Importance of Retirement Plans for Small Business Owners

When you start a small business there are many benefits, not the least of which is the fact that you get to be your own boss. While the work is hard and often thankless, in the end you are able to build something of your very own. The thing that can be tough to remember […]

New Illinois Small Business Retirement Plan Signed into Law

Traditionally, the benefits employees receive beyond certain minimum wage requirements have been a matter determined through negotiations between businesses and their employees. However, a new Illinois law will change that for many small businesses. This new employment law will change the face of retirement benefits. New Law Will Create Retirement Plan Requirements, Even for Some Small […]

Private Retirement Savings Program Provides An Edge for Small Business

The Illinois Secure Choice Savings Program, also known as Senate Bill 2758, is a proposed amendment to the Illinois State Finance Act that, if passed, could provide millions of Illinoisans with a new way to hold secured retirement savings on their own terms. This retirement savings program has garnered a great degree of positive support […]

New Bill Requires Employers to Set Up Mandatory IRAs for Employees

A new bill has been passed by the Illinois State Senate that requires employers to set up retirement accounts for all of their employees. This bill passed earlier this week imposes significant requirements on business owners throughout the state. It is unclear yet what effects this employer managed retirement account law will have on employer […]

Dissolving a Business Partnership

When you were starting your business, it seemed the most natural and easiest thing in the world to have a partner. You couldn’t start the company alone, after all, and having a partner meant having additional expertise, experience, and someone with whom you could “shop” ideas. “Business partnerships dissolve for many reasons,” according to the […]

How Can a Roth IRA Benefit Illinois Residents?

A Roth IRA is an individual retirement account that offers tax savings in the future, but not up front. While a traditional IRA is basically a tax-deferred account funded by an individual’s pre-tax dollars, Roth IRA funds are after-tax monetary contributions that are not subject to additional taxation when withdrawn during retirement. The Benefits of […]