Tag: Naperville business law attorney
Common Mistakes in Illinois Business Succession Planning and How to Avoid Them
Posted on June 10, 2025
One of the most important decisions you must make as a business owner is planning for the day you or other important employees are no longer willing or able to lead your organization. Having a well-developed and detailed succession plan is key to ensuring that your company not only survives but flourishes amidst major organizational changes. Yet many businesses struggle to come up with a cohesive succession plan, or fail to execute it properly, putting the company’s viability at risk. Neglecting to plan for the future can harm a company’s […]
How Do Capital Gains Taxes Affect the Sale of a Business in Illinois?
Posted on May 12, 2025
The prospect of selling your business can be exciting, providing the opportunity to capitalize on your hard-earned work. It may be that you are selling your business to retire, or to start another venture. Whatever the reason, many factors impact the decision to sell a business, and the details of the transaction. One key factor that affects the sale of a business is taxation. Capital gains taxes can eat up the proceeds of the sale if you do not put in place careful strategies to mitigate taxation. In fact, when […]
When Should You Restructure or Reorganize Your Business?
Posted on April 30, 2025
Business needs can change. Growing businesses will also find that with success and increased revenue come challenges that may require a different way of doing things. Organizational structures may no longer work for the company. The market strategy may not match the current market needs. The company might experience financial difficulties. Conversely, things may be going very well now, but there may be concerns about the long-term business outlook. In short, there are many reasons why a company can benefit from a business restructuring. But one thing is for certain, […]
7 Employment Law Mistakes High-Growth Companies Make
Posted on April 15, 2025
While growth is a great sign business owners and investors are eager to see, it can bring about its own set of challenges. These are the growing pains businesses can experience. Things move quickly when a company is growing. That expansion often requires quick decision-making and implementation of processes aimed at keeping the business functioning at its best. However, when business owners are occupied managing the day-to-day responsibilities, other important aspects sometimes slip through the cracks. Indeed, as things change quickly at high-growth companies, compliance with legal requirements becomes that […]
Staying in Compliance with Illinois Sexual Harassment Training
Posted on March 27, 2025
Employers around the country must comply with laws that prohibit discrimination in the workplace, including sexual harassment. In addition, a number of states have passed laws specifically requiring employers to institute sexual harassment training for their employees on an ongoing basis. Illinois is one such state, and in fact has amongst the most comprehensive sexual harassment training requirements in the country. In order to stay in compliance with Illinois employment laws, it is essential that employers educate themselves on the sexual harassment training requirements, put in place a compliance plan, […]
Should I Sell My Business? 9 Things to Consider
Posted on March 17, 2025
Perhaps you have received an offer to sell your business, or perhaps for personal reasons you are considering doing so. As varied as the reasons can be for selling a business, deciding to do so is not easy; yet at some point, many entrepreneurs will exit their business to move on to new ventures. There are multiple personal, financial and legal considerations that play into making the decision to sell a business. As with every step that can have serious legal and financial consequences, it is wise to carefully consider […]
Mergers & Acquisitions: How Can A Business Support Employees?
Posted on January 30, 2025
Mergers & Acquisitions: How Can A Business Support Employees? During a merger, two companies legally, financially, and practically merge into one. Likewise, during an acquisition, two companies become one when one company acquires or takes over another. Although the legal process differs, the ramifications for employees are the same. A merger or acquisition can mean big changes in an organization, from restructuring to changes in the company culture and leadership. Employees understandably might find this a stressful time full of uncertainty about their role in the company. At the same […]
Do You Pay Taxes When You Buy or Sell a Business?
Posted on January 13, 2025
Selling a business can be exciting and financially rewarding. It is often the culmination of decades of hard work and dedication. Business owners are und focused on maximizing the financial gains from the sale. Yet the end game should be not so much the price of the sale as the final take home, and one factor that can put a big dent in proceeds from the sale of a business is taxes. Because the sale of a business can generate significant income, taxes will be assessed. How the deal is […]
Worker Misclassification: How a Seemingly Simple Mistake Can Cost Your Business Dearly
Posted on December 9, 2024
One of the critical tasks you will face as a business owner is ensuring that you properly classify your workers as either employees or independent contractors. There is a significant legal difference between your responsibilities if you employ an independent contractor versus an employee. Additionally, misclassifying a worker can result in legal issues. Even a seemingly minor mistake can result in massive fines and penalties for worker misclassification. If you own or manage a small or medium-sized business, an experienced attorney can ensure that you understand and comply with essential […]
What Are Recent Developments In Illinois Non-Compete Law?
Posted on October 29, 2024
In recent years, the law on noncompete agreements has shifted considerably nationwide, and Illinois is no exception. This is primarily the effect of a recent rule issued by the Federal Trade Commission (FTC), the federal agency that enforces antitrust law and promotes consumer protection. This rule was struck down by a federal court before it took effect. However, Illinois legislation enacted in the last few years already limits the ability of employers to put in place and enforce non-compete clauses in their employment agreements. An experienced Illinois employment law attorney […]
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