BUSINESS & CORPORATE

DUGGAN BERTSCH is a transactional law firm with a core focus on business and corporate representation for the entrepreneur and private client.

The Private Client usually has his or her own business, or his or her assets have risen to a level that the proper maintenance of the assets is a business in and of itself — or it is a combination of the two. We are cognizant of the business base of our clients and are positioned to assist you with comprehensive business and corporate services.

Our Closely Held Business practice includes the following services:

Choice of Entity Analysis – Corporations (S or C), LLCs, LPs, LLPs, etc.
Entity Formation
Registered Agent Representation
Organizational Documents – Bylaws, Operating Agreements, Partnership Agreements, Shareholder Agreements, Minutes, Filings etc.
Annual Corporate Compliance and Minutes
Financing and Related Structuring
Buy-Sell Agreements
Offering and Investment Documents
Employee and Executive Issues
Contracts
Insurance and Benefit Planning
Captive Insurance Companies
Dispute Resolution

Business & Corporate News

DB Alert: “CARES ACT” and PAYCHECK PROTECTION PROGRAM

Last Friday Congress approved and President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). CARES represents the third round of legislation responding to the ongoing Coronavirus virus, and is the largest economic and relief package in the Nation’s history. It provides over $2.2 trillion of funding geared toward providing cash flow and tax relief for small businesses and individuals impacted by the pandemic, and it will have a particularly significant impact on the closely-held private client. Read More....

DB Alert – ILLINOIS TEMPORARILY ALLOWS FOR REMOTE NOTARIZATION AND WITNESSING DUE TO COVID-19

The Order (as supplemented by guidance issued by the Illinois Secretary of State) generally provides that:

Illinois notaries may perform remote notarization by two-way, real time audio-video communication technology, provided that both the signatory and the notary are each physically within the State, and that the audio-video communication can be retained; Continue Reading...

Time to Reflect, Regroup, and Restructure

During unforeseen moments of adversity, mortality, and economic decline such as what we are all experiencing right now, it forces each of us to confront the realities of our situation, for better or for worse. While some of us may be sheltered in our homes with a little extra time on our hands, and others may have little time to spare as they scramble to stay in control of things, this is the perfect time to reflect, regroup, and restructure your affairs to either respond to or take advantage of your new reality. Specifically, this is the time for you to revisit your:

Estate Planning Documents
Asset Protection Structure
Wealth Transfer Planning
Reformation/Litigation of Contracts
Documenting/Securing Receivables
COVID Legislative Compliance/Guidance

Click Here to Read More...

DB Alert – COVID-19 Legislative Update

As part of its initial response to the current and anticipated impact of COVID-19 on businesses across the nation, Congress has passed and the President has signed an $8.3 billion supplemental funding bill that includes authority for the Small Business Administration (SBA) to issue up to $7 billion in low-interest loans under its already existing Economic Injury Disaster Assistance Program (EIDL) to small businesses adversely impacted by the outbreak. The administration has announced its intention to ask Congress to increase SBA’s resources for small business disaster assistance related to COVID-19 to $50 billion. We expect funding amounts to increase and complementary initiatives to be implemented as the full economic impact of the outbreak makes itself felt.

Recent U.S. Supreme Court Case Impacts Trust Taxation

The U.S. Supreme Court recently issued its opinion on North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust, which addressed “….the limits of a State’s power to tax a trust.” This is the first time in decades the Supreme Court has addressed this issue, and its decision could have significant implications for the private client.

Planning with trusts is a central component to any comprehensive wealth plan, and in addition to leveraging the estate, gift, and GST exemptions, consideration should be given to a trust’s income tax treatment. And when a trust is structured as a “non-grantor” trust - meaning it is responsible for its own income tax burden - state law governs the state where a trust may be taxed.

CLICK HERE to read the complete article!

Article Written By:

Jennifer A. Mendel, JD, and Michael H. Israel, MA, JD, LL.M.

James M. Duggan Speaks at Midwest Family Office Forum in Chicago

On Thursday, May 16th, Jim Duggan spoke at the Midwest Family Office Forum as a subject matter expert on the following topics:

Inter-generational Growth: The emerging generation and its impact on current family office objectives & values - working together towards the same goals.
Security & the Family Office: Addressing personal security, cybersecurity, and asset security - staying ahead.

You can find more information about the Midwest Family Office Forum here.