Business Bulletin
Commercial Real Estate Exchanges
Typical 1031 exchanges require the seller of commercial real estate to timely acquire another commercial real estate property in order to defer any tax liability on the sale, making this tax deferring device less attractive to owners wishing to eliminate the...
CAN-SPAM Act
Just like the federal protection of consumers from robocalls, violations of the no call list, and unwanted faxes, the CAN-SPAM Act is designed to protect your email from unwanted or fraudulent communications and assesses penalties on those who abuse email. If you are...
Liability Waivers and Limitations
While government entities like park districts and schools have statutory immunities, waivers, and limitations applicable to injuries occurring on their facilities and at their functions, the increasing number of private playgrounds, play areas, gyms, and party...
Protecting Your Right to Arbitrate
Many businesses include an arbitration provision in their contracts to enhance speed, ensure efficiency, and provide consistency in resolving business disputes. While most courts generally favor arbitration if agreed by the parties, a recent court ruled that the...
Employee Non-Compete and Non-Solicitation Agreements
Illinois and many other states severely restrict the use and enforcement of non-competition and non-solicitation contracts and provisions relating to employees and former employees. The Federal Trade Commission also proposed rules to ban all existing and future...
Tax Treatment for Your Limited Liability Company
Limited Liability Companies may be treated for tax purposes in a number of ways. To be taxed as an S Corporation under the IRS Code, a new LLC and all of its members must sign and file Form 2553 with the IRS within sixty (60) days of when it starts business, acquires...
Disposition of Remains
The Illinois Disposition of Remains Act, 755 ILCS 65/5 et seq., provides a priority among heirs for control of the disposition of loved one’s remains. It applies when the decedent did not provide direction by the Appointment of Agent to Control Disposition of Remains...
Preserving Accounts, Usernames, and Passwords
We are seeing an increasing number of situations where family members, employers, executors, and guardians are unable to access or even discover a disabled, deceased persons, or former employee’s accounts, phones, computers, emails, social media accounts, electronic...
Social Media Legal Traps
Social media has been a boon for many businesses, but businesses must use it with caution. Some of the legal traps of social media include: Not treating your company’s social media posts as marketing subject to advertising laws. Overlooking sweepstakes and other laws...
New Partners, New Problems
Introducing new business partners to add talent, increase sales, or enhance finances is often a good idea, but with new partners come new risks to your business. To minimize those risks: Evaluate how they will enhance your business. Conduct due diligence on new...
