Is Your Business Compliant?

Is Your Business Compliant?

Not sure if your business is in compliance with all of its non-tax filings?  Is your annual report filed and up to date?  Is your corporate book up to date with Annual Minutes and Board Resolutions?  What about local and state licensing? For non-profits, are you registered with the Illinois Attorney General?  Do you need to be?  Have you been filing your annual reports with that agency as well? AMC Legal is here to help you throughout the life of your business with all of your business legal needs. We can work with you to make sure your business is in compliance.  Want to do a quick compliance check?  Have a chat with us and we can tell you if you are missing any filings and help get you, and your business, on the right track. Need Help? Get In Touch. Dr. Allison Cychosz AMC Legal, P.C. (630) 590-3640 info@amclegal.net Please call for a free consultation This is not legal advice and you should seek the counsel of an...
Trademark Scams: How to Spot Them

Trademark Scams: How to Spot Them

Shortly after filing a trademark application, with the United States Patent and Trademark Office (USPTO) or with another non-US, government trademark agency, a growing number of our clients inevitably receive one or more official-looking letters or invoices seeking payment related to the trademark registration. You may have received one of these notices in the mail or via email yourself—a solicitation, formatted to look like an official government document, that lists data about your trademark application and even an image of your trademark (all of which is publicly available information). Many of these companies use terms that resemble an official agency name including one or more of the terms “United States,” “U.S.,” “Trademark,” “Patent,” “Registration,” “Office,” or “Agency.” The truth is, these solicitations have absolutely no legal or other significance to your trademark registration. If read carefully, you can see that the solicitations provide useless services such as listing the application on an internet database or sending a reminder that an issued registration is up for renewal sometime in the future. Some of the solicitations don’t even disclose what services they are providing. These worthless notices are convincing and tend to solicit significant amounts of money from the trademark owner, often exceeding the actual fees necessary to register a trademark. Unfortunately, some trademark owners pay these invoices, believing they are legitimate, official invoices, because they are unaware of the scams and do not read the solicitations carefully. Any official postal correspondence regarding your trademark registration or application in the United States will be from the “United States Patent and Trademark Office” with an address in Alexandria, Virginia. Any emails related...
Multi-Member LLCs Must Update the Operating Agreement

Multi-Member LLCs Must Update the Operating Agreement

If you are an owner of a multi-member LLC and being taxed as a partnership then it’s time to revisit your Operating Agreement. Not sure if you are taxed as a partnership? Most LLCs with more than one partner are. Bipartisan Budget Act of 2015 (BBA) You may be wondering, why am I writing about a law signed in 2015 when it’s already 2019? It’s a little-known rule that didn’t get much publicity and only took effect on January 1, 2018. It’s coming up now that multi-owner LLCs are preparing to file their 2018 tax returns. What does it change? Before the BBA, the Tax Equity and Responsibility Act of 1982 (TEFRA) audit procedure required the IRS to perform audits at the LLC/partnership level. If there were any adjustments to be made, they would be passed through the LLC and collected from the partners. After the BBA, the IRS will collect any amounts owed directly from the LLC, rather than the individual members. This makes it easier for the IRS to collect amounts owed. The IRS no longer has to chase down individual owners to collect their share of the tax underpayment. The IRS can now collect the money directly from the LLC and leave it up to the LLC to collect a reimbursement from the members themselves. What effects does this have? If the LLC is audited and there are amounts due to the IRS, the LLC will pay the deficit and the LLC will have to try to collect from the members individually. This also means that the current members may wind up with the tax liability...
Non Profit Annual Filings

Non Profit Annual Filings

Your Non-Profit Deadlines are Approaching Federal Tax Filings It’s time to contact your accountant to be sure your federal tax return is filed properly and on time. Most Non Profit Tax Returns are due by May 15th.   If your gross income is $50,000 or less you can file a very simple electronic postcard tax return.  If your organization fails to file for 3 consecutive tax years then the IRS will revoke your tax exempt status.  Please consult an accountant for other potential state tax filings such as if you have employees, state tax filings, if your gross income is over $50,000 or for other tax questions.     Attorney General Filings Each year you must file an annual report with the Illinois Attorney General which is due no later than June 30th for the previous tax year.You may request a 60 day extension but it must be received no later than June 30th. The annual report fee is $15 and there will be a late fee of $100 assessed if you file late. If you are a church or religious organization and filed for exemption then you will not need to file the annual report. Illinois E Number Have you been in business over year? If so, have you filed for your Illinois E Number?  You can apply for an Illinois sales tax exempt number (E Number) once you have at least one year of financial history for the organization.This will allow you to purchase items for your organization without having to pay sales tax on those items. Need Help? Give us a call. 630-590-3640...
Choosing a Company Name

Choosing a Company Name

Choosing a Business Name What’s in a name?  When you’re talking about naming your new business? A lot! I’ve had many client come to me when starting a business and have the business plan, their products or services all laid out, we talk about funding and corporate structure and the first thing I need to know in order to start the process? The name…  It sounds superfluous but it is an important part of a business and you want to take some time and thought before diving in. Here are some tips to get you going in the right direction. Unique Name Some business owners want to use a completely unique and made up name.  This is very strong from a trademark standpoint on one hand.  On the other hand you don’t want to have to constantly explain what your business is or what you do to every person you meet. Choosing a business name is really a balancing game. You need to find a name that will fit all the criteria. Descriptive Name With a descriptive name you won’t have the issues of anyone asking what it is that you or your business do.  But you must be sure to keep is short, to the point and make it catchy.  Having a long business name can hurt you.  A long business name can be boring, can lose interest in potential clients, it won’t fit nicely on a business card and the logo would look horrendous. I have had clients with long business names come back to me within 2 years or less to rename the business. This can mean...
Top 10 Pitfalls in Commercial Leases

Top 10 Pitfalls in Commercial Leases

Whether you are a new business owner or have been in business several years, a commercial lease is most likely going to be one of your largest expense.  It is well worth your while to negotiate the lease terms.  It is highly recommended to have an attorney review the lease, not only to help you bring down future costs, but more importantly, to try to limit your liability which can be severe in certain situations. Top 10 Clauses to Watch For 1) Pricing First, compare rents to other local locations and see if your space is competitively priced. If not, this may be a good negotiation starting point with the landlord.  But be sure you’re not comparing apples to oranges.  There are many factors that go into pricing.  For instance, the number one factor is location.  You can’t directly compare a high traffic space to one with low traffic.  Second, look at the condition of the space.  Will it need a lot of work or is it in ready to open condition.  Third, is it ready to go for sprinklers, security, internet etc?  This can save you time and money during the build out phase. 2) Gross vs. Net Leases There are different ways that Landlords can set up a commercial lease. A Gross Lease means what you pay is what you pay and you are certain of your rent from month and year to year. All expenses including CAM and Taxes are included in your monthly rent.  Under a Net Lease the tenant will pay expenses such as insurance, CAM, taxes etc. on top of the monthly rent....
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