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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Lavelle Law News and Events
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.
As seen in North Shore City Lifestyle. Lavelle Law attorney, Sarah Reusché, is featured in the February 2026 issue of North Shore City Lifestyle magazine. Sarah isn't just an exceptional attorney; she's a true community advocate.
A small business owner sought to acquire the assets of a mall-based fast food franchise. The client needed experienced legal guidance to navigate a complex, multi-party transaction involving the seller, the franchisor, the mall’s leasing agency, and a lending institution providing bank financing.
The January broadcast of Elgin’s "Chamber Chat" with EAC President Carol Gieske, features Lavelle Law Shareholder Steve Migala and KCT Credit Union’s Yvonne Irving.
In this video, Lavelle Law attorney Nataly Kaiser provides crucial legal tips if you are named as agent under a Power of Attorney for Property. Know the law before you act!
New Year, New Employment Laws: Key Illinois Changes Effective 2026 - a Lavelle Law Breakfast Briefs seminar.
Stay ahead of Illinois’ evolving employment law landscape and help safeguard your organization in 2026. Register now for this targeted, must-attend session.
Bankruptcy Can Discharge Some Tax Liabilities. The toll of the high inflation of the past few years, combined with lingering economic aftershocks from COVID-19, has created a great amount of economic uncertainty for many people.
In the News: Elgin Area Chamber announces attorney Steven A. Migala as 2026 board chair.
