If You Own a Business You Need to Read This

By |2021-05-26T15:01:03+00:00May 21st, 2021|Blog, Estate Planning, Estate Planning, Small Business, Tips|

Estate Planning for Business Owners Business owners have so much going on that estate planning is usually at the bottom of this list. You work so hard to build your business and to keep it running successfully, the to-do lists are endless. But one task you should have on your list is completing your [...]

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By |2018-06-19T05:26:20+00:00June 19th, 2018|Estate Planning, Small Business, Tips|

Our clients often ask us where to keep their important documents, such as estate planning documents (wills, trusts, and powers of appointment), insurance policies, contracts, and other important financial documents.  The answer to this question often depends on how quickly you need to gain access to such documents.  For instance, without the requisite power [...]

Illinois Reduces Its Limited Liability Companies’ Filing and Reporting Fees

By |2021-01-28T21:10:06+00:00December 22nd, 2017|Business Law, Small Business|

Good news!  On December 20th, the Illinois Governor Bruce Rauner signed SB 867 into law, reducing Illinois' excessive limited liability company's (LLCs) filing and maintenance fees. This law went into effect immediately upon signing, i.e. December 20, 2017. Although Illinois has a long way to go to make this state attractive for small businesses [...]

When was the last time you talked to your parents about their estate planning needs?

By |2021-05-16T07:52:00+00:00November 20th, 2017|Estate Planning, Small Business, Uncategorized|

The holidays are quickly approaching and many of you will have a chance to see your parents and, for some of you, your grandparents.  This would be an excellent opportunity to discuss your parents’ future and estate planning needs among the loved ones.  Yet, discussing the retirement plans and estate planning needs with your [...]

How Well Are You Prepared to Manage Your Business Risks?

By |2021-01-28T21:10:05+00:00November 19th, 2017|Estate Planning, Small Business, Uncategorized|

Every small business owner is faced with various business risks, whether related to an injury, theft, damage to property, employee discrimination claims, or liability suits.  As much as you plan for success, as a business owner, you must have these risks on your radar.  You should be prepared if and when they materialize. What [...]

Chicago’s Ordinance Requires Incremental Raise

By |2020-11-11T16:05:18+00:00July 11th, 2016|Business Law, Illinois State Law, Small Business|

Chicago requires wage increase starting annually. On December 2nd, 2014, the city of Chicago passed an ordinance to raise the minimum wage to $13 per hour.  Under this ordinance, the minimum wage will be increased annually to the $13 limit by July 1, 2019.  The incremental raises are scheduled for July 1 of each [...]

US Department of Labor (DOL) announced new overtime regulations

By |2021-01-28T21:10:05+00:00July 11th, 2016|Blog, Business Law, Federal Law, Small Business, Uncategorized|

The US Department of Labor (DOL) announced new overtime regulations under the Fair Labor Standards Act (FLSA).  Many workers who before were exempt from such overtime regulations will now become eligible to have their overtime pay.  Under the new regulations, any worker making $47,476 or less must be paid overtime for hours worked in excess [...]

Illinois: Noncompetition Agreements Within 2 Years of Hire

By |2021-02-01T18:19:37+00:00October 28th, 2013|Blog, Business Law, Noncompetition, Small Business|

The recent Illinois Appellate Court case, Fifield and Enterprise Finance Group, Inc. v. Premier Dealer Services, Inc. 2013 IL App (1st) 120327, upheld an Illinois precedent stating that a “noncompetition agreement is not valid and enforceable if an employee is fired or resigns within two years.” Illinois companies can still require newly hired employees to [...]

What Small Business Owners Need to Know About Rest and Meal Breaks

By |2021-01-28T21:03:00+00:00February 25th, 2013|Business Law, Compensation, Small Business, Workers Compensation|

There are federal and state (Illinois) laws small business owners need to know about rest and meal breaks for non-exempt employees- and corresponding compensation.  These laws generally address the following questions: Should an employee be paid while on breaks? Are employers required to offer breaks? How long such breaks should be? Federal Laws According to the Fair [...]

Small Business Owners in Illinois Beware of Scam

By |2020-06-18T11:05:48+00:00November 23rd, 2012|Small Business|

Small business owners in Illinois are receiving official looking green or blue envelopes from “Corporate Records Services,” which call them to provide corporate and personal information, such as the business name, address and credit card information with the payment of $125 to prepare corporate records.  With the scam looking official, small business owners are sending [...]

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