Business Briefs
The Importance of Standard Contract Terms
While the unique and complex provisions of contracts are generally the focus of concern, discussion and negotiation, drafters also need to pay attention to the more mundane and standard terms that every contract needs. If enforcement or interpretation is needed in the...
New Corporate Transparency Law
The Corporate Transparency Act requires all existing “business entities” and “beneficial owners” to file a Beneficial Ownership Information Report with the U.S. Treasury’s Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership Secure System (“BOSS”) on...
Workplace Investigations
In conducting workplace investigations of personnel situations or other events, employers or those hired to conduct the investigation walk a tightrope to avoid causing more problems and creating potential liability. With “at will” employees, those without a contract...
Fiduciary Duties
A fiduciary is a legal term identifying a person or entity with a special legal relationship with another, imposing an obligation that the fiduciary act in the best interests of the other, its client. Parents, trustees, guardians, advisors, counselors, caretakers,...
Avoiding the Traps of a Family Business
Almost every parent’s dream is to create a family business that will be a legacy to and source of wealth for his or her heirs. However, almost every successful entrepreneur spends more time growing the business than considering how the growing family will successfully...
Mandatory Compliance: Illinois Secure Choice Program
As of November 1, 2023, Illinois employers with five or more employees are required to participate in the Illinois Secure Choice Program. The Program, launched in 2018, is designed to address the retirement security crisis, offering an Illinois sponsored retirement...
Financial Distress
When your business is faced with financial distress, there are actions you can and should take before all your lenders, creditors, landlords, customers and employees learn about the situation that may alleviate, reduce or defer the fall-out, that include:...
What to do When You See Your Borrower in Trouble
As close as you may monitor your debtors or borrowers, you may be surprised when you learn that a debtor or borrower is in financial distress. Some of the steps to take to prevent your borrower or debtor’s financial distress from becoming yours include: Reconsidering...
Illinois Employer Obligations List
Even the smallest Illinois employers are faced with complying with a myriad of state and federal employment laws, including: No age, race, sex, color, religion, sexual orientation or pregnancy discrimination (All) Providing equal employment opportunities without...
Plan Your Business/Investment Exit
Like a parent preparing an estate plan or an engaged couple preparing a pre-nuptial agreement, when you start or invest in a business you should have an exit plan. Deaths, disabilities, retirements or just the passage of time can create the need for substantial...
