Commercial

Due Diligence for Your Growing Business

Due diligence is a critical stage in any commercial acquisition. It is the comprehensive and necessary review in a commercial acquisition to ensure that the deal meets the needs of all companies involved. Due diligence involves the rigorous evaluation of a company’s financials, personnel, liabilities, technology, intellectual property, sales, strategic vision, and other operations concerning the health and future of the acquisition. What Is Due Diligence? The composition of a due diligence … [Read more...]

Challenges Faced by the Medical Marijuana Industry

  Every since lawmakers passed the pilot medical marijuana program in Illinois in 2013, the marijuana industry has experienced its own share of growing pains. Despite generating more than $42 million in retail sales, entrepreneurs continue to suffer from the stigma that surrounds marijuana. Just a few of the challenges faced by those in the marijuana business include:   Capital: Like with other industries, the challenges for a marijuana start-up often begin with capital. … [Read more...]

Review of the Probate Process

Probate is a legal process which formally recognizes a will and appoints an executor to administer the estate and implement the terms of the will. Probate, contrary to legal marketing gimmicks, is not the death knell of an estate. Probate is merely a legal process by which the court supervises the distribution of property to heirs. Overview of Probate Probate is a specialized legal proceeding in which the court reviews a will and recognizes it. During probate, the court appoints an executor to … [Read more...]

Changes to Business Valuation Discounts on the Horizon

Late 2016, the IRS proposed measures that would effectively reduce, or outright eliminate, the possibility for valuation discounts on estate transfers. Businesses will have to seek a commercial attorney to help figure out just how to transfer their assets to family members without the gift tax claiming large portions of it. How Valuation Discounts Currently Work Valuation discounts serve to lower market value of privately held companies, or their stock, when transferring those assets to … [Read more...]

The Commercial Lease: What You Should Know

Commercial leases differ from residential leases in ways that may impact business operations. A commercial attorney who is familiar with complex language and commercial lease terms can explain important differences. Commercial leases and residential leases are written differently, and those differences can impact business operations and success. Here are some important distinctions: Commercial leases have fewer consumer protection laws. Laws don't require caps on security deposits or … [Read more...]

Millenials inherit wealth at faster rate than previous generations

Millennials are set to inherit more wealth than any previous generation and, contrary to popular misconceptions, they are also the most likely to use it well. About a third of Americans under the age 32 with $1 million of available assets to invest inherited their money. That contrasts with less than a quarter of Baby Boomers and Gen X’ers. At first, this may seem worrisome after all Millennials are the generation that grew up with an “everyone gets a trophy attitude” and who don’t understand … [Read more...]

Independent Contractors & the Law

The number of independent contractors in America will continue to increase as businesses seek ways to streamline operations and remain competitive. In 2006, the Department of Labor stated that 42.6 million of Americans, or 30% of the workforce were classified as independent contractors. It is estimated by that 2020, nearly 60 million people, or 40% of Americans will be classified as independent contractors. However, a business must be careful not to mischaracterize a worker as an … [Read more...]

What Businesses Should Know About the Three Day Right to Cancel Law

Business owners in Illinois should understand which transactions consumers have the right to cancel within three days. … [Read more...]

Is Chicago a Profitable Place to Start a Small Business?

Small businesses in Chicago face operational challenges that include high taxes, a slow economy, and budgetary problems in the state capital. According to an Illinois business law attorney, Chicago can be a profitable place to start a small business if entrepreneurs are willing to navigate the challenges. High Taxes One of the biggest hurdles facing small businesses in Illinois is high taxes. According to a recent article, The State of Small Business: Illinois, entrepreneurs regard high … [Read more...]

Will Governor’s Move Bring More Business to Illinois?

Governor Rauner made good on his State of the State pledge to empower his newly formed Illinois Business and Economic Development Corporation(ILBECD) with an executive orderrecently. With it he ordered the Illinois Department of Commerce to work with this new private non-profit corporation to attract more businesses to the state.  … [Read more...]

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