New Rules for Independent Contractor Classification

By |2024-03-04T11:32:46-06:00March 1st, 2024|Blog, Business Law, Business Structure, Compensation, Employment Law, Hiring Practices, Illinois State Law, Small Business|

Understanding the U.S. DOL's New Rule on Independent Contractor Classification The landscape of worker classification in the United States has seen significant shifts over the years, with legal interpretations and regulations evolving to adapt to changing economic realities. One of the pivotal areas in this arena is the classification of workers as either independent [...]

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The Corporate Transparency Act Guide for Small Businesses

By |2024-01-04T11:21:54-06:00January 19th, 2024|Blog, Business Law, Business Structure, Federal Law, Small Business|

The Corporate Transparency Act has gone into effect this year. In the ever-evolving business landscape, staying on top of regulatory changes is crucial. The Corporate Transparency Act (CTA), effective from January 1, 2024, brings important requirements for small businesses across the United States. Let's dive into the key aspects of the CTA and what [...]

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The Paid Leave for All Workers Act in Illinois

By |2024-01-04T11:21:22-06:00January 12th, 2024|Blog, Business Law, Business Structure, Compensation, Employment Law, Hiring Practices, Illinois State Law, Small Business|

The Paid Leave for All Workers Act has gone into effect this year. If you are an employer, this new law may affect your workforce and policies around paid leave. Starting January 1, 2024, Illinois has become a trailblazer by implementing the Paid Leave for All Workers Act, signed into law by Governor JB [...]

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Updates to Overtime Pay Employers Should Know

By |2023-06-20T15:53:08-05:00June 30th, 2023|Blog, Business Law, Business Structure, Employment Law, Federal Law, Hiring Practices, Small Business|

There have been updates to overtime pay that employers should know based on a recent case ruling that has implications for employers and high-earning individuals. On February 22, 2023, the United States Supreme Court made a significant ruling, stating that employees earning over $200,000 annually are entitled to overtime pay under the Fair Labor Standards [...]

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Estate Planning for Family Businesses

By |2023-05-18T09:47:38-05:00May 19th, 2023|Blog, Business Law, Business Structure, Estate Planning, Estate Planning, Small Business, Tips|

As a family business owner, you've worked hard to build a successful enterprise that reflects your family's values and legacy. However, as you approach retirement, it's important to plan for the future of your business and ensure a smooth transition of ownership and management to the next generation. Estate planning for family businesses can [...]

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Top Estate Planning Strategies for Business Owners

By |2023-05-11T11:06:46-05:00May 12th, 2023|Blog, Business Law, Estate Planning, Estate Planning, Small Business|

Estate planning strategies for business owners should consider both your professional and personal goals. As a business owner, you have likely invested a considerable amount of time, effort, and resources into building your company and accumulating wealth. However, without proper estate planning strategies in place, much of that wealth may be lost or subject [...]

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Successful Business Succession Planning in 5 Steps

By |2023-03-16T10:46:52-05:00March 17th, 2023|Blog, Business Law, Business Structure, Estate Planning, Small Business|

Successful business succession planning is an essential part of ensuring the long-term success of any business. It's important to take the time to make well-informed decisions when it comes to your succession plan. A successful business succession plan includes identifying and preparing a successor to take over the leadership of the company when the [...]

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Minimizing Conflict When Exiting a Business

By |2023-03-02T10:29:03-06:00March 3rd, 2023|Blog, Business Law, Business Structure, Estate Planning, Estate Planning, Small Business|

Minimizing conflict when exiting a business is always the main goal of an exit strategy. From choosing the right successor, to avoiding other challenges that come with succession planning, minimizing conflict goes hand in hand with an effective plan. Learn how to keep your business running smoothly, even after you're gone. Even if you [...]

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How to Choose the Right Successor for Your Business

By |2023-02-23T10:12:51-06:00February 24th, 2023|Blog, Business Law, Business Structure, Estate Planning, Small Business|

How to choose the right successor for your business means having the right process and plan for your business. You don't typically go into business considering how you'll exit that business, but starting your succession plan early can help you with the best plan for how to choose a business successor. Giving yourself time [...]

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Challenges of Business Succession Planning

By |2023-02-16T10:19:26-06:00February 17th, 2023|Blog, Business Law, Business Structure, Estate Planning, Small Business|

Challenges of business succession planning shouldn't keep you from having a plan for your business. A bad business succession plan is a plan that fails to effectively transfer ownership or management of a business from one generation to the next. Business succession planning is crucial for the long-term success of a company, as it [...]

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