Tax issues can be an important consideration in the formation of a business venture. In some cases, significant savings arise from simple, yet straight forward planning.

For instance, if owners qualify as shareholders of an "S Corporation" they can avoid the double taxation that a C corporation incurs when it earns income and then pays dividends to shareholders.

Mr. Cooke works with his client's tax lawyers, accountants or CPAs to evaluate tax issues involved in planning and involved in day-to-day business.

Mr. Cooke has prepared and obtained S Corporation status for a great number of Mr. Cooke's corporate clients and Federal Employer Identification Numbers for many different entities.

S Corporation Election

The S Corporation was created to allow corporate income and losses to "pass through" to the shareholders and generally, to keep the corporation from paying income tax. Because of the differences between corporate income tax rates and individual tax rates and the prospects from only one level of taxation, the S Corporation is extremely popular with closely held corporations. It can significantly change the tax impact when doing business as a corporation. Qualifying and maintaining S Corporation status, however, requires following the rules, careful planning and diligence.

Federal Employer Identification Number

The Federal Employer Identification Number is used by the Internal Revenue Service to identify the taxable entity that is not an individual. By way of example, corporations, nonprofit entities, partnerships and certain trusts all need to obtain Federal Employer Identification Numbers.

Property Taxation

The state of Illinois, counties and municipalities tax property in various ways. On the sale of property, if the sale is not exempt, the state, the county where the property is located and most municipalities tax the transaction. In Chicago, the seller pays the state and county tax and the buyer pays the City of Chicago tax.

The counties also tax the property on an ongoing basis through the treasurer's office based on valuations issued by the assessor's office.

To contact Mr. Cooke, call him at (312) 497-9002 or email him at "gc@Cookeslaw.com". Mr. Cooke's fee is $300.00 per hour.