Succession Planning for Business Owners

While running the day-to-day operations of a company can be time consuming, it is important for business owners to take the time to assess the organization’s future as well.  Succession planning is essential for the continuity of a business for when an owner or key employee retires, becomes disabled, passes away or simply leaves the […]

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Discrimination Bill Would Affect Small Businesses

House Bill 252 is a recent attempt to expand the Illinois Human Rights Act to encompass employees that work at small business with less than 15 employees.  Currently, small business employees do not have any course of action against employers for discrimination based on gender, sexual orientation, religion, and age, although these employees can bring […]

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Chicago Hotel Owners Face Looming Tax Increases, Surplus in Downtown Hotels

More than 2,000 new hotel rooms are expected to open in downtown Chicago in 2019 as tourism in the city reaches an all-time high. The additional 2,000 rooms increase the total number of hotel rooms downtown to 47,000, adding more competition in an already competitive market. The seven-year uptick in hotel construction has recently led […]

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Federal Overtime Regulations May Change Soon

The U.S. Department of Labor recently released its proposed changes to federal overtime regulations. The new plan would allow employees making less than $35,308 a year to be automatically eligible for overtime pay. The employee would earn one and half times their regular pay for any time worked over 40 hours per week. The Department […]

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Enforceability of Non-Compete Agreements Narrowed by Illinois Courts

As a business owner, employers have an interest in protecting valuable customer relationships and trade secrets by requiring potential employees to sign non-compete covenants. Non-compete covenants are common, particularly for high-paying employees and within specific professions or fields. However, recent revisions in state and federal law continue to narrow the scope of private employers’ ability […]

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Evolving Marijuana Laws

On January 14, 2019, Illinois will have a new governor that has advocated for the legalization of marijuana for recreational use. In addition to Governor Pritzker, the state will have a Democratically-held legislature, meaning that Illinois will likely see significant changes in its laws regarding marijuana in the near future. One new bill that is […]

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New Illinois Laws to Know for 2019

Over 200 new laws have already taken effect for 2019 in Illinois. Below are a few that could impact you on a day to day basis. Employee Expense Reimbursement In case you missed it from a previous newsletter, Illinois now requires that all employers reimburse their employees for personal phones or computers that are required […]

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Intellectual Property: Rethinking Your Tax Strategy

Along with many other changes to the corporate tax structure, the Tax Cuts and Jobs Act (TCJA) of 2017 also impacted the treatment of income generated by intellectual property. If your business generates income from its intangible assets, such as licenses and patents, it may be time to rethink your tax strategy. On the one […]

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Future Energy Jobs Act: Solar Farms

The Illinois Future Energy Jobs Act, implemented last year, requires that Illinois utilities get 25% of their retail power from renewable sources by the year 2025. This was significant news for the solar power market, and the state has seen a boom in large solar farms. Proposals to construct a solar farm have flooded the […]

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Properly Administering a Litigation Hold

When your company faces a potential lawsuit, it is of the utmost importance to begin preserving any documents that could be considered relevant to the case. This is done through the issuance of a litigation hold directive to employees, informing them of what documents to preserve and segregate in order to maintain that preservation. In […]

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