Thinking of selling your business? Here are five things to do to prepare.

Numerous legal and operational issues will arise when selling a business. Proper preparation by assembling the right group of professionals and material business documents will save time and costs, and ensure the transaction is as smooth as possible. Retain an attorney immediately After a business is offered up for sale, a purchaser may prepare and […]

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It’s time to review your privacy policies.

It started with the passage of the European Union’s General Data Protection Regulation, which became effective May 25, 2018. This was followed by California’s passage of the California Consumer Privacy Act (CCPA), which took effect on Jan. 1, 2020. Now both Virginia and Colorado have followed suit with Virginia’s Consumer Data Protection Act (CDPA) signed into law […]

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Cozen O’Connor Expands Private Client, Trusts and Estates Group with Six New Attorneys; Opens New South Florida Office in Boca Raton

Boca Raton, Fla. – September 2, 2021 – Cozen O’Connor strengthened its Private Client, Trusts and Estates Practice in South Florida with the addition of six attorneys. The firm also expands its domestic footprint with the opening of a new office in Boca Raton, Florida. The attorneys, from the boutique firms Morris Law Group and Elder Law Associates […]

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Large and small scale commercial projects may qualify for the Neighborhood Opportunity Fund

Chicago’s Neighborhood Opportunity Fund (NOF) promotes equitable neighborhood development in Chicago’s West, Southwest and South Side commercial corridors. Proceeds received from bonus payments on downtown developments are used to provide grants to support commercial investment and neighborhood needs in underserved areas. NOF provides an exciting opportunity for developers to obtain grants to assist with funding […]

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So your borrower received a Paycheck Protection Program loan but has not yet applied for forgiveness—what happens next?

By this point, everyone in the banking industry is at least somewhat familiar with the 2020 Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, which included the Paycheck Protection Program (PPP). The PPP provided U.S. Small Business Administration (SBA) backed loans to qualified small businesses in order for them to […]

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The health of Section 1031 like-kind real estate exchanges

A taxpayer, whether an individual person or a legal entity, that purchases real estate used for productive use in a business or trade or for investment may be faced with the pleasant fact that the property has appreciated in value. Generally, when the taxpayer sells the property which has appreciated in value, a tax will […]

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Large and small scale commercial projects may qualify for the Neighbourhood Opportunity Fund

Chicago’s Neighbourhood Opportunity Fund (NOF) promotes equitable neighbourhood development in Chicago’s West, Southwest and South Side commercial corridors. Proceeds received from bonus payments on downtown developments are used to provide grants to support commercial investment and neighbourhood needs in underserved areas. NOF provides an exciting opportunity for developers to obtain grants to assist with funding […]

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Chicago Small Business Improvement Fund (SBIF)

Chicago’s Small Business Improvement Fund (SBIF) offers small businesses reimbursable grants for permanent building improvements and repairs. SBIF grants are offered by the Department of Planning and Development and use local tax increment financing (TIF) revenues to reimburse owners of industrial and commercial properties for pre-approved repairs of business facilities throughout the city. Recipients of […]

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Want $10 million of capital gains exclusion? How about $50 million?

For founders, investors and employees in certain emerging growth C-corp businesses that have experienced success, a hidden treasure lurks in the Internal Revenue Code (IRC). Section 1202 of the IRC allows investors to exclude some or all of the gain realized from the sale of qualified small business stock (QSBS). The infamous QSBS, or 1202, […]

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If and when will the tax laws be changing?

There has been a lot of talk that taxes are going up. In fact, there are two proposals from the Biden administration in play, the American Jobs Plan and the American Families Plan. Here are some highlights (or lowlights, depending on your perspective): Top individual tax bracket will rise from 37% to 39.6%; Corporate tax […]

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Chicago Small Business Improvement Fund (SBIF)

Chicago’s Small Business Improvement Fund (SBIF) offers small businesses reimbursable grants for permanent building improvements and repairs. SBIF grants are offered by the Department of Planning and Development and use local tax increment financing (TIF) revenues to reimburse owners of industrial and commercial properties for pre-approved repairs of business facilities throughout the city. Recipients of […]

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