Illinois treats S corporation income as pass-through income to the shareholders. However, it does impose a 1.5 percent tax at the entity level.

With two estimated tax payments left in the year, it's time to make sure your are paying the correct amount.

Bylaws provide the rules that govern the operation of an S corporation.

Pass-through taxation and the ability to pay yourself salary and dividends make the S corporation an attractive choice for tax planning.

The federal government purchases over $600 billion of goods and services per year. By law nearly a quarter of that spending is ear-marked for small business contracts. Here are three steps to take if you are interested in having the federal government as your customer.

Once you have formed your corporation, you can elect S corporation status by filing a form with the IRS. S corporation's pass-through their income, loss and deductions to the shareholders, but can also pay salaries to the owners.

If you are looking to expand your business by reaching new markets, exporting may be one strategy to consider.

An LLC can be sued in its own right. Learn how a lawsuit is initiated against an LLC and what steps are necessary to protect its right to defend itself in court.

An LLC is taxed as a pass-through entity for federal income tax purposes, but can elect to be taxed as a corporation. States honor the federal classification for income tax purposes, but that does not exempt the LLC from franchise, sales or property taxes.

If your business needs change, you can convert from an LLC (limited liability company to a corporation or any other type of entity. The reverse also applies: you can convert another type of business to an LLC.