.

Business Entities, Corporations

The Illinois Business Annual Report Form: part I [The Corporation Report]

The Attorney’s Role In Filing Your Corporation’s Illinois Annual Report

            THIS IS TIME-SENSITIVE! The State of Illinois Domestic Corporation Annual Report discussed here is issued once a year and it is important because it involves your business corporation’s continued good standing status in Illinois.

            Your Registered Agent has received Annual Report Form. It must be completed each year for your corporation. If it is not filed, there can be late-filing penalties, and eventually the Corporation may be involuntarily dissolved. The costs to seek reinstatement can be significant.

            When must the Annual Report be filed?

            The Annual Report must be filed by the deadline that appears on the upper left-hand corner of the form. 

            Can you file the Annual Report on your own

            Yes. You can reach out to your Attorney to assist you, or you may access the State of Illinois Business Services Division portal and submit the Annual Report on your own in most cases.

            If you would like Marc Sherman to file the Annual Report for your corporation, do the following:

            >         Review the Annual Report form that you received and confirm that all of the information is still accurate, including spelling of names, addresses, and other information. Inform your Attorney of any changes during the past year prior to the filing with the State of Illinois, including any changes to your business corporation owners, issuance of new shares, and changes to the paid-in capital of your corporation.

            >         Notify us at least ten (10) days prior to the Annual Report filing deadline that you would like Marc Sherman to file the report on your behalf. 

           > Provide us with the payment information for the attorney fees and out-of-pocket expenses (this will be provided to you with the Annual Report Form). We will process an e-check or a credit card payment through an Attorney-approved, secure on-line payment portal.  

            >         Confirm your agreement for Marc Sherman to sign the Annual Report form and submit the form on your behalf to the Illinois Secretary of State. 

           Important: Your Attorney is not responsible for late fees or other charges resulting from an absence of updated information or delay in notification or delay in payment from you. Your Attorney will NOT file the Annual Report if all of the steps are not taken.

One of the important steps for Corporation owners is to be sure that the activities necessary to demonstrate that activities are consistent with the Corporate entity status are accomplished. Your Annual Report filing is one of those steps.

Contact Marc Sherman for further information or for assistance at (847) 674-8756 or by email to msherman@mshermanlaw.com.

Business Entities, Employment Matters, General Litigation

THE ATTORNEY-CLIENT PRIVILEGE IS WORTH KNOWING ABOUT

What is the Attorney-Client Privilege?

You have the right to have all of your communications with your Attorney, or prospective Attorney (yes, even before formally engaging them), be treated as confidential, whether regarding a legal matter for which you are seeking Attorney advice or involvement or discussion of matters for which the Attorney’s advice is helpful or necessary.

The Attorney-Client Privilege allows you to prevent disclosure of conversations, letters, e-mails, facsimiles and other forms of correspondence and communication between you and the Attorney and Law Firm staff representing or consulting you, in almost all circumstances. This information is held in confidence and should not be disclosed to others, except where you have directed the Law Firm to do so.

Why is this important?

The privacy of your confidential information, regardless of the form, has a value to you. Confidential information contains valuable, private information simply because it is non-public or possibly because it may be used against you if it becomes known by others. The law protects your right to limit disclosure of sensitive information, so that your discussions with your Attorney or prospective Attorney can be open and transparent.

Isn’t this just for litigation situations? No.

The Attorney-Client Privilege is important in a variety of contexts. Consider a new business or product idea that could be hijacked by others. Consider the timing and specifics of business plans and strategies you may be implementing. Consider your thoughts about actions against an employer or, on the flip side, the steps to be taken as an employer in dealing with the workers or vendors for your business. 

There are many, many reasons why protection of your communications with your Attorney and Attorney staff can and should be considered.

What do I specifically do?

Since the privilege is yours, you also have the power to maintain it and the authority to waive and forfeit the Attorney-Client Privilege.

Your own verbal communications with the Attorney or Attorney staff will usually be considered to be protected. However, whether as an individual or as an owner or employee of a business entity, be mindful of two things: You can lose or “waive” the Privilege if your private communications happen to include or happen even to be near others who are not within your protected circle and can see or hear your intended private information. Also, you can waive the Privilege if you are sharing or disclosing the contents of Attorney-Client protected communications with another who is not in a position to share the Privilege.  

If you are a business owner or management employee communicating with the business Attorney, keep in mind that circulating a privileged email, memo or the substance of the communication between you and the Attorney can later affect the ability of your business to prevent its use or disclosure.

Best practice: Start by protecting your privilege and your private information by doing the following:  

Include a header in written correspondence or the “regarding” line in your emails with your Attorney stating that the document or the information is expected to be part of an Attorney-Client Privileged Communication. Or, at a minimum, identify the communication as “Attorney-Client Communication” or similar words.

Of course, give thought to the persons that you join as recipients in the email or to whom you circulate your documents and correspondence. And, be thoughtful of where you are having your Attorney meetings or who is on the call or email chain with you.

And equally important, be sure that you are individually or for your business, keeping your eyes on the other available tools that you have under the Law for protecting your confidential information, trade secrets and the like.

If you are not sure, ask your Attorney. Marc Sherman can be reached at msherman@mshermanlaw.com for further explanation, if necessary.

Business Entities, Estate and Probate, Estates Planning And Probate, Trusts

Spring Cleaning: Gather Important Papers And Get Rid Of Others

            In her Washington Post article on April 19, 2024, award winning personal finance columnist Michelle Singletary provides an excellent list of what she terms “forever documents” that should be saved in the midst of your Spring cleaning.

            Singletary’s list of “forever documents” includes her recommendation for keeping the following original documents in a safe place (save copies if the originals cannot be found):

            ~          Birth certificates and adoption papers

            ~          Death certificates

            ~          Marriage and divorce records

            ~          Social Security cards

            ~          Military service records, including discharge documents

            ~          Loan payoff statements

            ~          Year-end pay stubs

            ~          Retirement or pension records

            ~          Estate documents

            ~          Funeral programs for relatives (not just obituary) 

Singletary also reminds that some documents are worth retaining, depending upon the circumstances:

~          Loan documents (while Loan is pending; save payoff doc & release after)

~          Vehicle title: Keep the original as long as you own the vehicle

~          Receipts for big-ticket items (for insurance purposes, during ownership)

~          Home improvement receipts, canceled checks (until you sell the home)

~          Investment account statements that are not available to you online

~          Tax records (often 7 years is worthwhile for our clients)

~          Medical bills (3 to 7 years if you paid with HSA or flexible spending account)

~          Credit card statements (one year, unless disputes are pending) 

            All good thoughts to keep in mind. Are you scanning as a substitute for paper retention or as a backup? If so, be sure that your family knows where to find the important papers (particularly the persons who will act for you under a Power of Attorney, or your Trust, or your Last Will and Testament).

            Michelle Singletary’s Article can be found here:       https://apple.news/AvHB6FXx1S9mn7l9mxQo20Q

If you need assistance to scan materials for safekeeping, we can provide help or suggest resources for you.

If you would like to discuss your Estate Planning documents or your Estate Planning goals, reach out to Attorney Marc Sherman by phone to (847) 674-8756 or by email to msherman@mshermanlaw.com.

Estate and Probate, Estates Planning And Probate

GETTING READY FOR YOUR ESTATE DOCUMENT AND ESTATE GOALS REVIEW

Attorney Marc Sherman recommends a review of Estate Planning documents and Estate Planning goals at least every 2 to 3 years, or if an important life event has taken place.

Our new and returning clients interested in a thoughtful and affordable review of their Estate Planning materials and updates to accomplish their Estate Planning goals are best prepared if they are able to provide the following documents and information in advance of the meeting:

Materials for our review:

            Please provide or be prepared to discuss with your Attorney the following Estate Materials:

~         Last Will and Testament and any Codicil(s)

~         Living Trust Declaration and any Amendments

~         Other Trust, if you have a Charitable, Life Insurance Trust or other Trust

~         Living Will Declaration

~         Power of Attorney for Healthcare

~         Power of Attorney for Property (Financial Matters)

~         Other Materials prepared for your Estate purposes

Information for review with your Attorney:

            Please provide or be prepared to discuss with your Attorney the following information to assist with the review and updating of your Estate Materials and Estate goals:

1.         Have you or any immediate family member experienced any change in your health since the last review of your Estate Documents and Estate goals? In particular, describe any significant illness or injury.

2.         Has any close family member passed away since the last review of your Estate Documents and Estate goals?

3.         Have you moved your residence since the last review of your Estate Documents and Estate goals?

4.         Have you purchased or are you expecting to purchase real estate for personal or investment use since the last review of your Estate Documents and Estate goals?

5.         Have your investments changed (including financial and bank account locations, CDs, Bonds and other investments or accounts) since the last review of your Estate Documents and Estate goals?

6.         Has there been any other significant event involving you or an immediate family member since the last review of your Estate Documents and Estate goals? Include challenging situations, such as a bankruptcy filing, loss of a job, foreclosure, or lawsuit. And, positive events, such as birth or adoption of a child or grandchild, promotion, new business start-up, child’s graduation, or others.

If you have not discussed how to create Estate documents to meet your Estate Planning goals, or if you have not reviewed your Estate Planning materials in some time, we can assist. Email to Marc Sherman at msherman@mshermanlaw.com.