Buying Or Selling A Business In Illinois? We Have You Covered.
Whether you are purchasing or selling a business, our attorneys will share their tax and business expertise to help you develop and execute strategies that will help you achieve your long-term goals. We represent buyers, sellers, investors and lenders in all aspects of commercial transactions. Over the years, we have advised clients in the preparation of asset purchase agreements, stock purchase agreements, formation of companies, limited liability companies, corporations, general and limited partnerships.
What To Expect In A Business Transaction Journey?
While no two transactions follow identical paths, understanding the following fundamental steps helps you prepare for what lies ahead:
- Business valuation: Determining fair market value through financial analysis, market comparisons and asset assessment
- Preliminary negotiations: Creating letters of intent and establishing basic terms between parties
- Due diligence review: Thoroughly examining financial records, contracts, liabilities and legal obligations
- Transaction documentation: Drafting purchase agreements, noncompete clauses and transfer instruments
- Preclosing verification: Final review of all conditions and contingencies before finalizing
- Closing procedures: Executing documents and transferring ownership properly
Many business owners underestimate the complexities involved, even in smaller transactions. Without proper legal guidance, you risk unfavorable terms that could surface months after closing.
Tax Implications For Illinois Business Sales
Business sellers face specific tax considerations, including:
- Illinois imposes a state income tax on business sale profits
- Sales tax may apply to certain asset transfers
- Local tax jurisdictions may have additional requirements
- Federal tax obligations include potential capital gains taxes
- Structuring options may minimize the overall tax burden
Our lawyers collaborate with tax professionals to structure your transaction advantageously. With proper planning, we help minimize tax exposure while maintaining full compliance with Illinois and federal regulations.
How Business Attorneys Can Help
Our involvement transforms business transactions from risky endeavors into structured processes with clear protections. When you work with our firm, we:
- Draft and review all transaction documents
- Negotiate favorable terms and conditions
- Identify and resolve potential liabilities
- Structure agreements to minimize risk
- Address regulatory compliance requirements
- Facilitate smooth ownership transition
As business owners ourselves, we understand what drives these transactions and the real-world concerns that extend beyond legal paperwork. Our approach focuses on building lasting relationships while delivering practical solutions tailored to your unique business objectives. We handle transactions of all sizes with the same dedication to detail and client service.
Connect With Our Northbrook Business Transaction Team
Take the first step toward a successful business transaction by scheduling a free consultation with our experienced attorneys via 847-780-2892 or email. At Wiczer Jacobs LLC, understanding your business is our business. Our Northbrook office serves clients throughout Cook County and across Illinois.