Category: Business Law
“Rebuild Illinois” Imposes New Taxes and Fee Hikes
“Rebuild Illinois” Imposes New Taxes and Fee Hikes On June 28th, Governor J.B. Pritzker signed the $45 billion capital bill known as the “Rebuild Illinois” plan. The $45 billion capital bill will be used to fund infrastructure, education, environment/conservation, health care, and community and economic development projects throughout the state. A portion of the funding
Illinois Legalization of Marijuana Does not Allow its Unfettered Use
The Illinois General Assembly has passed HB1438, making Illinois the tenth state, in addition to the District of Columbia, to legalize recreational marijuana. On January 1, 2020, Illinois residents will be able to purchase marijuana from state-licensed dispensaries, and registered residents will be able to cultivate limited amounts of cannabis for personal use. Although HB1438
Cryptocurrency: Easy to Conceal, Hard to Value
Cryptocurrencies have often been described as “the new offshore account” because it is too expensive and time consuming to trace. Cryptocurrencies, such as Bitcoin, are anonymous and decentralized, and although they are a popular form of investment, they are also a tool for those attempting to hide assets. Every time a Bitcoin is exchanged the
New Act Raises Age of Buying/Selling Tobacco Products to 21
On July 1, Illinois officially raised the legal age for purchasing tobacco and nicotine from 18 to 21. Back in April, Governor J.B. Pritzker signed HB345, also known as “Tobacco 21,” into law, making Illinois the 11th state to adopt the statewide law, and the first state in the Midwest to do so. Tobacco 21
FLSA’S “REGULAR RATE” WILL CHANGE SOON
The U.S. Department of Labor (“DOL”) recently offered hope to many employers that are seeking clarity regarding compliance with the Fair Labor Standards Act’s (“FLSA”) overtime calculation rules. The FLSA generally requires employers to pay employees overtime pay of at least one and one-half times their regular rate for hours worked in excess of 40
Best Practices of a Board of Directors
A Board of Directors is elected to represent the shareholders of a company and, thus, is expected to lead by example. The importance of having ethical directors cannot be overstated. The most forward-thinking companies consistently practice sound governance and understand its legal responsibilities. Directors should at all times act faithfully, and with diligence and care
Impact of Illinois Legalization of Recreational Marijuana Use on Business Policies
Governor Pritzker has recently announced that he’s reached an agreement with key lawmakers on a plan to legalize recreational marijuana in Illinois starting next year. This legislation would allow adults 21 and older to legally buy cannabis for recreational use from licensed dispensaries. Illinois residents could possess up to an ounce (30 grams) of marijuana,
Recent Legislation Could Subject Employers to Civil Liability for Latent Work-Related Injuries
Illinois lawmakers have once again attempted to address the perceived injustices associated with long-standing statues of repose that bar claims of asbestos-related diseases diagnosed many years after a plaintiff was exposed during their employment. Senate Bill 1596, which has now passed both chambers of the Illinois General Assembly, amends the Illinois Workers’ Compensation and Occupational
Protecting Your Business in a Divorce
Although no couple enters marriage with the belief that their relationship will end in divorce, unfortunately some relationships break down, and individuals may enter into months or even years of expensive litigation over divorce proceedings. Business owners face particular challenges, as the assets, ownership and interest in your business may be at risk. Any lawyer
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