Class Action Lawsuit may Impact Internship Programs

Small business owners who use interns should carefully watch the outcome of a high-profile class action lawsuit filed against the magazine giant Condé Nast. The Litigation In June, two interns, Lauren Ballinger, a former intern at W Magazine, and Matthew Lieb, a former intern at the New Yorker filed suit against the magazine media conglomerate […]

Changes may be Coming to Illinois Minimum Wage Laws

Big changes could be in store for Illinois business owners. Earlier this month a new bill was proposed in the Illinois House of Representatives that would raise the state’s minimum wage. House Bill 3718 (HB 3718), sponsored by Representative Art Turner, would raise the Illinois minimum wage in increments. Currently, the minimum wage in Illinois […]

Common Tax Write-Offs for Business Owners

Owning a small business has many advantages, not the least of which is the fact that business ownership can result in a decreased tax burden. Depending on the type of organization you have set up, you may be able to take advantage of one or more of the following common deductions for business owners: Business […]

Considerations in Succession Planning for Family Businesses

Many family business owners assume their business will not be successful enough to consider succession planning.  Do not make this mistake.  A recent article on the ABC News website reports that only 12 percent of family businesses survive into the third generation.  Succession planning can increase the odds of your business surviving and can reduce […]

Setting Up Your Business: Which Type of Organization is Right for You?

So you have decided to start your own small business. You will certainly have your work cut out for you, but before you get to work implementing your business plan, you will need to register your business with the state. The official state of Illinois business registration, licenses, and permits website offers some helpful details […]

Leasing a New Business Location

Choosing a location to lease for your new business, or to expand your current business, is key to its potential success. Once you’ve found your ideal location, you’ll need to discuss the terms of the lease with your landlord and your attorney. Lease Length If you are starting a new business, it’s a good idea […]

Death Tax Does Not Have to Kill Your Small Business

Worrying about taxes is part of small business planning. Often, a central consideration is how a small business can minimize the burden that taxes place on the ability of a small business to operate normally. Fortunately, a DuPage County small business attorney can offer a variety of alternatives designed to alleviate tax burdens. Though there […]

Effect of Divorce on a Small Business

Part of owning a small business is preparing for the impact of a major life event, like divorce. Unfortunately, many business owners are not prepared adequately, increasing the chances that the small business will not survive the major life event. Fortunately, your Illinois small business attorney can offer a variety of tools that enable a […]

Are You Ready for Your Business Sale Closing?

Whether you’re selling or buying a company, there are several concepts that should be addressed during this closing meeting to finalize the sale. You should never attend a business sale closing meeting without extended consultation prior to the meeting with your business law attorney. Your legal counsel should also attend this meeting with you. It’s […]

Due Diligence Requirements for Purchasing an Existing Business

If you want to become involved in business as an owner, purchasing an existing business is an excellent way to avoid many of the challenges of starting your own company. Purchasing a current business, however, does present several responsibilities for the business owner that must be addressed immediately. You should not enter into any business […]