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Advice From Our Team
Plain-English guides for buying a small business in Illinois, written by attorney Ryenne Shaw from the official rules themselves.
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Before You Sign: What to Check on a Business You're Buying
Contracts, leases, cash flow, inventory, licenses, zoning and value: the SBA's checklist for buying an existing business, and what each one means for an Illinois buyer.
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Buying a Business in Illinois: The Bulk Sale Notice (Form CBS-1)
In an Illinois bulk sale, the buyer must file Form CBS-1 at least 10 business days before the sale, or can end up personally liable for the seller's unpaid Illinois tax.
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Dividing Up the Purchase Price: IRS Form 8594 for Business Buyers
When a group of assets makes up a trade or business, buyer and seller generally both report how the price was allocated on Form 8594. Here's why the split matters before you sign.
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Do You Need a New EIN After Buying a Business?
The IRS says you generally need a new EIN when you change your entity's ownership or structure, but its list goes entity type by entity type. Here's how to read it as a buyer.
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Does the Brand Come With the Business? Moving a Trademark to the Buyer
If you're paying for the name, make sure you end up owning it. How a trademark moves to a buyer through a recorded assignment at the USPTO, and what gets a request rejected.
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Using an SBA 7(a) Loan to Buy a Business
The SBA lists changes of ownership as a permitted use of a 7(a) loan, up to $5 million. What the program covers, who qualifies, and how the loan fits around your purchase contract.
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