ESOPs as a Business Succession Option
Steven A. Migala and David G. O’Leary • June 16, 2023
Employee Stock Ownership Plans are reviewed by Lavelle Law attorneys Steven Migala and David O'Leary, both of whom have extensive experience with this business succession option. ESOPs are a mechanism by which owners can sell their business to employees allowing their legacy to be protected. Learn about the advantages of the approach and some of the mechanisms involved in an ESOP transaction.
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Thinking about buying a business? There’s more than one way to do it, and choosing the right path can save you time, money, and headaches. In this video, experienced business attorney Kerry Lavelle breaks down the three main avenues for buying a business, along with the pros and cons of each.
A lawsuit involving Chance the Rapper and his former manager, Pat Corcoran, highlights a costly lesson for businesses, creatives, and entrepreneurs alike: handshake deals can lead to million-dollar disputes.
Our client was haunted by non-dischargeable federal tax liabilities of over $400K from a business venture. After strategic timing and working with our Bankruptcy team, $330K was written off by the IRS before we filed Chapter 7 for the client, and he suffered no adverse results from the four-month delay.
Play Ball with Lavelle Law on April 9! Step up to the plate and join our annual Business After Hours event, hosted in the friendly confines of our Schaumburg office. Bonus points: Feel free to rock your favorite baseball team’s gear and show off your fandom while you’re at it! Free event for SBA members!
The IRS announced its annual Dirty Dozen list of tax scams for 2026 that threaten the tax and financial information of taxpayers, businesses, and tax professionals. The Dirty Dozen is part of a broader campaign conducted by the IRS to educate taxpayers about identity theft schemes and other forms of fraud.
Lavelle Law seminar highlighted key 2026 Illinois employment laws for employers: expanded Workplace Transparency Act rules, AI discrimination bans in hiring, paid nursing breaks, broader state employee insurance, & upcoming neonatal ICU leave.
For many businesses, the ability to fully expense capital investments in the first year presents a meaningful opportunity to reduce tax liability and reinvest in growth. Proper classification, timing, and election planning remain essential to maximizing the benefit.
Beginning 3.1.26, new federal regulations issued by FinCEN will significantly affect how certain residential real estate closings are handled. Issued under the authority of the Bank Secrecy Act, the rule requires the reporting of specified non-financed residential real estate transfers involving legal entities & trusts
Certain income taxes can be discharged in bankruptcy if they meet a four-part test, the last test being a subjective test. On January 20, 2026, Judge Bentley of the U.S. Bankruptcy Court for the SDNY issued a 46-page judgment determining that a chapter 7 debtor did not meet the fourth test.
On January 14, 2026, the U.S. Supreme Court decided that political candidates can bring lawsuits over election rules. In Bost v. Illinois State Board of Elections, the Court held that a candidate for office has the right to challenge state rules about how votes are counted.
