SPAC Attorney in Illinois

By Managing Partner Last updated

Acquisition Stars advises buyers and sellers on spac attorney matters across Illinois.

Serving 1 market across Illinois.

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Donald Hateley, Of Counsel for securities law at Acquisition Stars

Donald Hateley

Of Counsel, Securities Law | Acquisition Stars

Donald Hateley serves as Of Counsel to Acquisition Stars for securities law matters. His background includes advising public and private companies on securities transactions, corporate finance, and corporate governance, including public and private equity and debt financings. Admitted to the California bar in 1993, he is a graduate of the University of Southern California Marshall School of Business and Southwestern Law School.

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SPAC Attorney Practice in Illinois

Acquisition Stars advises buyers and sellers on spac attorney matters across Illinois. Donald Hateley serves as Of Counsel to Acquisition Stars and handles the securities law work. Alex Lubyansky leads the M&A work, with an associate supporting the engagement.

Illinois Transaction Considerations

  • Illinois's Freedom to Work Act imposes detailed procedural requirements (14-day review period, written advisement to consult counsel) that must be evaluated when assessing a target company's non-compete portfolio
  • Chicago imposes its own transaction taxes and licensing requirements that can affect M&A deal costs for businesses operating in the city
  • Illinois does not allow combined unitary reporting, which means buyers need to evaluate each entity in a target group separately for state tax purposes

Discuss Your Illinois Transaction

Share the basics. Alex reviews every inquiry and responds within one business day.

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SPAC Attorney Service Areas in Illinois

Acquisition Stars represents clients in each of the following markets. Click any city to learn about spac & business combination law services in that area.

Greater Chicago Area

Deerfield SPAC Attorney

Illinois Legal Framework for SPAC & Business Combination Law

Non-Compete Agreements

Restricted by salary threshold ($75,000+). Mandatory 14-day review period.

Restricted by the Illinois Freedom to Work Act (effective January 1, 2022). Non-compete agreements are prohibited for employees earning $75,000 or less annually (threshold increases by $5,000 every five years). Non-solicitation agreements are prohibited for employees earning $45,000 or less. Employers must advise employees to consult an attorney before signing, with a 14-day review period. The sale-of-business exception is preserved.

Tax Considerations

According to the Illinois Department of Revenue, corporations other than S corporations pay 7% income tax plus 2.5% replacement tax, a combined 9.5% before other adjustments. S corporations and partnerships have different treatment. Review entity classification, apportionment and reporting obligations before comparing transaction structures.

Filing Requirements

Entity mergers and conversions are filed with the Illinois Secretary of State, Business Services Department. Bulk asset purchases require notification to the Department of Revenue and obtaining Form ST-4 clearance. The Illinois Securities Department may need to be notified for certain stock transactions.

Bulk Sales / Asset Purchases

Illinois has repealed UCC Article 6 (Bulk Sales). However, the Illinois Department of Revenue can impose successor liability on asset purchasers for the seller's unpaid sales, use, and withholding taxes under 35 ILCS 120/5j. Buyers must obtain a tax clearance letter (Form ST-4) before closing.

Other M&A and Securities Services in Illinois

Acquisition Stars handles M&A transactions for Illinois clients and works with securities counsel on securities matters. Alex Lubyansky leads every M&A engagement.

M&A Attorney in Illinois

Ready to Discuss Your Illinois Deal?

Donald Hateley serves as Of Counsel to Acquisition Stars and handles the securities law work. Alex Lubyansky leads the M&A work, with an associate supporting the engagement.

M&A counsel since 2013. Nationwide practice. LOI through closing.

Request Engagement Assessment

We review every transaction inquiry within one business day.

Please do not include confidential information in this form. Submitting this form does not by itself create an attorney-client relationship. Privacy Policy

State-law sources