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 [...]
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 [...]
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 [...]
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 [...]
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 year since the ordinance was passed. On [...]
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 [...]
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 [...]
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 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 [...]
